Bitcoin Treasury Race: Metaplanet vs. Semler Scientific
Metaplanet vs. Semler Scientific: The Bitcoin Treasury Arms Race
The corporate Bitcoin treasury trend is heating up, and in 2025, the spotlight is on Metaplanet and Semler Scientific. Both publicly listed companies are aggressively acquiring Bitcoin (BTC), turning their balance sheets into strategic assets.
On July 7, 2025, Metaplanet, listed in Tokyo, added 2,205 BTC (approximately $238.7 million), boosting its total holdings to 15,555 BTC (around $1.7 billion). Their BTC Yield, measuring Bitcoin acquired relative to equity issued, now stands at an impressive 416%.
That same day, Semler Scientific, a Nasdaq-listed health-tech firm, increased its treasury by 187 BTC (about $20 million), bringing its total to 4,636 BTC (approximately $502 million). Their BTC Yield is 29%.
Together, they signify a new phase in the Bitcoin corporate treasury race, adding momentum to the ongoing competition among major Bitcoin holding companies.
Building Bitcoin-Focused Balance Sheets
Metaplanet and Semler Scientific have distinct starting points but share a common goal: accumulating Bitcoin.
Metaplanet’s Bitcoin Strategy
Formerly in hospitality and media, Metaplanet shifted entirely to Bitcoin in 2024, aiming to amass 210,000 BTC by 2027—about 1% of Bitcoin's total supply.
CEO Simon Gerovich considers it a unique opportunity. The company issues preferred equity to fund its acquisitions, avoiding debt for greater flexibility. Beyond holding BTC, Metaplanet intends to use its reserves as collateral for fintech acquisitions or even a licensed digital bank.
Fidelity is now Metaplanet's largest shareholder, owning approximately 12.9% of its shares through its National Financial Services subsidiary.
Semler Scientific’s Bitcoin Investment
Semler Scientific entered the Bitcoin space later, announcing its investment strategy in mid-2024. They aim to reach 10,000 BTC by the end of 2025 and 105,000 BTC by 2027, positioning them among the top Bitcoin whale companies. They are using a $500 million equity issuance plan, with $156 million raised as of mid-2025.
In June 2025, Semler appointed Joe Burnett, a former mining analyst, as director of Bitcoin strategy, signaling a long-term commitment.
Semler is more cautious compared to Metaplanet's rapid approach. Nonetheless, both exemplify the increasing trend of public companies embracing Bitcoin as a core asset in 2025.
Equity for Bitcoin: Different Risks, Same Goal
Both Metaplanet and Semler Scientific use public equity to fund their Bitcoin acquisitions, but their methods differ.
Metaplanet’s July purchase (2,205 BTC at around $108,000 each) dwarfed Semler’s 187 BTC buy at approximately $107,000.
The BTC Yield metric highlights the difference: Metaplanet’s yield is 416%, while Semler’s is 29%. Metaplanet issues fewer shares per BTC acquired, which is advantageous if Bitcoin rises but risky if it declines.
Semler’s slower pace reduces dilution risk, appealing to some investors. However, it also makes the firm more susceptible to market sentiment. The Semler stock forecast has weakened due to its close correlation with BTC’s price.
While Strategy has paused its accumulation, Metaplanet and Semler continue to buy, positioning themselves as frontrunners in corporate Bitcoin accumulation in a year marked by Bitcoin ETF developments.
Before shifting to crypto, Semler was primarily a medical device company focused on artery-testing equipment.
Rising Bitcoin Bets, Rising Concerns
Public companies are increasing their Bitcoin holdings in 2025, but rising risks, criticism, and valuation concerns are emerging.
As of mid-2025, public companies hold over 852,000 BTC, and this number continues to grow.
Metaplanet is aggressively pursuing its strategy: no debt, no plans to sell BTC, and a long-term vision to leverage its holdings into financial acquisitions. Comparisons to Strategy are being drawn, but Metaplanet is forging its own path.
Semler is taking a more measured approach. However, its share price is down 41% this year and is trading close to its net asset value, raising concerns about its ability to raise capital without excessive dilution.
VanEck analysts warned in June that the model could falter if performance doesn’t improve.
The BTC Yield metric has also faced criticism, with short-seller Jim Chanos calling it “financial gibberish,” arguing that it obscures risk and exaggerates success.
The increased visibility provided by crypto whale tracker sites raises concerns that companies may be prioritizing appearances over fundamentals.
In 2024, even as it doubled its Bitcoin holdings, Strategy reduced its workforce by over 20%, cutting approximately 400 jobs to focus on its BTC treasury strategy.
The Long Game in Bitcoin Treasuries
Strategy still leads with 601,550 BTC. However, Metaplanet (15,555 BTC) and Semler Scientific (4,636 BTC) are rapidly catching up.
If successful, they will join top-tier Bitcoin holders alongside national governments and exchange-traded funds (ETFs). The path is challenging, with volatile capital markets and fluctuating Bitcoin prices.
As they increase their holdings, their identities become more closely linked to BTC, which can drive growth in a bull market but create vulnerability during downturns. Both Metaplanet and Semler's stock prices now closely follow Bitcoin's performance.
There’s also the potential for regulatory intervention. If public companies begin to resemble Bitcoin ETFs, increased scrutiny will follow, particularly if treasury activity overshadows core operations.
Metaplanet’s rapid pace and Semler’s disciplined approach represent different facets of the same trend. The Bitcoin treasury race is underway, and success will depend on long-term survival.