Metaplanet vs. Semler Scientific: The race to become Bitcoin’s biggest corporate whale

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

Strategy kicked disconnected the firm Bitcoin boom, but successful 2025, the existent contention is Metaplanet vs. Semler Scientific. 

Both are publically listed, some are buying Bitcoin (BTC) successful size, and some are turning their equilibrium sheets into battlegrounds.

On July 7, 2025, Metaplanet, listed successful Tokyo, added 2,205 BTC (around $238.7 million), bringing its full to 15,555 BTC (around $1.7 billion). Its BTC Yield, a measurement of Bitcoin acquired comparative to equity issued, present sits astatine 416%.

That aforesaid 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 correspond a caller beforehand successful the Bitcoin firm treasury race, adding substance to the ongoing Bitcoin treasury warfare among the biggest Bitcoin holding companies.

How Metaplanet and Semler Scientific are gathering Bitcoin-focused equilibrium sheets

Metaplanet and Semler Scientific person precise antithetic starting points but 1 shared direction.

Metaplanet’s Bitcoin strategy

Metaplanet utilized to tally hospitality and media businesses successful Japan. In 2024, it shifted absorption wholly to Bitcoin, aiming to accumulate 210,000 BTC by 2027 — astir 1% of the full supply. 

CEO Simon Gerovich calls it a once-in-a-generation play. To money it, the institution issues preferred equity, avoiding indebtedness and giving it much flexibility.

Beyond holding BTC, Metaplanet plans to usage its reserves arsenic collateral to get fintechs oregon adjacent a licensed integer bank. This is the instauration of the Metaplanet Bitcoin strategy.

Did you know? Fidelity is present the largest shareholder successful Metaplanet, owning astir 12.9% of its shares via its National Financial Services subsidiary. 

Semler Scientific’s Bitcoin investment

Semler Scientific entered the abstraction overmuch later, announcing its Bitcoin concern strategy successful mid-2024. It aims to scope 10,000 BTC by end-2025 and 105,000 BTC by 2027, putting it among the apical Bitcoin whale companies. To bash this, it’s utilizing a $500-million equity issuance plan, with $156 cardinal raised arsenic of mid-2025.

In June 2025, Semler hired Joe Burnett, a erstwhile mining analyst, arsenic manager of Bitcoin strategy — a wide motion it’s committing long-term. 

While Metaplanet moves fast, Semler is much cautious. However, some show the wide trend: More nationalist companies are buying Bitcoin successful 2025 arsenic a halfway asset. 

Equity for Bitcoin: Metaplanet and Semler Scientific instrumentality antithetic risks for the aforesaid extremity

Metaplanet and Semler Scientific are utilizing nationalist equity to money their moves, but their styles differ.

Metaplanet’s July acquisition (2,205 BTC astatine astir $108,000 each) was much than 10 times larger than Semler’s 187-BTC bargain astatine astir $107,000. 

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

Semler’s slower gait reduces dilution risk, which immoderate investors prefer. But it’s besides made the steadfast much exposed to marketplace sentiment. The Semler banal forecast has weakened owed to its adjacent tracking of BTC’s price.

While Strategy has paused accumulation, Metaplanet and Semler are inactive buying. In a twelvemonth dominated by Bitcoin ETF updates, they’re frontrunners successful firm Bitcoin accumulation.

Did you know? Before pivoting to crypto, Semler was chiefly a aesculapian instrumentality institution focused connected artery-testing equipment.

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

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

As of mid-2025, nationalist companies clasp implicit 852,000 BTC, and the fig keeps rising.

Metaplanet is leaning successful hard: nary debt, nary plans to merchantability BTC and a semipermanent play to leverage its holdings into fiscal acquisitions. The examination to Metaplanet vs. Strategy is already being made, but Metaplanet is penning its ain playbook.

Semler is much measured. However, its stock terms is down 41% this twelvemonth and present trades adjacent its nett plus value. That’s raised concerns astir its quality to support raising superior without excessive dilution. 

VanEck analysts, successful particular, warned successful June that if show doesn’t recover, the exemplary whitethorn stall.

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

With tools similar crypto whale tracker sites making these numbers much visible, immoderate interest companies are chasing optics implicit fundamentals.

Did you know? In 2024, adjacent arsenic it doubled its Bitcoin holdings, Strategy reduced its workforce by much than 20%, cutting astir 400 jobs arsenic it focused progressively connected its BTC treasury strategy.

Who wins the Bitcoin treasury warfare successful 2025?

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

If they propulsion it off, they’ll articulation the precise apical tier of Bitcoin whale companies alongside national governments and exchange-traded funds (ETFs). But it’s a hard path. Capital markets are volatile, and Bitcoin’s terms doesn’t ever cooperate.

The deeper they go, the much their identities go linked to BTC. That tin thrust maturation during a bull market but creates existent fragility during downturns. Both the Metaplanet banal terms and Semler banal forecast present travel Bitcoin closely, for amended oregon worse.

There’s besides a accidental regulators measurement in. If nationalist companies commencement looking and acting similar Bitcoin ETFs, scrutiny volition follow — particularly if treasury enactment eclipses halfway operations.

Metaplanet’s velocity and Semler’s subject are 2 sides of the aforesaid shift. The Bitcoin treasury warfare is underway, and it’s little astir who entered archetypal and much astir who tin past the agelong game.