Bitcoin’s Biggest Corporate Holders Double Down on Long-Term Thesis

Strategy remains one of the largest corporate Bitcoin holders, while Metaplanet has built a substantial BTC treasury of its own. Metaplanet currently reports 43,000 BTC on its official website.

Strategy and Metaplanet Focus on Bitcoin’s Fixed Supply

Metaplanet CEO Simon Gerovich recently pointed to the expansion of global M2 money supply as a long-term argument for Bitcoin.

His view is that while global liquidity can continue expanding, Bitcoin's maximum supply remains fixed at 21 million coins.

That creates a fundamental difference between Bitcoin and traditional monetary assets whose supply can increase through monetary policy and financial-system expansion.

Metaplanet has made Bitcoin accumulation a central part of its corporate treasury strategy, with its official website currently showing 43,000 BTC in holdings.

Strategy Maintains Its Bitcoin Treasury Strategy

Strategy has taken a similar approach, building one of the largest corporate Bitcoin treasuries in the world.

The company has repeatedly described acquiring and holding Bitcoin as a core part of its corporate strategy. Its investor-relations materials continue to highlight its strategic Bitcoin reserve alongside its enterprise analytics business.

Strategy's corporate Bitcoin strategy dates back to 2020, when the company began using Bitcoin as its primary treasury reserve asset.

Related link: Strategy investor relations

Bitcoin Price Has Diverged From Global Liquidity

The bullish thesis from corporate Bitcoin holders comes despite a notable disconnect between Bitcoin's price and broader liquidity conditions.

Global M2 has continued to expand, while Bitcoin has experienced periods of significant weakness. That divergence suggests that rising liquidity alone has not been enough to drive BTC higher in the current market environment.

Historically, Bitcoin has not always moved in lockstep with global liquidity. Price can temporarily diverge from macroeconomic conditions as investors respond to factors such as interest rates, risk appetite, positioning and market sentiment.

For Strategy and Metaplanet, however, short-term price movements do not fundamentally change their argument about Bitcoin's limited supply.

The 21 Million Bitcoin Argument

Bitcoin's fixed issuance remains one of the central arguments behind the long-term thesis held by its corporate buyers.

Unlike fiat currencies, Bitcoin's supply is governed by its protocol and is ultimately capped at 21 million coins.

Supporters argue that this scarcity makes Bitcoin fundamentally different from assets whose supply can be expanded through policy decisions.

That distinction has become particularly important for corporate treasury strategies built around long-term Bitcoin accumulation.

Metaplanet Continues Expanding Its Bitcoin Position

Metaplanet has increasingly positioned itself as a Bitcoin treasury company.

The Japanese-listed firm currently reports 43,000 BTC on its website, highlighting the scale of its commitment to the asset.

Its strategy mirrors the broader trend of publicly traded companies using Bitcoin as a treasury asset rather than simply holding cash or traditional investments.

This approach exposes shareholders to Bitcoin's price movements, but supporters argue it can also provide a way for companies to gain direct exposure to an asset with a predetermined supply.

Strategy Remains the Larger Corporate Holder

Strategy's Bitcoin strategy is significantly larger in scale.

The company's investor-relations archive shows continued purchases and treasury activity throughout 2026, including a May announcement stating that Strategy held 843,738 BTC at that time.

The figure in the source material may differ from the company's latest reported holdings because Strategy's Bitcoin position can change as the company conducts additional purchases.

Related link: Strategy news and press releases

Macro Conditions Remain Important

The corporate Bitcoin thesis is unfolding against a broader macroeconomic backdrop in which investors continue to watch global liquidity, interest rates, inflation and traditional safe-haven assets.

Fidelity's global macro research has also examined the relationship between liquidity, gold and Bitcoin, reinforcing the importance of macroeconomic conditions when assessing BTC's longer-term direction.

If liquidity expands further and investors increasingly seek scarce assets, Bitcoin could benefit from renewed demand. However, that does not guarantee an immediate price response.

Long-Term Conviction vs. Short-Term Price Action

The contrasting picture is becoming increasingly clear.

Bitcoin's recent price performance has been relatively weak, while Strategy and Metaplanet continue to build their long-term cases around scarcity and monetary expansion.

For these companies, the investment thesis is less about predicting Bitcoin's price over the next few weeks and more about maintaining exposure to an asset whose supply cannot be arbitrarily increased.

That strategy remains highly sensitive to Bitcoin's price, financing conditions and investor sentiment, but the companies involved continue to signal that their conviction extends well beyond short-term market movements.

Conclusion

Strategy and Metaplanet are continuing to bet on Bitcoin's long-term scarcity rather than short-term price action.

With Metaplanet reporting 43,000 BTC and Strategy maintaining one of the world's largest corporate Bitcoin treasuries, both companies remain heavily exposed to BTC's future performance.

Their core argument is straightforward: global money supply can expand, but Bitcoin's maximum supply remains fixed.

Whether that thesis translates into stronger performance will ultimately depend on liquidity, institutional demand, macroeconomic conditions and Bitcoin's ability to regain momentum.