One proposal would reduce capital stock and capital reserves, allowing funds to be transferred to surplus. This would enable dividends, share buybacks, or bitcoin acquisitions without increasing the number of outstanding common shares. Another proposal seeks to increase the company's authorized share count, including the introduction of new preferred share classes. Metaplanet said this would allow it to raise capital in the future to fund bitcoin purchases while preserving flexibility in its capital structure.
Twenty One Capital, the Bitcoin-native company co-founded by Jack Mallers, officially began trading on the New York Stock Exchange today under the ticker XXI, following a business combination with Cantor Equity Partners. The firm debuted with a BTC treasury of 43,514 BTC, valued at roughly $3.9 billion, immediately making it the world's third-largest publicly traded Bitcoin holder. Speaking live on CNBC, Mallers said the company plans to "buy as much Bitcoin as [they] possibly can".
The sale frees up capital and boosts flexibility for the company's ADS buyback program. Sequans is the first publicly listed Bitcoin treasury company to offload a significant portion of its holdings. The transaction does not change the company's long-term Bitcoin strategy, the company said. The Paris-based IoT semiconductor provider will continue to pursue its Bitcoin treasury initiative while exploring capital markets opportunities.
Strategy (NASDAQ: MSTR), the world's largest corporate holder of bitcoin, expanded its treasury once again last week, purchasing 168 BTC for $18.8 million at an average price of $112,051 per coin, according to a new U.S. Securities and Exchange Commission filing. Following the purchase, Strategy now holds 640,418 BTC, acquired at a total cost of roughly $47.40 billion, reflecting an average purchase price of $74,010 per bitcoin.
These are firms that accumulate Bitcoin on their balance sheet as a core part of their capital strategy, leveraging it to unlock asymmetric upside, financial durability, and institutional credibility. But not all Bitcoin treasury companies are the same. In fact, Michael Saylor, Executive Chairman of Strategy (formerly MicroStrategy), recently outlined a clear taxonomy for understanding the landscape: a three-tiered hierarchy that separates dabblers from dominators. Each tier comes with distinct incentives, risks, and expected outcomes.
KindlyMD, Inc. (NASDAQ: NAKA), a provider of integrated healthcare services and a Bitcoin treasury vehicle through its subsidiary Nakamoto Holdings, is partnering with Antalpha (NASDAQ: ANTA). Antalpha is a fintech firm specializing in financing, technology, and risk management solutions for the digital asset industry. A key component of the partnership is a non-binding letter of intent under which Nakamoto plans to issue $250 million in five-year secured convertible notes to Antalpha.
"Working with Anchorage Digital enables AsiaStrategy to further advance our Bitcoin treasury strategy across the region, backing our ongoing expansion and ensuring we have the custody infrastructure to scale securely," said Luke Liu, Chief Investment Officer of AsiaStrategy. From watches to digital luxury Founded in 2001, AsiaStrategy initially specialized in trading and distributing luxury watches. In May 2025, the firm rebranded to focus exclusively on digital assets and blockchain innovation, positioning itself as a pioneering institutional player in bitcoin treasury management throughout Asia.
The all-stock deal will see Strive buying Semler shares at roughly $90.52 apiece, a more than 200% premium to its Friday closing price of $29.18. The two firms will together own nearly 11,000 Bitcoin after the merger, according to a press release on Monday. Strive will explore ways to "monetizing" or distributing Semler's "historically profitable diagnostics business at a future date," the announcement said.
Today, Sora Ventures announced the launch of Asia's first Bitcoin treasury fund, unveiled during Taipei Blockchain Week. The fund, backed by a $200 million commitment from partners and investors across the region, aims to purchase $1 billion worth of Bitcoin within the next six months, according to a press release sent to Bitcoin Magazine. This new fund follows the individual Bitcoin treasury firms that have emerged across Asia in recent years -
Treasury B.V. ("Treasury"), an emerging euro-denominated Bitcoin treasury company, has raised initial funding of €126 million ($147 million) through a private round led by Winklevoss Capital and Nakamoto Holdings Inc., a subsidiary of KindlyMD, Inc. (NASDAQ: NAKA). With this funding, Treasury has already accumulated more than 1,000 Bitcoin to advance its Bitcoin strategy. Treasury has the ambition to be the first Bitcoin treasury company listed on a primary European exchange,
