The Rise of Asia's Mid-Caps in Bitcoin Accumulation

As the world witnesses substantial ETF inflows amounting to billions, Asia's mid-cap companies are emerging as potential key players in the structural demand for Bitcoin's floating supply.

Leading the charge, Metaplanet in Japan has impressively accumulated over 30,000 BTC on its balance sheet. This transformation from a hotel operator to a dedicated Bitcoin treasury firm highlights a significant shift in corporate strategies.

In late 2024, Metaplanet began its transition and has since committed to a systematic approach to Bitcoin acquisition, issuing monthly purchase updates and actively raising capital to expand its BTC holdings.

Meanwhile, Nexon, a prominent gaming company listed in Tokyo, made headlines by purchasing 1,717 BTC on April 28, 2021, at an average price of $58,226 per coin. This strategic move was aimed at diversifying its treasury and has since provided a solid foundation for Japan's corporate Bitcoin landscape.

On the Korean front, Bitplanet has marked its territory by launching Korea’s first regulated corporate Bitcoin buy program. Formerly known as SGA Solutions, Bitplanet has set ambitious goals, aiming to accumulate 10,000 BTC through a structured daily purchasing plan.

In late 2025, the company made its initial purchase of approximately 93 BTC, signaling a significant step toward a cohesive corporate Bitcoin strategy under the supervision of Korea's regulatory framework.

Not to be outdone, smaller public companies across Asia are also making strides to establish themselves in the mid-cap market. Thailand’s DV8 recently achieved a significant milestone in its crypto-treasury initiative by executing a 99.9% warrant execution, raising CA$7.4 million for future Bitcoin investments.

Additionally, firms like AsiaStrategy and HK Asia Holdings are repositioning themselves to offer corporate exposure to Bitcoin in the Hong Kong market. AsiaStrategy, previously a luxury retailer called Top Win International, has taken the bold step of allocating part of its treasury to Bitcoin and even accepting BTC for product sales. Currently, the company holds around 30 BTC, with aspirations to reach $1 billion in Bitcoin.

Similarly, HK Asia Holdings has embraced a Bitcoin-denominated treasury model, revealing its intent to integrate digital assets into its broader strategy by purchasing approximately 28.9 BTC earlier this year, aligning with Sora Ventures’ vision of creating a “MicroStrategy for Asia.”

The pivotal question facing the market is not whether corporate entities will invest in Bitcoin, but rather if Asia’s mid-cap firms can absorb sufficient new supply to create a tighter float in conjunction with ETF demand.

If this trend continues at the current pace, the net purchases from these mid-cap players may rival or even surpass significant portions of Bitcoin mined, adding another layer of structural support atop existing spot ETF flows.

Japan clearly stands out as the leader in this emerging cohort. Metaplanet's impressive growth trajectory—from a hotel business to a Bitcoin treasury—accelerated through 2025, with the firm reporting approximately 2,100 BTC by February 20 and reaching 30,823 BTC by September 30. This remarkable accumulation positions Metaplanet as the fourth largest corporate holder of Bitcoin globally, according to Bitcoin Treasuries data.

The company’s “Phase II: Bitcoin Platform” strategy outlines a multi-year capital-raising initiative that aims to sustain its aggressive accumulation of Bitcoin.

Additionally, Metaplanet’s U.S. income subsidiary and consistent monthly purchase notifications showcase a commitment to programmatic buying, moving away from opportunistic acquisitions.

Nexon’s acquisition of Bitcoin has provided a steady anchor in Japan’s corporate ecosystem, reinforcing a baseline of institutional interest in the cryptocurrency market.

As late as 2025, Korea has begun to establish its presence in the crypto market. Bitplanet’s initiative signifies progress, with its targeted approach to acquiring 10,000 BTC through daily purchases adhering to a regulated framework.

This strategic entry into the Bitcoin market by both large and mid-cap firms across Asia could reshape the dynamics of Bitcoin supply and demand in the region, potentially influencing global markets.

As more companies engage in Bitcoin accumulation, the potential for Asia’s mid-caps to absorb a considerable portion of new supply grows. The confluence of corporate treasury strategies and regulatory frameworks positions Asia as a significant player in the global Bitcoin landscape, paving the way for an exciting future in cryptocurrency investment.