Who’s Winning the Bitcoin Treasury War?

Metaplanet vs. Semler Scientific: Inside their Bitcoin treasury arms race

Strategy kicked off the corporate Bitcoin boom, but in 2025, the real competition is Metaplanet vs. Semler Scientific. 

Both are publicly listed, both are buying Bitcoin (BTC) in size, and both are turning their balance sheets into battlegrounds.

On July 7, 2025, Metaplanet, listed in Tokyo, added 2,205 BTC (around $238.7 million), bringing its total to 15,555 BTC (around $1.7 billion). Its BTC Yield, a measure of Bitcoin acquired relative to equity issued, now sits at 416%.

That same day, Semler Scientific, a Nasdaq-listed health-tech firm, added 187 BTC (around $20 million), growing its treasury to 4,636 BTC (around $502 million). Its BTC Yield is 29%.

Together, they represent a new front in the Bitcoin corporate treasury race, adding fuel to the ongoing Bitcoin treasury war among the biggest Bitcoin holding companies.

How Metaplanet and Semler Scientific are building Bitcoin-focused balance sheets

Metaplanet and Semler Scientific have very different starting points but one shared direction.

Metaplanet’s Bitcoin strategy

Metaplanet used to run hospitality and media businesses in Japan. In 2024, it shifted focus entirely to Bitcoin, aiming to accumulate 210,000 BTC by 2027 — about 1% of the total supply. 

CEO Simon Gerovich calls it a once-in-a-generation play. To fund it, the company issues preferred equity, avoiding debt and giving it more flexibility.

Beyond holding BTC, Metaplanet plans to use its reserves as collateral to acquire fintechs or even a licensed digital bank. This is the foundation of the Metaplanet Bitcoin strategy.

Did you know? Fidelity is now the largest shareholder in Metaplanet, owning approximately 12.9% of its shares via its National Financial Services subsidiary. 

Semler Scientific’s Bitcoin investment

Semler Scientific entered the space much later, announcing its Bitcoin investment strategy in mid-2024. It aims to reach 10,000 BTC by end-2025 and 105,000 BTC by 2027, putting it among the top Bitcoin whale companies. To do this, it’s using a $500-million equity issuance plan, with $156 million raised as of mid-2025.

In June 2025, Semler hired Joe Burnett, a former mining analyst, as director of Bitcoin strategy — a clear sign it’s committing long-term. 

While Metaplanet moves fast, Semler is more cautious. However, both demonstrate the general trend: More public companies are buying Bitcoin in 2025 as a core asset. 

Equity for Bitcoin: Metaplanet and Semler Scientific take different risks for the same goal

Metaplanet and Semler Scientific are using public equity to fund their moves, but their styles differ.

Metaplanet’s July purchase (2,205 BTC at around $108,000 each) was more than 10 times larger than Semler’s 187-BTC buy at around $107,000. 

The BTC Yield metric, popularized by Strategy, tells the story. Metaplanet’s yield is 416%; Semler’s is 29%. That means Metaplanet is issuing fewer shares per BTC acquired — great if Bitcoin rises, risky if it doesn’t.

Semler’s slower pace reduces dilution risk, which some investors prefer. But it’s also made the firm more exposed to market sentiment. The Semler stock forecast has weakened due to its close tracking of BTC’s price.

While Strategy has paused accumulation, Metaplanet and Semler are still buying. In a year dominated by Bitcoin ETF updates, they’re frontrunners in corporate Bitcoin accumulation.

Did you know? Before pivoting to crypto, Semler was primarily a medical device company focused on artery-testing equipment.

Rising Bitcoin bets, rising concerns: Is corporate stacking outpacing fundamentals?

Public companies are ramping up Bitcoin buys in 2025, but rising risks, criticism and valuation concerns are starting to surface.

As of mid-2025, public companies hold over 852,000 BTC, and the number keeps rising.

Metaplanet is leaning in hard: no debt, no plans to sell BTC and a long-term play to leverage its holdings into financial acquisitions. The comparison to Metaplanet vs. Strategy is already being made, but Metaplanet is writing its own playbook.

Semler is more measured. However, its share price is down 41% this year and now trades near its net asset value. That’s raised concerns about its ability to keep raising capital without excessive dilution. 

VanEck analysts, in particular, warned in June that if performance doesn’t recover, the model may stall.

There’s criticism, too, of the BTC Yield metric itself. Short-seller Jim Chanos has called it “financial gibberish,” arguing it disguises risk and overstates success. 

With tools like crypto whale tracker sites making these numbers more visible, some worry companies are chasing optics over fundamentals.

Did you know? In 2024, even as it doubled its Bitcoin holdings, Strategy reduced its workforce by more than 20%, cutting approximately 400 jobs as it focused increasingly on its BTC treasury strategy.

Who wins the Bitcoin treasury war in 2025?

Strategy still leads by far with 601,550 BTC. But Metaplanet (13,350 BTC) and Semler Scientific (4,636 BTC) are catching up fast.

If they pull it off, they’ll join the very top tier of Bitcoin whale companies alongside national governments and exchange-traded funds (ETFs). But it’s a difficult path. Capital markets are volatile, and Bitcoin’s price doesn’t always cooperate.

The deeper they go, the more their identities become linked to BTC. That can drive growth during a bull market but creates real fragility during downturns. Both the Metaplanet stock price and Semler stock forecast now follow Bitcoin closely, for better or worse.

There’s also a chance regulators step in. If public companies start looking and acting like Bitcoin ETFs, scrutiny will follow — especially if treasury activity eclipses core operations.

Metaplanet’s speed and Semler’s discipline are two sides of the same shift. The Bitcoin treasury war is underway, and it’s less about who entered first and more about who can survive the long game.