Catenaa, Monday, June 02, 2025-Bitcoin-adjacent firms Strategy and Metaplanet are seeing sharp equity gains as capital markets reward their high-leverage approach to crypto accumulation, with both firms pledging to buy more BTC regardless of short-term volatility.
Strategy, formerly MicroStrategy, has emerged as the archetype of a Bitcoin-leveraged operating company. Over the past seven weeks, its market capitalization has soared from $63.3 billion to $115 billion, up more than 80 percent. The surge follows a broader rally in BTC prices and a recent 90-day pause in tariffs.
The company’s newly announced $2.1 billion Series A preferred stock offering marks its most aggressive capital raise to date.
The firm’s strategy centers on issuing debt and equity — including convertible notes, senior bonds, and “at-the-market” shares — to buy Bitcoin. This allows shareholders exposure to BTC appreciation while maintaining modest software cash flows and certain tax advantages.
In Tokyo, Metaplanet is pursuing a similar model, issuing yen-denominated debt and equity to expand its BTC treasury. Its stock price has jumped over 220 percent in the past two months, drawing comparisons to Strategy and earning the nickname “Japan’s MicroStrategy.”
This corporate Bitcoin leverage model has performed strongly in bullish market conditions, combining spot BTC gains with balance-sheet optionality.
However, analysts warn of risks if Bitcoin declines or credit conditions tighten, as firms may face refinancing stress and shareholder dilution.
Analysts expect more small-cap firms with cyclical revenue to adopt the Strategy-Metaplanet model, though such moves could embed additional systemic risk into Bitcoin’s price cycles.
