Metaplanet against Semler Scientific: inside their Bitcoin Treasury arms race
The strategy launched the corporate bitcoin boom, but in 2025, the real competition was Metaplanet against Semler Scientific.
The two are listed publicly, the two buy the size of the Bitcoin (BTC), and the two transform their balance sheets into a battlefield.
On July 7, 2025, Metaplanet, registered in Tokyo, added 2,205 BTC (approximately 238.7 million dollars), bringing its total to 15,555 BTC (approximately $ 1.7 billion). Its BTC yield, a Bitcoin measure acquired compared to the actions issued, is now 416%.
On the same day, Semler Scientific, a health technology company listed in Nasdaq, added 187 BTC (around 20 million dollars), passing through its treasure to 4,636 BTC (around 502 million dollars). Its BTC yield is 29%.
Together, they represent a new front in the Treasury race of Bitcoin companies, adding fuel to the War of the Bitcoin Treasury in progress among the largest Bitcoin portfolio companies.
How Metaplanet and Semler Scientific Build Bitcoin Tops
Metaplanet and Semler Scientific have very different starting points but a shared direction.
Metaplanet bitcoin strategy
Metaplanet runs hotel and media companies in Japan. In 2024, he fully moved the development towards Bitcoin, aimed at accumulating 210,000 BTC by 2027 – around 1% of the total offer.
CEO Simon Gerovich calls him a unique piece. To finance it, the company issues favorite equity, avoiding debt and giving it more flexibility.
Beyond BTC holding, Metaplanet plans to use its reserves as a guarantee to acquire fintechs or even an approved digital bank. This is the foundation of Bitcoin Metaplanet’s strategy.
Did you know? Fidelity is now the largest shareholder in Metaplanet, holding around 12.9% of its shares via its National Financial Services subsidiary.
Investment Bitcoin de Semler Scientific
Semler Scientific entered the space much later, announcing its Bitcoin investment strategy in mid-201. It aims to reach 10,000 BTC by the end of 2025 and 105,000 BTC by 2027, which placed it among the best Bitcoin whale companies. To do this, he uses a 500 million dollars fund emission plan, with $ 156 million lifted in mid-201.
In June 2025, Semler hired Joe Burnett, a former mining analyst, as director of Bitcoin Strategy – a clear sign that he commits in the long term.
While Metaplanet moves quickly, Semler is more prudent. However, the two demonstrate the general trend: more public enterprises buy Bitcoin in 2025 as a basic asset.
Equity for bitcoin: metaplanet and semler scientific take different risks for the same objective
Metaplanet and Semler Scientific use public equity to finance their movements, but their styles differ.
The purchase of Metaplanet in July (2,205 BTC at around $ 108,000 each) was more than 10 times larger than the purchase of 187-BTC to sow around $ 107,000.
The metric BTC renders, popularized by the strategy, tells the story. Metaplanet’s yield is 416%; Semler’s is 29%. This means that Metaplanet issues fewer actions by btc acquired – excellent if bitcoin increases, risky if this is not the case.
The slower pace to sow reduces the risk of dilution, which some investors prefer. But that also made the company more exposed to the feeling of the market. The predictions of the actions to Semler were weakened due to its close monitoring of the BTC price.
While the strategy has a break in break, Metaplanet and Semler always buy. In a year dominated by Bitcoin ETF updates, they are precursors in the accumulation of corporate bitcoin.
Did you know? Before pivoting Crypto, Semler was mainly a business of medical devices focused on arterial testing equipment.
Rising Bitcoin Pates, increased concerns: does the stack of businesses go beyond fundamental principles?
Public companies accelerate Bitcoin purchases in 2025, but growing risks, criticism and evaluation problems are starting to surface.
In mid-2025, public companies have more than 852,000 BTC and the number continues to increase.
Metaplanet looks hard: no debt, no intention to sell BTC and a long -term game to take advantage of his assets on financial acquisitions. The comparison with Metaplanet VS Strategy is already underway, but Metaplanet writes his own game book.
Semler is more measured. However, its share price is down 41% this year and is now negotiated near its value of assets. This has raised concerns about its ability to continue to raise capital without excessive dilution.
Vaneck analysts, in particular, warned in June that if the performance does not recover, the model can stall.
There are also criticisms of the BTC yield metric itself. The short seller Jim Chanos called him as “financial gibberish”, arguing that he disguises risks and overestimates success.
With tools such as Crypto Whale Tracker Sites, which makes these figures more visible, certain concerns hunting optics on fundamentals.
Did you know? In 2024, even if she doubled her Bitcoin holders, the strategy reduced her workforce by more than 20%, reducing around 400 jobs by focusing more and more on her BTC cash strategy.
Who won the Bitcoin Treasury War in 2025?
The strategy leads from afar with 601,550 BTC. But Metaplanet (13,350 BTC) and Semler Scientific (4,636 BTC) quickly catch up.
If they realize, they will join the upper level of Bitcoin whale companies alongside national governments and negotiated stock markets (ETF). But it is a difficult path. The capital markets are volatile and the Bitcoin price does not always cooperate.
The more deeply they go, the more their identities become linked to the BTC. This can stimulate growth during a bull market, but creates a real fragility during slowdowns. The course of the Metaplanet action and the stock forecasts to Semler now follow Bitcoin closely, for the better or for the worst.
There is also a chance that regulators intervene. If public companies are starting to look at and act as Bitcoin ETF, a meticulous examination will follow – especially if the cash activity overshadows basic operations.
Metaplanet’s speed and the discipline of semler are the two sides of the same quarter work. The Bitcoin Treasury War is underway, and less about who has entered first and more on who can survive the long game.
