Set in opposition to recurring billion-dollar ETF inflows, Asia’s mid-caps are beginning to appear like the subsequent structural bid for bitcoin’s free float.
Japan’s Metaplanet has surpassed 30,00 BTC on its stability sheet, and Korea’s Bitplanet initiated a supervised, rules-based accumulation program.
What started as remoted treasury experiments, reminiscent of Nexon’s 2021 buy and Meitu’s short-lived holdings, has shifted into programmatic accumulation.
Metaplanet reworked from a resort operator right into a Bitcoin treasury firm, publishing month-to-month buy notices and elevating capital explicitly to purchase extra BTC.
Bitplanet rebranded from SGA Options and launched Korea’s first regulated company bitcoin purchase program, focusing on 10,000 BTC by way of every day purchases.
In parallel, smaller public corporations are trying to raise their place into the mid-cap area. Thailand’s DV8 accomplished its first step in a crypto-treasury pivot with a 99.9 % warrant execution, elevating CA$7.4 million.
In the meantime, corporations reminiscent of AsiaStrategy and HK Asia Holdings have repositioned themselves as listed autos for company Bitcoin publicity in Hong Kong.
AsiaStrategy, previously a luxurious retailer generally known as Prime Win Worldwide, now allocates a portion of its treasury to Bitcoin and accepts BTC for product gross sales. It at the moment holds roughly 30 BTC on its stability sheet and goals to succeed in $1 billion in Bitcoin.
HK Asia Holdings has equally transitioned towards a Bitcoin-denominated treasury mannequin, disclosing purchases totaling about 28.9 BTC earlier this yr as a part of a broader digital-asset technique aligned with Sora Ventures’ “MicroStrategy for Asia” framework.
The query isn’t whether or not corporates will add Bitcoin, however whether or not Asia’s mid-caps can take up sufficient new provide to tighten float alongside ETF demand meaningfully.
If this cohort maintains this yr’s tempo, their internet purchases can match or exceed significant chunks of miner issuance, layering one other structural bid on prime of spot ETF flows.
The Asia cohort: who’s shopping for
Japan dominates the Asian cohort. Metaplanet transitioned from resorts to a Bitcoin treasury in December 2024 and continued to speed up by way of 2025, with frequent bulletins of purchases. By Feb. 20, the corporate held round 2,100 BTC. By Sept. 30, that determine reached 30,823 BTC, inserting Metaplanet fourth globally amongst company holders, based on Bitcoin Treasuries information.
The corporate’s “Part II: Bitcoin Platform” deck outlines a multi-year capital-raising technique geared to continued accumulation.
Metaplanet’s US revenue subsidiary and month-to-month buy notices show programmatic execution somewhat than opportunistic buys.
Nexon, the Tokyo-listed gaming big, acquired 1,717 BTC on Apr. 28, 2021, at a mean price of $58,226 per BTC. Protection on the time established the acquisition as treasury diversification.
Nexon has maintained this place since, offering a gentle baseline in Japan’s company sector.
Korea entered the image in late 2025. Bitplanet, previously SGA Options, introduced the primary regulated company Bitcoin purchase of roughly 93 BTC on Oct. 26-27, underneath Korea’s supervised infrastructure.
The corporate publicly targets 10,000 BTC by way of a rules-based every day buy program. Whereas awaiting a DART submitting for Tier A confidence, company-aligned press and wire protection set up this system’s existence and scale.
Hong Kong’s Meitu serves because the counterexample. The wonder-app firm purchased BTC and ETH in 2021 however absolutely disposed of each by Dec. 4, 2024, based on firm bulletins.
Meitu’s exit stresses the distinction between early experiments and sustained treasury packages.
Liquidity math: provide absorption
Metaplanet’s 2025 internet additions alone whole 28,723 BTC, which is the distinction between 30,823 BTC in September and a couple of,100 BTC in February. On the post-halving issuance charge of about 450 BTC per day, that single firm absorbed roughly 64 days of recent provide.
Via Oct. 30, Metaplanet’s provides symbolize roughly 20% of year-to-date issuance, which sits round 136,000 BTC for the interval. That’s earlier than counting Bitplanet’s ramp towards 10,000 BTC or another Asia mid-caps that will announce packages.
Alternate-traded funds (ETFs) demand offers the comparative context. CoinShares’ weekly ETP circulation reviews present $3.55 billion in inflows for the week ending Oct. 4, and $921 million for the week ending Oct. 27.
At Bitcoin costs throughout these intervals, weekly inflows transformed to tens of 1000’s of BTC. The week ending Oct. 4 alone might symbolize roughly 29,600 BTC, relying on execution costs.
