A digital asset
investment fund
Viska is an alternative investment fund based in Iceland that invests in digital assets.
Viska is an alternative investment fund based in Iceland that invests in digital assets.
Michael Saylor’s company Strategy, formerly known as MicroStrategy, has once again doubled down on Bitcoin. Following a record-setting $2.52 billion IPO of its new STRC preferred stock, the company immediately purchased 21,021 BTC at an average price of around $117,000. This latest move pushes its total holdings to nearly 629,000 BTC. While the scale of conviction remains unmatched, it's worth asking how long this approach can continue. Is this sustainable, or is Strategy simply riding a narrow window of opportunity?
Strategy recently closed its IPO at a record breaking $2.52B, making it the largest U.S. based IPO of 2025. More via Business Wire, 29.7.25
The STRC stock offering marked the largest U.S.-based IPO so far in 2025. Strategy raised approximately $2.52 billion by issuing a new class of preferred stock, designed specifically to fund Bitcoin purchases. Without delay, the proceeds were used to acquire 21,021 BTC, lifting the company’s total Bitcoin holdings to about 628,791.
Data from Bloomberg USA
This is not by any means a new tactic for Strategy. The company has consistently used equity and convertible note offerings to raise capital, which it then converts into Bitcoin. Over time, this approach has transformed Strategy into something more than a software firm. It now functions as a public vehicle for long-term Bitcoin exposure, effectively merging corporate structure with crypto accumulation. The model is bold and precedent-setting, but it depends heavily on market optimism and continued access to capital.
Meanwhile, in Japan, Metaplanet is continuing its own accumulation strategy. The company recently acquired an additional 780 BTC, bringing its total to 17,132. While this number is small compared to Strategy, Metaplanet’s ambitions are significant. It has made clear its long-term target is to acquire roughly 210,000 BTC by 2027, which would represent about one percent of total Bitcoin supply.
MetaPlanet published a letter on their website stating that they would purchase 780 BTC as of 28.7.25
What stands out is the geographic and strategic contrast. Metaplanet is emerging as a major Bitcoin holder outside of the U.S. and is positioning itself as a disciplined, long-term participant in the ecosystem. The pace may be slower, but the direction is just as clear.
Strategy’s recent moves are part of a growing trend. As highlighted in a recent Wall Street Journal report, other companies are now starting to imitate this approach. Several firms have begun issuing new equity or debt with the direct intention of adding Bitcoin to their balance sheets.
Top 100 Public Bitcoin Treasury Companies as of 30.7.25, Data from BitcoinTreasuries.net
This shows a shift in how some businesses view capital markets. Rather than using new funding for operations or expansion, companies are allocating that capital to Bitcoin. For now, the appetite among investors appears strong enough to support this model. But the rise of this strategy brings new questions about its limits. How many firms can realistically follow this path before competition, regulation, or market constraints slow things down?
Strategy is continuing to lead the corporate Bitcoin accumulation race with a level of scale that is hard to ignore. Its recent IPO and the immediate conversion of proceeds into Bitcoin show that this model can still work. But… the entire strategy rests on continued access to capital and ongoing support from markets that believe in the long-term value of Bitcoin.
As more companies adopt similar strategies, the challenge will not be in starting. It will be in staying consistent when conditions change. Strategy has built a strong lead, but what comes next will test just how durable this model really is.
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