In 2025, Metaplanet and Semler Scientific are in a Bitcoin treasury arms race. Metaplanet added 2,205 BTC ($238.7 million), totaling 15,555 BTC ($1.7 billion). Semler added 187 BTC ($20 million), totaling 4,636 BTC ($502 million). Both are turning balance sheets into battlegrounds, fueling the Bitcoin corporate treasury race.

Metaplanet shifted focus to Bitcoin, aiming for 210,000 BTC by 2027. It uses preferred equity to fund acquisitions and plans to acquire fintechs using BTC reserves. Fidelity is now the largest shareholder in Metaplanet. Semler plans to reach 105,000 BTC by 2027, using a $500 million equity issuance plan.

Metaplanet and Semler use public equity to fund Bitcoin purchases. Metaplanet’s 2,205 BTC buy at $108,000 each has a 416% BTC Yield, while Semler’s 187 BTC buy at $107,000 has a 29% yield. Metaplanet issues fewer shares per BTC acquired, making it riskier if Bitcoin doesn’t rise.

Public companies are increasing Bitcoin buys in 2025, raising concerns about valuation and risks. Metaplanet leans in hard with no plans to sell BTC. Semler is more conservative but its share price is down 41% this year. VanEck analysts warn that if performance doesn’t recover, the model may stall.

Metaplanet, Semler, and Strategy are in a Bitcoin treasury war. Strategy leads with 601,550 BTC, but Metaplanet and Semler are catching up fast. Their identities are becoming linked to BTC, driving growth during bull markets but creating fragility during downturns. Regulators may step in if treasury activity eclipses core operations.

Read more at Cointelegraph: Who’s Winning the Bitcoin Treasury War?