Metaplanet and Bitplanet Lead Asia’s Corporate Bitcoin Boom as ETFs Fuel BTC Demand

Introduction

Asia’s mid-cap corporates are emerging as a structural bid for Bitcoin, layering on top of recurring spot ETF inflows and tightening free float. Japan’s Metaplanet has transformed into a Bitcoin treasury company and now holds over 30,800 BTC after programmatic, rules-based accumulation and ongoing capital raises, while Korea’s Bitplanet launched a supervised daily-buy program targeting 10,000 BTC. Smaller listed firms like Thailand’s DV8 and Hong Kong’s AsiaStrategy and HK Asia Holdings are repositioning as Bitcoin exposure vehicles. The shift from one-off corporate buys (e.g., Nexon, Meitu’s abandoned strategy) to disciplined treasury programs suggests Asia’s mid-caps could systematically absorb new BTC issuance. 

Liquidity math indicates Metaplanet’s 2025 net adds of ~28,700 BTC equate to roughly 64 days of post-halving issuance (about 450 BTC/day), representing around 20% of year-to-date miner output—before Bitplanet’s ramp or other regional adds. With ETFs posting multi-billion-dollar weekly inflows translating to tens of thousands of BTC, the combination of rules-based corporate accumulation plus ETF demand materially tightens float. If Metaplanet maintains ~3,500 BTC/month and Bitplanet scales toward its target, Asia’s cohort could absorb 20–30% of monthly issuance, potentially supporting BTC price resilience. 

Key risks remain: disclosure and audit asymmetries (custody, wallet attestations), governance reversals, and policy or accounting shifts across Japan and Korea. Corporate programs depend on continuous access to equity/debt financing, and precedents like Meitu show exits can happen quickly. Looking ahead, clarity in the U.S. could prompt a wave of mid-cap treasuries and globalize the “MicroStrategy playbook,” amplifying supply absorption beyond Asia. The strategic question is whether these programs become a persistent structural bid or a cycle-specific phenomenon (CryptoSlate).

Background

Asia’s mid-cap corporates are shifting from one-off balance-sheet buys to rules-based, programmatic accumulation of Bitcoin—an approach that can meaningfully tighten BTC’s free float when combined with persistent spot ETF demand. Japan’s Metaplanet has pivoted into a Bitcoin treasury model, publishing regular purchase notices and capital raises, and now reports a balance above 30,000 BTC. In Korea, Bitplanet has launched a supervised daily-buy program targeting 10,000 BTC, signaling a move from opportunistic exposure to repeatable corporate treasury policy. Smaller listed firms in Thailand and Hong Kong are also repositioning as Bitcoin exposure vehicles. The key question is no longer whether corporates in Asia will add BTC, but how much of the new supply they can systematically absorb alongside ETFs—potentially 20–30% of monthly issuance if recent paces persist.

Why “post-halving issuance” and “free float” matter

Bitcoin’s fourth halving (April 2024) reduced the block subsidy from 6.25 to 3.125 BTC, cutting new issuance from ~900 BTC/day to roughly 450 BTC/day. This is based on ~144 blocks/day and is widely cited by institutional sources such as BlackRock iShares and CME Group, as well as independent research from Galaxy.

“Free float” refers to the portion of circulating BTC readily available for trading. When coins move into long-duration holders—like corporate treasuries or ETFs—float tightens, and price discovery becomes more sensitive to marginal flows.

Spot ETF flows contextualize the scale. CoinShares reported record weekly inflows of $3.55B into Bitcoin ETPs for the week of Oct. 6, 2025, and $931M for the week of Oct. 27, 2025—translating into tens of thousands of BTC in strong weeks, depending on price levels (CoinShares).

The new Asia cohort: from isolated buys to rules-based treasuries

Japan dominates this emerging cohort. Metaplanet transitioned from hospitality to a Bitcoin treasury strategy, raising capital to fund recurring BTC purchases and publishing monthly notices that emphasize discipline over market-timing. This is a marked evolution from earlier Asia examples, such as Nexon’s single 1,717 BTC buy in 2021 or Meitu’s buy-and-exit cycle. Korea has joined with Bitplanet’s supervised daily-buy program targeting 10,000 BTC—another step toward institutionalizing corporate accumulation. Elsewhere, firms in Thailand and Hong Kong are repositioning as listed vehicles for corporate Bitcoin exposure. These developments point to a “MicroStrategy playbook” executed at mid-cap scale, but with regional policy differences and disclosure practices. 

