Metaplanet vs. Semler Scientific: Inside their Bitcoin treasury arms race
Strategy kicked off the corporate Bitcoin boom, but in 2025, the real competition is Metaplanet vs. Semler Scientific.
Both are publicly listed, both are buying Bitcoin (BTC) in size, and both are turning their balance sheets into battlegrounds.
On July 7, 2025, Metaplanet, listed in Tokyo, added 2,205 BTC (around $238.7 million), bringing its total to 15,555 BTC (around $1.7 billion). Its BTC Yield, a measure of Bitcoin acquired relative to equity issued, now sits at 416%.
That same day, Semler Scientific, a Nasdaq-listed health-tech firm, added 187 BTC (around $20 million), growing its treasury to 4,636 BTC (around $502 million). Its BTC Yield is 29%.
Together, they represent a new front in the Bitcoin corporate treasury race, adding fuel to the ongoing Bitcoin treasury war among the biggest Bitcoin holding companies.
How Metaplanet and Semler Scientific are building Bitcoin-focused balance sheets
Metaplanet and Semler Scientific have very different starting points but one shared direction.
Metaplanet’s Bitcoin strategy
Metaplanet used to run hospitality and media businesses in Japan. In 2024, it shifted focus entirely to Bitcoin, aiming to accumulate 210,000 BTC by 2027 — about 1% of the total supply.
CEO Simon Gerovich calls it a once-in-a-generation play. To fund it, the company issues preferred equity, avoiding debt and giving it more flexibility.
Beyond holding BTC, Metaplanet plans to use its reserves as collateral to acquire fintechs or even a licensed digital bank. This is the foundation of the Metaplanet Bitcoin strategy.
Did you know? Fidelity is now the largest shareholder in Metaplanet, owning approximately 12.9% of its shares via its National Financial Services subsidiary.
Semler Scientific’s Bitcoin investment
Semler Scientific entered the space much later, announcing its Bitcoin investment strategy in mid-2024. It aims to reach 10,000 BTC by end-2025 and 105,000 BTC by 2027, putting it among the top Bitcoin whale companies. To do this, it’s using a $500-million equity issuance plan, with $156 million raised as of mid-2025.
In June 2025, Semler hired Joe Burnett, a former mining analyst, as director of Bitcoin strategy — a clear sign it’s committing long-term.
While Metaplanet moves fast, Semler is more cautious….
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