The $2.5 Billion Bet That Reshuffled Bitcoin’s Corporate Rankings

Strategy reclaims top Bitcoin holder title with $2.54B purchase, while Japan's Metaplanet doubles down despite $619M loss, highlighting divergent institutional crypto strategies.

The world’s two most aggressive corporate Bitcoin buyers have just delivered a one-two punch that underscores the widening divide in institutional crypto strategy. On one side, Strategy has reclaimed the title of the largest corporate Bitcoin holder on the planet with a record-breaking purchase. On the other, Japan’s Metaplanet is doubling down on its own accumulation drive, even as it bleeds red ink.

Strategy’s acquisition of 34,164 Bitcoin for approximately $2.54 billion, announced on April 24, 2026, pushed its total holdings past the 815,000 mark — edging out BlackRock’s iShares Bitcoin Trust in the process. The purchase was funded through a combination of preferred and common stock issuance. The company’s shares responded with a 9.4% jump, prompting Cantor Fitzgerald to raise its price target to $212, citing the growing strategic significance of the Bitcoin exposure.

The sheer scale of the buy sent a clear signal to markets. The Capital Group, one of the world’s largest traditional asset managers, had already taken a $747 million stake in Strategy — an indirect Bitcoin bet through a classic equity vehicle. Meanwhile, US spot Bitcoin ETFs absorbed $2.42 billion in net inflows between April 6 and April 22, adding further evidence of institutional appetite.

A Divergent Path in Tokyo

Half a world away, Metaplanet is pursuing a similar goal but from a very different starting point. Japan’s largest corporate Bitcoin holder has issued its twentieth tranche of zero-coupon bonds, raising the equivalent of roughly $50 million. The notes, each with a face value of 200 million yen and maturing in April 2027, were fully subscribed by the Cayman Islands-based EVO fund. The proceeds are earmarked for more Bitcoin purchases.

The company now holds 40,177 BTC, placing it third globally among publicly traded Bitcoin treasury companies — a distant but determined follower behind Strategy’s 815,000-plus stash. Metaplanet’s ambitions are nothing short of audacious: it aims to accumulate 100,000 Bitcoin by the end of 2026 and 210,000 — roughly 1% of the total supply — by 2027.

But the strategy comes at a cost. For fiscal year 2025, Metaplanet reported a net loss of $619 million, driven largely by unrealized write-downs on its Bitcoin holdings. Short sellers have circled the stock for over a year, questioning the sustainability of the EVO-backed financing structure. The company remains one of the most heavily shorted names on the Tokyo Stock Exchange.

Bitcoin Stuck in a Dollar-Driven Rut

Bitcoin itself is trading around $77,500 to $77,600, just below the psychologically important $80,000 level. The asset has gained roughly 3% over the past week but failed to break decisively above $80,000 mid-week. On a monthly basis, the picture is brighter — up nearly 10% — but year-to-date, Bitcoin remains about 13% in the red.

The primary headwind is macroeconomic. Bitcoin’s 30-day correlation with the US Dollar Index has deepened to -0.90, the most negative reading since 2022. Roughly 81% of Bitcoin’s short-term price movements can now be statistically explained by shifts in the dollar. Rising oil prices and lingering inflation concerns have bolstered the greenback, keeping a lid on crypto gains.

Technical analysts are watching the $80,700 level closely. According to Glassnode, that price represents the Short-Term Holder Realized Price — the average cost basis of investors who bought Bitcoin within the last 155 days. A sustained break above that threshold is seen as a prerequisite for a rally toward the all-time high of roughly $125,000 set in October 2025. The Relative Strength Index currently sits around 50, suggesting there is room to run if demand picks up.

Supply Tightens as Sentiment Turns Cautious

Derivatives markets reflect a cautious mood. Futures open interest dropped more than 6% in a single 24-hour period, while perpetual swap funding rates remain slightly negative — indicating that short positions still dominate. Yet on-chain data tells a different story: Bitcoin balances on centralized exchanges have fallen to multi-year lows. Holders are not selling, which constrains available supply and could quickly amplify any demand surge.

SkyBridge Capital founder Anthony Scaramucci has predicted that a more meaningful recovery will not materialize until later this year, with the dollar trend likely dictating the pace in the interim.

A Changing of the Guard in Germany

In a separate but notable development, the Bitcoin Group SE is undergoing a leadership transition. Anton Langbroek will join the board on May 1, 2026, replacing Michael Nowak, who is leaving at his own request. Langbroek, previously on the board of subsidiary futurum bank AG, is expected to steer the company through an increasingly regulated market environment.

For now, the immediate test for Bitcoin is clear: hold above the 50-day moving average near $71,000 and break through $80,700. If it does, the institutional momentum from both Strategy’s record buy and Metaplanet’s relentless accumulation could provide the fuel for the next leg higher.