Metaplanet’s 28,700 BTC year-to-date sits in the identical order of magnitude as a single robust ETF week, however with one vital distinction: company treasury packages are persistent and rules-based, not sentiment-driven.
The float-tightening impact compounds when layered with company buys on prime of ETF demand. Issuance of 450 BTC per day equals 13,500 BTC per 30 days.
If Metaplanet’s tempo of roughly 3,500 BTC per 30 days on common over the February-September window holds, and Bitplanet scales towards its 10,000 BTC goal over 12-18 months, the Asia cohort might take up 20-30% of the month-to-month issuance earlier than accounting for any US mid-caps that observe post-policy readability.
That doesn’t take away cash from circulation completely, nevertheless it does shift them from miners’ operational wallets to company treasuries with multi-year maintain horizons.
Dangers: accounting, custody, and governance
Accounting and audit verification fluctuate extensively. Metaplanet publishes frequent notices however doesn’t absolutely disclose price foundation or custody preparations in public filings.
Nexon’s 2021 buy got here with a disclosed common price, however subsequent updates are sparse.
Bitplanet’s program operates underneath Korea’s supervised framework, however full DART filings haven’t but surfaced publicly.
Traders counting on these disclosures face info asymmetry concerning pockets attestation, custody counterparties, and the precise execution of purchases.
Governance focus is actual. Metaplanet’s pivot to a bitcoin treasury represents a founder-led strategic wager, not a consensus of the board.
If management modifications or shareholder stress intensifies, this system could possibly be reversed.
Meitu’s 2024 disposal demonstrates that company holders can exit as shortly as they entered, notably when crypto turns into a governance legal responsibility somewhat than an asset.
Custody threat differs by jurisdiction. Japan’s regulatory framework for digital asset custody is maturing, nevertheless it stays much less established than that of US certified custodians.
Korea’s supervised infrastructure for Bitplanet provides oversight but additionally introduces regulatory dependency. If Korea’s crypto coverage shifts, Bitplanet’s program might face interruption.
Coverage shocks stay the wildcard. A US regulatory crackdown on company Bitcoin holdings, though unlikely, might have a ripple impact throughout Asia-listed corporations with US investor bases.
Adjustments in tax therapy in Japan or Korea might alter the economics of treasury accumulation. Accounting customary shifts that power mark-to-market therapy somewhat than impairment-only might deter CFOs from including unstable property to stability sheets.
Going into 2026, monitoring Metaplanet’s capital-raising execution in opposition to its “Part II” targets shall be one thing analysts will possible control.
The corporate’s mannequin will depend on steady entry to fairness or debt markets to fund purchases.
If capital turns into costly or markets shut, the tempo of accumulation slows. Month-to-month “further buy” notices present a real-time learn on program momentum.
Bitplanet’s DART filings will verify whether or not the ten,000 BTC goal is board-approved and funded, or aspirational.
Anticipating disclosure of precise every day purchase volumes and any modifications to the rules-based program construction may also be a key matter to look at. Korea’s supervised framework means regulatory updates might speed up or constrain this system.
Evaluating the cohort’s month-to-month internet provides to ETF inflows and the 450 BTC per day issuance band comes subsequent.
If Asia mid-caps collectively add 5,000-10,000 BTC per 30 days in 2026, that’s 11-22% of recent provide, which might have a cloth tightening impact when stacked in opposition to ETF demand.
If the tempo slows or different corporates exit, as seen with Meitu, the thesis weakens.
US mid-caps post-policy readability symbolize the subsequent frontier.
If the SEC offers clearer accounting therapy or custody steerage, a cohort of $500 million to $5 billion market-cap US corporations might observe Metaplanet’s playbook.
That may shift the narrative from “Asia’s mid-caps” to “international company treasuries 2.0,” with implications for float tightness that dwarf present ranges.
The strategic query is whether or not company treasury packages turn into a everlasting structural bid or a cycle-specific phenomenon.
Metaplanet and Bitplanet are testing whether or not mid-caps can execute MicroStrategy’s mannequin at a smaller scale with board self-discipline and clear disclosure.
In the event that they succeed, the subsequent halving in 2028 will face not simply ETF demand and lowered issuance, however a world cohort of company treasuries that may programmatically take up new provide.
In the event that they stumble in course of, reminiscent of governance reversals, custody failures, or coverage shocks, the thesis that corporates can meaningfully tighten float dissolves, and bitcoin’s worth discovery reverts to ETF flows and retail hypothesis.
What’s at stake is whether or not company stability sheets turn into a 3rd pillar of bitcoin demand construction, or stay a distinct segment technique confined to a handful of conviction-driven administration groups.
