Metaplanet CEO looks back at its Bitcoin treasury strategy: mocked as a gimmick five years ago, now holds 840k BTC

Metaplanet founder Simon Gerovich looks back on the company’s Strategy Bitcoin treasury strategy from five years ago, when it started with $2.5M; it now has accumulated more than 843,775 BTC, worth over $840k.
(Background: Bitcoin pays off! Metaplanet releases Q2 financial results: turning a loss into a profit, assets surge 333%)
(Additional context: A look at crypto setups across 44 listed companies—who is using Bitcoin to power market cap growth?)

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• Five years ago: the “gimmick” of $250 million
• The market has flipped four times, but the underlying logic hasn’t changed
• Metaplanet is also accelerating its buying

Metaplanet co-founder Simon Gerovich revisited Strategy’s Bitcoin treasury strategy on social media, noting that the company began buying Bitcoin in August 2020 for about $250 million, then rode through a tenfold surge in its share price and nearly a 90% drawdown. He emphasized that although market sentiment has swung back and forth, Strategy’s Bitcoin holdings have continued to grow to 843,775 BTC, with a total value of more than $50B.

Five years ago: the “gimmick” of $250 million

Gerovich takes the timeline back to August 2020—when the company was still called S&T Global (later renamed Strategy). It bought Bitcoin for about $250 million into its balance sheet, with a market cap of only about $1 billion. Most investors’ reaction was: a software company taking all its cash to buy Bitcoin—probably to manufacture hype.

But this initial investment laid the foundation for the “Bitcoin treasury” model that followed. Strategy didn’t just hoard Bitcoin itself; it also inspired companies like Metaplanet, Steak n’ Shake, The9, and others to follow suit, creating a trend of listed companies collectively building Bitcoin allocations after 2025.

The market flipped four times, but the underlying logic didn’t change

Gerovich outlined four stages Strategy went through:

The first was a tenfold rise in the stock price, which the market dubbed “foresight.” The second was a drawdown of nearly 90%, viewed as a “failed experiment.” The third was a pullback of 50%, described this time as “hoarding altcoins.” The fourth was another 25% drop in February 2026, said to be “the strategy becoming outdated.”

But each time, Strategy was “quietly accumulating while increasing its holdings.” To date, Strategy has amassed 843,775 BTC; based on the current coin price of about $65,500, its total value has already surpassed $50B.

Metaplanet itself is also accelerating its buying

As an Asian pioneer of the Strategy model, Metaplanet is also steadily increasing its holdings. According to the Q2 financial report released on July 16, Metaplanet added 2,535 BTC that quarter; its total asset value jumped 333% and it turned from loss to profit for the first time. Metaplanet also acquired Japanese tier-one brokerage Siiibo on July 24, planning to deploy the Bitcoin it holds into yield-bearing products—shifting from “simply holding coins” to “yield-generating assets.”

Gerovich’s post isn’t only a tribute to Strategy’s co-founders Michael and Paolo—it’s also sending a message to the market: a Bitcoin treasury strategy doesn’t need to be reinvented with every pullback; what it needs is patience to keep accumulating when others doubt it.