Strategy and Metaplanet add over 23k BTC in 2 weeks while Strategy faces potential lawfare

Two of the largest corporate Bitcoin holders, Strategy (formerly MicroStrategy) and Japan-based Metaplanet, have significantly expanded their crypto treasuries this week.

According to separate May 19 announcements, both firms collectively acquired 8,394 BTC, spending nearly $870 million. This follows their buying spree the previous week, when the companies added almost 15,000 BTC.

As a result, the two companies have accumulated over 23,000 BTC worth more than $2 billion in the past two weeks, signaling their firm conviction in Bitcoin’s long-term value.

Strategy tops 576K BTC but faces investor backlash

On May 19, Strategy reported to the US Securities and Exchange Commission (SEC) that it acquired 7,390 BTC between May 12 and May 18.

The firm said it spent $764.9 million on this purchase, which means each coin was purchased at an average price of $103,498.

The company funded the latest acquisition by selling shares. It raised $705.7 million from selling over 1.7 million MSTR shares and another $59.7 million from 621,555 STRK shares.

Meanwhile, the latest buy pushes the Michael Saylor-led firm’s total holdings to 576,230 BTC, making it the largest Bitcoin holder among publicly traded companies.

According to the SEC filing, these assets were acquired at approximately $40.18 billion, implying an average price of $69,726 per Bitcoin. At current market rates, the firm’s stash is valued at around $59.09 billion, with nearly $19 billion in unrealized gains.

However, despite the gains, Strategy’s Bitcoin-first approach appears to have sparked legal challenges from disgruntled shareholders.

On May 18, Pomerantz LLP filed a class action lawsuit without a lead plaintiff, claiming the Strategy misled shareholders on the same day it filed over 50 other class-action suits against other companies.

The complaints argued that the firm overstated Bitcoin’s potential returns and downplayed the risks of the top digital asset’s volatility. It also suggested that the company’s public communications failed to reflect material risks and may have misrepresented BTC’s long-term outlook.

The law firm behind this suit is renowned for filing large volumes of similar cases, casting doubt on the number of investors the suit represents.

Metaplanet stock outpaces Toyota after doubling down on Bitcoin

Metaplanet also confirmed it purchased 1,004 BTC for approximately $104.6 million.

This marks the firm’s second purchase above 1,000 BTC, bringing its total holdings to 7,800 BTC worth about $807 million.

The Tokyo-listed firm began accumulating Bitcoin in April 2024 and aims to reach 10,000 BTC by the end of 2025. According to data from the Bitcoin Treasuries, it now stands as Asia’s largest public holder of Bitcoin and ranks among the global top ten.

Meanwhile, Metaplanet’s crypto strategy appears to be paying off in the equities market.

On May 19, Metaplanet CEO Simon Gerovich reported that the firm’s stock was the ninth most traded on Japan’s exchanges, with a daily turnover of 61.69 billion yen (about $425 million), surpassing corporate giants like Toyota, SoftBank, and Nintendo.

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