Japanese company Metaplanet Inc. confirmed its strategic goal of accumulating nearly 1% of the total Bitcoin supply by the end of 2027. Currently, the firm holds over 35,102 BTC in its treasury, solidifying its position as one of the largest public holders of the cryptocurrency. This strategy remains unchanged despite significant market downturns, with plans to raise an additional $130 million in 2026.
The accumulation of Bitcoin as a reserve asset by corporations represents a global trend, institutionalizing the ownership of crypto assets beyond retail investors. Companies like Strategy have been leading this narrative for years, with reserves exceeding 670,000 BTC, equivalent to a significant portion of Bitcoin’s liquid supply. “Metaplanet remains true to its strategy of accumulating Bitcoin even in adverse market conditions, raising up to $137 million to expand its positions,” Metaplanet reported.
Is Bitcoin at risk of centralization?
However, as these corporate giants increase their holdings, so do the systemic risks associated with the concentration of an asset that was designed to be decentralized. One of the main concerns for the crypto ecosystem is that when very few entities control large portions of a finite supply, as is the case with BTC, it could distort liquidity, volatility, and the perception of Bitcoin as an institutional store of value.
When corporations like Strategy seek to accumulate such a large percentage of the Bitcoin supply, they can reduce the liquid supply available in the markets, amplifying volatility during periods of high demand or sell-offs. Furthermore, studies indicate that the excessive presence of large holders can hinder the adoption of Bitcoin by traditional institutions, such as central banks, which need liquidity and stability to include assets in their official reserves.
The movements of large corporate holders can discourage small investors if they feel they cannot compete on price or strategic management. Likewise, if these enormous positions are used as collateral for debt or leveraged, a sharp drop in BTC could force sell-offs affecting all holders.
The concentration of Bitcoin in the hands of a few could attract the attention of regulators concerned about the market’s fragility. This raises questions about the scope of regulations such as MiCA or the US CLARITY Act, which impose a regulatory framework for a market that provides truly free access to currency exchange and has a global reach, unlike the traditional system.
Depth of change and regulatory tensions
The treasury strategy pursued by companies like Metaplanet and Strategy represents a significant transformation in the institutional adoption of Bitcoin, bringing the cryptocurrency closer to corporate reserve positions similar to traditional assets like gold. However, this phenomenon also exposes deep tensions with the philosophical and technical foundations of Bitcoin, which was created to be decentralized and not dependent on large, concentrated holdings.
Traditional financial regulation, for its part, tends to penalize this type of accumulation and exposure, imposing limits on the ownership of highly volatile assets on corporate balance sheets or in institutional reserves. This can act as an additional constraint on more traditional players entering the arena, keeping the discussion open about whether Bitcoin can be safely integrated into regulated financial systems without compromising its volatility or increasing systemic risks.
Furthermore, the concentration of Bitcoin in the hands of a few challenges the decentralization narrative, as a small group could, theoretically, exert significant influence over markets or price perceptions—something that Bitcoin’s original proponents have always sought to prevent.
The aggressive accumulation of BTC by corporations like Metaplanet and Strategy marks a new and influential chapter in Bitcoin’s history, demonstrating unprecedented institutional interest. However, this development also raises risks of market concentration, liquidity impacts, and tensions with regulatory frameworks that remain wary of including digital assets in official reserves. The balance between institutional adoption and preserving the principles of decentralization will remain a central theme in the future of Bitcoin and its role in global finance.
