Bitcoin’s Supply-Demand Dynamics Shift as Corporate Treasuries Dominate New Issuance
Bitcoin’s supply-demand balance underwent further narrowing last week as corporate treasuries continued to capture a significant share of new issuance. Two publicly traded firms, Strategy and Tokyo-listed Metaplanet, made substantial purchases totaling over $230 million worth of BTC.
Strategy, a prominent player in the crypto space, confirmed its acquisition of 1,955 BTC for $217.4 million on September 8th. This purchase represented approximately 62% of all coins mined during the week, showcasing the firm’s commitment to expanding its holdings. With this latest purchase, Strategy’s Bitcoin stash now stands at 638,460 BTC, valued at $71.6 billion. The unrealized profit from the firm’s total investment of $47.17 billion amounts to roughly 51.8%.
The funding for this purchase came from proceeds generated through Strategy’s at-the-market equity program, which has raised over $19 billion for Bitcoin acquisitions in 2025. Interestingly, the firm’s Bitcoin fundraising strategy has shifted towards relying more on MSTR stock issuance rather than preferred stock options, a trend highlighted by renowned short seller Jim Chanos.
On the other hand, Tokyo-listed Metaplanet made a smaller yet significant move by acquiring 136 BTC for $15.2 million. This purchase further solidified the company’s position as Asia’s counterpart to Strategy, emphasizing its aggressive accumulation strategy. With a year-to-date yield of 487% in 2025, Metaplanet now holds 20,136 BTC purchased for $2.08 billion at an average price of $103,196. The company’s Bitcoin stash was worth approximately $2.26 billion as of September 8th, delivering a 9.3% unrealized profit.
Overall, the dominance of corporate treasuries in the Bitcoin market continues to shape the cryptocurrency’s supply-demand dynamics. As firms like Strategy and Metaplanet bolster their positions through strategic acquisitions, the market landscape is evolving in favor of institutional players. This trend underscores the growing importance of corporate entities in driving Bitcoin’s adoption and utilization as a store of value.