On the back of recurring multi-billion dollar ETF inflows, Asian mid-cap stocks are starting to look like the next structural bid for Bitcoin’s float.
Japan’s Metaplanet has over 30,00BTC on its balance sheet, and South Korea’s BitPlanet has launched a supervised rules-based accumulation program.
What started as isolated financial experiments, such as Nexon’s 2021 acquisition and Meitu’s short-term holding, has transitioned into programmatic accumulation.
Metaplanet transformed from a hotelier to a Bitcoin finance company, issuing monthly purchase notifications and explicitly raising funds to buy more BTC.
Bitplanet has rebranded from SGA Solutions and launched South Korea’s first regulated corporate Bitcoin purchase program with a daily purchase target of 10,000 BTC.
In parallel, smaller listed companies are also trying to move into the mid-cap space. Thailand’s DV8 has completed the first step of its crypto asset pivot with 99.9% warrant execution, raising CA$7.4 million.
Meanwhile, companies such as AsiaStrategy and HK Asia Holdings have re-established themselves as the listing vehicle for corporate Bitcoin exposure in Hong Kong.
AsiaStrategy, formerly a luxury goods retailer known as Top Win International, now allocates a portion of its finances to Bitcoin and accepts BTC for the sale of its products. We currently have approximately 30 BTC on our balance sheet and aim to reach $1 billion in Bitcoin.
HK Asia Holdings has similarly moved to a Bitcoin-denominated financial model, revealing purchases totaling approximately 28.9 BTC earlier this year as part of a broader digital asset strategy in line with Sora Ventures’ “MicroStrategy for Asia” framework.
The question is not whether companies will add Bitcoin, but whether Asian mid-cap stocks can absorb enough new supply to meaningfully tighten their float in parallel with ETF demand.
If this group maintains this year’s pace, their net purchases could match or exceed a significant portion of miner issuance, leading to another structured bid layered on top of spot ETF flow.
Asia Cohort: Who’s Buying?
Japan has an advantage among the Asian groups. Metaplanet transitioned from hotels to Bitcoin vaults in December 2024 and continued to accelerate through 2025 with frequent purchase announcements. By February 20th, the company held approximately 2,100 BTC. By September 30, that figure had reached 30,823 BTC, making Metaplanet the fourth largest company in the world among corporate holders, according to Bitcoin Treasury data.
The company’s “Phase II: Bitcoin Platform” document outlines a multi-year funding strategy for continued accumulation.
Metaplanet’s US revenue subsidiary and monthly purchase notifications indicate programmatic execution rather than opportunistic purchases.
Tokyo-listed gaming giant Nexon acquired 1,717 BTC on April 28, 2021 at an average price of $58,226 per BTC. Reports at the time said the purchase proved to be a financial diversification.
Nexon has maintained this position ever since, providing a stable baseline for the Japanese corporate sector.
South Korea entered the issue in late 2025. BitPlanet (formerly SGA Solutions) announced the first regulated entity purchase of approximately 93 BTC in Bitcoin under South Korean supervised infrastructure between October 26th and 27th.
The company is publicly targeting 10,000 BTC through a rules-based daily purchase program. Pending DART’s application for Tier A reliability, media coverage in partnership with companies will establish the existence and scale of the program.
Hong Kong’s Meitu provides a counterexample. According to the company’s announcement, the beauty app company purchased BTC and ETH in 2021, but completely disposed of both by December 4, 2024.
Meitu’s exit highlights the difference between an initial experiment and an ongoing financial program.
Liquidity calculation: supply absorption
Metaplanet’s net addition in 2025 alone totals 28,723 BTC, which is the difference between September’s 30,823 BTC and February’s 2,100 BTC. At an issuance rate of approximately 450 BTC per day after the halving, that one company has absorbed approximately 64 days worth of new supply.
The increase in Metaplanet’s amount until October 30th is equivalent to about 20% of the amount issued since the beginning of the year, and the amount issued during the same period is equivalent to about 136,000 BTC. This is before BitPlanet’s rise towards 10,000 BTC and other Asian mid-cap stocks that may announce programs are counted.
The demand for exchange-traded funds (ETFs) provides a context for comparison. According to CoinShares’ weekly ETP flow report, the week ending October 4th saw inflows of $3.55 billion, and the week ending October 27th saw inflows of $921 million.
At Bitcoin prices during these periods, weekly inflows translated into tens of thousands of BTC. Depending on the execution price, this could equate to around 29,600 BTC in the week ending October 4th alone.
