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Bitcoin treasury companies, which allocate a portion of their cash reserves to Bitcoin as a strategic asset, are emerging as a significant trend in the global financial landscape. These firms view Bitcoin as a hedge against inflation, currency depreciation, and economic uncertainty, opting to hold it long-term rather than in traditional assets like bonds or equities. This article explores the concept of Bitcoin treasury companies, examines the pioneering strategy of Strategy (formerly MicroStrategy), highlights key players in Asia, and introduces the rise of Bitcoin-strategy acquisition companies targeting new markets.
Understanding Bitcoin Treasury Companies
A Bitcoin treasury company is a business that invests a substantial portion of its corporate treasury in Bitcoin, treating it as a primary reserve asset. Unlike speculative trading, these companies adopt Bitcoin for its potential as a store of value, diversifying their balance sheets and signaling confidence in its long-term growth. By holding Bitcoin, they aim to protect against economic volatility and attract investors seeking exposure to digital assets. Public announcements of Bitcoin purchases often lead to significant stock price movements, as markets react to the bold financial strategy.
Strategy (Formerly MicroStrategy)
The concept of Bitcoin treasury companies gained prominence with Strategy, a U.S.-based software firm formerly known as MicroStrategy. Since 2020, Strategy has aggressively acquired Bitcoin, amassing 538,200 BTC as of April 2025, valued at billions of dollars, following a recent purchase of 6,556 BTC for $555.8 million. Led by CEO Michael Saylor, the company funds these acquisitions through convertible notes and share offerings, leveraging debt and equity markets to bolster its Bitcoin holdings. In 2024, South Korea’s National Pension Fund invested $34 million in Strategy, signaling institutional confidence in its Bitcoin-centric approach and further validating the strategy’s appeal to global investors.
Strategy’s approach has yielded substantial returns, with its stock price surging alongside Bitcoin’s market performance. The company’s success has become a blueprint for others, demonstrating how a Bitcoin treasury strategy can enhance shareholder value and elevate a firm’s profile. Its influence is particularly evident in Asia, where companies are adopting similar tactics to navigate local economic challenges.
Bitcoin Treasury Companies in Asia
Asia is witnessing a surge in Bitcoin treasury adoption, with two companies leading the charge: Metaplanet in Japan and HK Asia Holdings in Hong Kong.
Metaplanet (Japan)
Metaplanet, a Tokyo-based investment firm listed on the Tokyo Stock Exchange, has emerged as Asia’s foremost Bitcoin treasury company. Since adopting a Bitcoin strategy in April 2023, Metaplanet has accumulated 5,555 BTC, ranking it among the top ten corporate Bitcoin holders, and the best performing stock year-to-date, globally.
To finance its purchases, Metaplanet employs bond issuances and Bitcoin income strategies, such as selling cash-secured put options. This approach has driven a remarkable 3,900% increase in its stock price, reflecting strong investor confidence. Metaplanet positions Bitcoin as a shield against Japan’s economic challenges, including a weakening yen and high government debt, setting a precedent for corporate Bitcoin adoption in the region.
HK Asia Holdings (Hong Kong)
HK Asia Holdings, soon to be rebranded as Moon Inc., is Hong Kong’s first publicly listed company to embrace a Bitcoin treasury strategy. The firm initiated its Bitcoin journey in February 2025 with a single Bitcoin purchase for $96,150, triggering a 93% stock price surge overnight. By April 2025, HK Asia Holdings held 18.88 BTC, valued at over $1.7 million, and raised $8.35 million through share issuances and convertible notes, fueling speculation of further Bitcoin acquisitions.
Originally focused on SIM cards and prepaid technology, HK Asia Holdings is diversifying into Bitcoin-related ventures, including ATMs and prepaid products. Under the leadership of Bitcoin advocate Riggins, the company is also co-hosting Bitcoin Asia in August 2025 to promote corporate adoption across Greater China. Its stock rose 5.4% following the latest funding announcement, underscoring market enthusiasm for its crypto pivot.
Bitcoin-Strategy Acquisition Companies
A new development in the Bitcoin treasury space is the emergence of Bitcoin-strategy acquisition companies. These firms raise capital to acquire traditional businesses in countries lacking Bitcoin treasury companies, subsequently converting them into Bitcoin-holding entities. The strategy involves targeting undervalued companies in sectors like manufacturing or technology, integrating a Bitcoin treasury approach, and capitalizing on the resulting stock price appreciation and investor interest.
In Asia, this trend is gaining momentum with Bangkok-based Kliff Capital committing $3 million to Sora Ventures, an Asia-focused blockchain investment firm, to scale Bitcoin-centric corporate treasury models across Japan, Hong Kong, Thailand, Taiwan, and South Korea. Sora Ventures, which launched a $150 million fund in 2025, adapts Strategy’s playbook to regional regulatory frameworks, tailoring structures to each market’s unique requirements.
Similarly, David Bailey, a crypto advisor to U.S. President Donald Trump, raised $300 million for Nakamoto, a Bitcoin investment firm named after Bitcoin’s creator, Satoshi Nakamoto. Nakamoto plans to acquire businesses globally, including in Thailand, and integrate Bitcoin into their treasuries, aiming to go public via a Nasdaq merger in 2025. These initiatives could accelerate Bitcoin adoption across Asia, introducing the asset to new industries and markets.
Asia’s Financial Landscape
The rise of Bitcoin treasury companies reflects a broader shift toward digital assets in corporate finance. Strategy and Metaplanet demonstrate the potential for Bitcoin to enhance financial resilience and attract institutional investment, from pension funds to venture capital. Meanwhile, Bitcoin-strategy acquisition companies represent an innovative approach to expanding Bitcoin’s corporate footprint, potentially transforming Asia’s business landscape.