Bitcoin supply and demand balances narrowed even further last week as the corporate Treasury gained a dominant share of the new issuance.
Last week, two publicly traded companies, Strategy and Tokyo-listed Metaplanet purchased more than $230 million in BTC.
According to their individual announcements, the total acquisition of a total of 2,091 BTC represents about two-thirds, or 66%, of all coins produced by miners during the reporting period.
Despite the S&P 500 snub, the strategy expands holdings
On September 8th, the strategy confirmed that it had purchased 1,955 btc for $217.4 million, translated into about 62% of all coins mined in the week.
After this purchase, Strategy’s Bitcoin Stash rose to 638,460 BTC. This is valued at $71.6 billion at current market prices. This represents an unrealized profit of approximately 51.8% from the company’s total investment of $4717 billion.
In its Form 8-K submission, the company revealed that its latest purchases were funded through revenue from the market equity program and raised capital through conflict, strikes and MSTR share issuance. In 2025, the strategy raised over $19 billion to buy Bitcoin.
Meanwhile, well-known shortseller Jim Chanos noted that the company’s Bitcoin financing is increasingly dependent on MSTR stock issuance, rather than a priority stock option to fund recent Bitcoin purchases.
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For context, he noted that the company raised 92% of its latest capital through common equity and sold only $16.8 million in preferred stock. The same trend was observed last week when the company raised 90% of its Bitcoin Purchasing Fund through MSTR.
In particular, the latest Bitcoin purchases come in a few days after failing to secure a location for the S&P 500 index. Instead, the Index Committee added stocks from Robinhood, Applovin and Emcor Group to the list.
Metaplanet strengthens its presence in Asia
Although it has been reduced in size, Metaplanet’s latest purchase has strengthened its reputation as a response to Asian strategy.
The Tokyo List company acquired 136 BTC at an average price of $111,666, at $15.2 million. This raised annual yields to 487% in 2025, highlighting an aggressive accumulation strategy.
The company currently owns 20,136 btc, buying for $2.08 billion, an average of $103,196. As of September 8, its stash was worth around $2.26 billion, giving Metaplanet an unrealized benefit of 9.3%.
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