Metaplanet’s 28,700 BTC year-to-date is on par with a strong ETF week, but with one crucial difference. That means a company’s financial program is permanent, rules-based, and not sentiment-based.
If corporate buying coincides with ETF demand, the effect of tightening free float will further increase. Issuing 450 BTC per day is equivalent to 13,500 BTC per month.
If Metaplanet’s pace of averaging around 3,500 BTC per month from February to September is maintained, and BitPlanet expands towards its 10,000 BTC target in 12 to 18 months, Asians could absorb 20-30% of the monthly issuance before factoring in US mid-cap stocks following policy clarity.
This does not permanently remove the coin from circulation, but it does move the coin from the miner’s operational wallet and into the treasury of a company with a multi-year holding period.
Risk: Accounting, Custody, Governance
Accounting and auditing verification is wide-ranging. Although Metaplanet frequently issues notices, it does not fully disclose its cost base or storage arrangements in public documents.
Average costs were disclosed for Nexon’s 2021 acquisitions, but updates have been sparse since then.
BitPlanet’s program operates under South Korea’s supervised framework, but the full DART application has not yet been made public.
Investors relying on these disclosures face information asymmetries regarding wallet authentication, custodial counterparties, and the precise execution of purchases.
Governance centralization is real. Metaplanet’s transformation into a Bitcoin vault represents a strategic bet led by its founders, rather than the consensus of its board of directors.
The program could be canceled if management changes or shareholder pressure increases.
Meitu’s 2024 disposal shows that corporate holders can exit as soon as they enter, especially if cryptocurrencies become governance liabilities rather than assets.
Storage risks vary by jurisdiction. The regulatory framework for digital asset custody in Japan is maturing but still less established than that for qualified custodians in the United States.
South Korea’s surveillance infrastructure for BitPlanet will enhance surveillance, but also introduce dependence on regulation. BitPlanet’s program could face disruption if South Korea’s crypto policy changes.
Policy shocks remain a wild card. A crackdown by U.S. regulators on corporate Bitcoin holdings, although unlikely, could have a ripple effect across listed Asian companies with a U.S. investor base.
Changes in the tax system in Japan or South Korea can change the economics of national treasury accumulation. Changes in accounting standards that force mark-to-market treatment rather than just impairment could deter CFOs from adding volatile assets to their balance sheets.
Looking ahead to 2026, tracking Metaplanet’s financing execution for its “Phase II” goals will likely be something analysts will be watching closely.
The company’s model relies on continued access to the stock or debt markets to finance purchases.
When capital becomes expensive or markets close, the pace of accumulation slows. Monthly “purchase more” notifications let you see program momentum in real time.
BitPlanet’s DART filing will confirm whether the 10,000 BTC goal is approved and funded by the board of directors, or if it is ambitious.
Disclosure of actual daily purchase volumes and monitoring changes to the rules-based program structure will also be important topics to watch. South Korea’s supervised framework means the program could be accelerated or restricted by regulatory updates.
Comparing monthly net ETF inflows and issuance band of 450 BTC per day for this cohort comes next.
If Asian mid-cap stocks added a combined 5,000-10,000 BTC per month in 2026, this would represent 11-22% of new supply and, combined with ETF demand, would have a significant tightening effect.
As seen with Meitu, the theory weakens when the pace slows or other companies exit.
Post-policy US mid-cap clarity represents the next frontier.
U.S. companies with market capitalizations of $500 million to $5 billion could follow MetaPlanet’s strategy if the SEC provides clearer accounting and custody guidance.
If that happens, the narrative will shift from “Asia’s mid-cap stocks” to “Global Corporate Bonds 2.0,” which will have an effect on the tightening of free float, which dwarfs current levels.
The strategic question is whether corporate finance programs become a permanent structural bid or a cyclical phenomenon.
Metaplanet and BitPlanet are testing whether midsize companies can implement MicroStrategy’s model on a smaller scale with board discipline and transparent disclosure.
If they succeed, the next halving in 2028 will not only see a decline in ETF demand and issuance, but also a global cohort of corporate bonds that will programmatically absorb new supply.
If there are any stumbles along the way, such as governance reversals, custody failures, or policy shocks, the theory that companies can effectively tighten their free float will fall apart, and Bitcoin price discovery will revert to ETF flows and individual speculation.
The question is whether corporate balance sheets will become the third pillar of the Bitcoin demand structure, or whether it will remain a niche strategy limited to a few principled management teams.
(Tag translation) Bitcoin