Key concepts, explained briefly

• Bitcoin halving: A pre-programmed event that halves new BTC issuance roughly every four years to enforce scarcity. After the 2024 halving, issuance is about 450 BTC/day, or ~13,500 BTC/month.

• Rules-based (programmatic) accumulation: A repeatable buying policy (e.g., daily buys, fixed cadence) that reduces discretion and market-timing, helping treasury teams execute through cycles.

• Free float tightening: When long-horizon holders (ETFs, corporates) absorb net new issuance and remove coins from the tradable float, price dynamics become more sensitive to incremental demand.

Can Asia’s mid-caps absorb 20–30% of new supply?

A rough liquidity check shows why this is plausible. Post-halving issuance is ~13,500 BTC/month. If Metaplanet’s average pace approximated ~3,500 BTC/month over a prior window, and a second large program (e.g., Bitplanet) ramps toward a 10,000 BTC target over 12–18 months, the cohort could collectively absorb 20–30% of monthly issuance—before any follow-on programs in Asia or new U.S. mid-cap adopters. Meanwhile, ETFs have posted periodic billion-dollar weeks translating to tens of thousands of BTC, creating a stack of persistent demand layers: corporate treasuries plus ETFs. The net effect is a structural bid that tightens free float when programs are funded and consistently executed.

Beyond issuance, the share of coins held long-term continues to rise after halvings. Multiple institutional research notes have highlighted that supply dynamics harden as more BTC moves into long-duration cohorts and corporate/ETF balance sheets, tightening the float available for trading. Educational references on issuance and scarcity are available from iShares, CME Group, and Galaxy.

Risks and constraints: financing, accounting, custody, and governance

• Financing dependency: Programmatic corporate buys often rely on continued access to equity or debt markets. If capital costs rise or windows close, monthly buy rates can slow, weakening the float-tightening thesis. Monitoring official purchase notices and financing updates provides a real-time view of momentum (CryptoSlate).

• Accounting and disclosure: New U.S. GAAP (FASB ASU 2023-08) requires certain crypto assets (including BTC) to be measured at fair value with changes in earnings, with specific presentation and disclosures, effective for fiscal years beginning after Dec. 15, 2024 (KPMG; Deloitte; Grant Thornton). This improves comparability but introduces P&L volatility and new disclosure expectations. Regional frameworks (Japan, Korea) differ; disclosure depth on wallet attestations, custody counterparties, or execution details can vary by issuer.

• Custody and operational risk: Corporate custody arrangements differ by jurisdiction and provider; governance and internal controls around key management, transfer policies, and counterparty risk are critical for listed firms.

• Governance reversals: Corporate strategy is political. Leadership changes, shareholder pressure, or regulatory shifts can unwind treasury programs (as seen in past regional examples). Program durability depends on board discipline, investor alignment, and transparent policy.

The 2026–2028 setup: beyond Asia, potential U.S. mid-cap adoption

If U.S. regulators and accounting standards (already improved under ASU 2023-08) continue to reduce frictions, a cohort of $500M–$5B market-cap companies in the U.S. could adopt rules-based BTC treasuries, expanding the “structural bid” from an Asia-led story to a global one. That would layer corporate demand on top of persistent ETF flows in a post-halving environment where issuance is already constrained. The result would be a more durable, programmatic absorption of new BTC supply—tightening free float beyond Asia’s mid-caps.

Bottom line

• Today’s dynamic: Asia’s mid-cap corporates (notably Metaplanet and Bitplanet) are moving to rules-based Bitcoin accumulation, adding a persistent, non-sentiment-driven source of demand on top of spot ETF inflows.

• Why it matters: With post-halving issuance at ~450 BTC/day (~13,500/month), sustained corporate programs can plausibly absorb 20–30% of new supply—and more if additional companies join—tightening free float and making prices more sensitive to marginal flows.

• What to watch: Financing capacity and cadence of purchase notices; accounting, audit, and custody disclosures; governance continuity; regulatory changes in Japan, Korea, Hong Kong, and the U.S.; and monthly comparisons of corporate net adds vs. ETF inflows and miner issuance.