Metaplanet vs. Semler Scientific: Inside their Bitcoin treasury arms race
Technique kicked off the company Bitcoin increase, however in 2025, the actual competitors is Metaplanet vs. Semler Scientific.
Each are publicly listed, each are shopping for Bitcoin (BTC) in measurement, and each are turning their stability sheets into battlegrounds.
On July 7, 2025, Metaplanet, listed in Tokyo, added 2,205 BTC (round $238.7 million), bringing its complete to fifteen,555 BTC (round $1.7 billion). Its BTC Yield, a measure of Bitcoin acquired relative to fairness issued, now sits at 416%.
That very same day, Semler Scientific, a Nasdaq-listed health-tech agency, added 187 BTC (round $20 million), rising its treasury to 4,636 BTC (round $502 million). Its BTC Yield is 29%.
Collectively, they signify a brand new entrance within the Bitcoin company treasury race, including gasoline to the continuing Bitcoin treasury conflict among the many greatest Bitcoin holding firms.
How Metaplanet and Semler Scientific are constructing Bitcoin-focused stability sheets
Metaplanet and Semler Scientific have very totally different beginning factors however one shared route.
Metaplanet’s Bitcoin technique
Metaplanet used to run hospitality and media companies in Japan. In 2024, it shifted focus fully to Bitcoin, aiming to build up 210,000 BTC by 2027 — about 1% of the full provide.
CEO Simon Gerovich calls it a once-in-a-generation play. To fund it, the corporate points most popular fairness, avoiding debt and giving it extra flexibility.
Past holding BTC, Metaplanet plans to make use of its reserves as collateral to amass fintechs or perhaps a licensed digital financial institution. That is the inspiration of the Metaplanet Bitcoin technique.
Do you know? Constancy is now the most important shareholder in Metaplanet, proudly owning roughly 12.9% of its shares by way of its Nationwide Monetary Providers subsidiary.
Semler Scientific’s Bitcoin funding
Semler Scientific entered the house a lot later, saying its Bitcoin funding technique in mid-2024. It goals to achieve 10,000 BTC by end-2025 and 105,000 BTC by 2027, placing it among the many high Bitcoin whale firms. To do that, it’s utilizing a $500-million fairness issuance plan, with $156 million raised as of mid-2025.
In June 2025, Semler employed Joe Burnett, a former mining analyst, as director of Bitcoin technique — a transparent signal it’s committing long-term.
Whereas Metaplanet strikes quick, Semler is extra cautious. Nevertheless, each show the final pattern: Extra public firms are shopping for Bitcoin in 2025 as a core asset.
Fairness for Bitcoin: Metaplanet and Semler Scientific take totally different dangers for a similar purpose
Metaplanet and Semler Scientific are utilizing public fairness to fund their strikes, however their types differ.
Metaplanet’s July buy (2,205 BTC at round $108,000 every) was greater than 10 occasions bigger than Semler’s 187-BTC purchase at round $107,000.
The BTC Yield metric, popularized by Technique, tells the story. Metaplanet’s yield is 416%; Semler’s is 29%. Which means Metaplanet is issuing fewer shares per BTC acquired — nice if Bitcoin rises, dangerous if it doesn’t.
Semler’s slower tempo reduces dilution threat, which some buyers choose. But it surely’s additionally made the agency extra uncovered to market sentiment. The Semler inventory forecast has weakened resulting from its shut monitoring of BTC’s worth.
Whereas Technique has paused accumulation, Metaplanet and Semler are nonetheless shopping for. In a yr dominated by Bitcoin ETF updates, they’re frontrunners in company Bitcoin accumulation.
Do you know? Earlier than pivoting to crypto, Semler was primarily a medical machine firm centered on artery-testing gear.
Rising Bitcoin bets, rising considerations: Is company stacking outpacing fundamentals?
Public firms are ramping up Bitcoin buys in 2025, however rising dangers, criticism and valuation considerations are beginning to floor.
As of mid-2025, public firms maintain over 852,000 BTC, and the quantity retains rising.
Metaplanet is leaning in onerous: no debt, no plans to promote BTC and a long-term play to leverage its holdings into monetary acquisitions. The comparability to Metaplanet vs. Technique is already being made, however Metaplanet is writing its personal playbook.
Semler is extra measured. Nevertheless, its share worth is down 41% this yr and now trades close to its web asset worth. That’s raised considerations about its skill to maintain elevating capital with out extreme dilution.
VanEck analysts, particularly, warned in June that if efficiency doesn’t get better, the mannequin could stall.
There’s criticism, too, of the BTC Yield metric itself. Quick-seller Jim Chanos has known as it “monetary gibberish,” arguing it disguises threat and overstates success.
With instruments like crypto whale tracker websites making these numbers extra seen, some fear firms are chasing optics over fundamentals.
Do you know? In 2024, even because it doubled its Bitcoin holdings, Technique decreased its workforce by greater than 20%, chopping roughly 400 jobs because it centered more and more on its BTC treasury technique.
Who wins the Bitcoin treasury conflict in 2025?
Technique nonetheless leads by far with 601,550 BTC. However Metaplanet (13,350 BTC) and Semler Scientific (4,636 BTC) are catching up quick.
In the event that they pull it off, they’ll be a part of the very high tier of Bitcoin whale firms alongside nationwide governments and exchange-traded funds (ETFs). But it surely’s a troublesome path. Capital markets are unstable, and Bitcoin’s worth doesn’t at all times cooperate.
The deeper they go, the extra their identities grow to be linked to BTC. That may drive progress throughout a bull market however creates actual fragility throughout downturns. Each the Metaplanet inventory worth and Semler inventory forecast now observe Bitcoin intently, for higher or worse.
There’s additionally an opportunity regulators step in. If public firms begin wanting and performing like Bitcoin ETFs, scrutiny will observe — particularly if treasury exercise eclipses core operations.
Metaplanet’s pace and Semler’s self-discipline are two sides of the identical shift. The Bitcoin treasury conflict is underway, and it’s much less about who entered first and extra about who can survive the lengthy sport.
