Strategy and Metaplanet Shift Focus to BTC Yield Amid Market Changes

Strategy and Metaplanet, the two largest public-company Bitcoin holders, are redefining their investment strategies by focusing on BTC Yield, a metric that measures the growth of Bitcoin holdings per fully diluted share, rather than the spot price of Bitcoin.

Strategy, formerly known as MicroStrategy, holds approximately 840,447 BTC, while Metaplanet, listed in Tokyo, ranks third with about 43,000 BTC. Metaplanet has aggressively increased its holdings, acquiring over 7,000 BTC in the first half of 2026 and aiming for a total of 100,000 BTC by the end of 2026 and 210,000 BTC by 2027. Meanwhile, Strategy targets a total of one million BTC, representing about 4.8% of Bitcoin's total supply.

Both companies are utilizing a mix of equity issuance and capital market instruments to fund their acquisitions. The concept of BTC Yield allows them to measure whether each share of their stock is backed by more Bitcoin over time, effectively creating a new performance metric for Bitcoin-centric firms.

However, potential changes from MSCI could impact their strategies. Proposed rules may exclude non-operating firms like Strategy and Metaplanet from global equity indexes, which could lead to forced selling by index funds and affect their stock premiums. This could complicate their capital-raising efforts and hinder their BTC Yield strategy.