Can Asia’s mid-caps absorb 30% of new BTC supply?

Faced with recurring billion-dollar ETF inflows, Asia’s mid-caps are starting to look like the next structural bid for bitcoin’s free float.

of Japan Metaplanet has exceeded 30.00 BTC on its balance sheet, and Korea’s Bitplanet has started a supervised, rules-based accumulation program.

What began as isolated treasure experiments, such as the acquisition of Nexon in 2021 and the short-lived companies of Meitu, has changed into programmatic accumulation.

Metaplanet transformed from a hotel operator into a Bitcoin treasury company, publishing monthly purchase notices and raising capital explicitly to buy more BTC.

Bitplanet switched from SGA Solutions and launched the first regulated corporate bitcoin purchase program in Korea, targeting 10,000 BTC per daily purchase.

In parallel, smaller public companies are trying to raise their position in the mid-cap space. Thailand’s DV8 carry out its first step in a crypto-treasury pivot with a 99.9% execution of the mandate, resulting in CA $ 7.4 million.

Meanwhile, companies such as AsiaStrategy and HK Asia Holdings have repositioned themselves as listed vehicles for corporate Bitcoin exposure in Hong Kong.

AsiaStrategy, formerly a luxury retailer known as Top Win International, now assign part of his treasure to Bitcoin and accepts BTC for selling products. It currently holds around 30 BTC in its balance sheet and aims to reach $1 billion in Bitcoin.

HK Asia Holdings has also transitioned to a Bitcoin-denominated treasury model, disclosing purchases totaling approximately 28.9 BTC earlier this year as part of a broader digital asset strategy aligned with Sora Ventures’ “MicroStrategy for Asia.” square.

The question is not whether corporations will add Bitcoin, but whether Asia’s mid-caps can absorb enough new supply to boost volatility alongside ETF demand significantly.

If this cohort keeps up this year’s pace, its net purchases may match or exceed significant chunks of miners’ issuance, layering another structural offering on top of spot ETF flows.

The Asian cohort: who is buying

Japan dominates the Asian cohort. Metaplanet went from hotels to a Bitcoin treasury in December 2024 and continued to accelerate until 2025, with frequent purchase announcements. As of February 20, the company holds approximately 2,100 BTC. As of September 30, that figure reached 30,823 BTC, placing Metaplanet fourth in the world among corporate holders, according to Bitcoin Treasuries. data.

The company’s “Phase II: Bitcoin Platform” outlines a multi-year capital raising strategy aimed at continuous accumulation.

Metaplanet’s US subsidiary’s income and monthly purchase alerts demonstrate programmatic execution rather than opportunistic purchases.

Tokyo-listed gaming giant Nexon bought 1,717 BTC on April 28, 2021, at an average cost of $58,226 per BTC. Coverage at the time established the purchase as diversification of the treasury.

Nexon has maintained this position ever since, providing a stable baseline in Japan’s corporate sector.

Korea entered the picture at the end of 2025. Bitplanet, formerly SGA Solutions, announced the first regulated corporate Bitcoin purchase of about 93 BTC on October 26-27, under the supervised infrastructure of Korea.

The company is publicly releasing 10,000 BTC through a rules-based daily buying program. While waiting for a DART filing for Tier A trust, company-aligned press and wire coverage established the existence and scale of the program.

Hong Kong’s Meitu serves as the counterexample. The beauty-app company bought BTC and ETH in 2021, but will completely remove both from December 4, 2024, according to company announcements.

Meitu’s exit highlights the difference between early experiments and sustained treasury programs.

Liquidity math: supply absorption

Metaplanet 2025 net additions are only 28,723 BTC, which is the difference between 30,823 BTC in September and 2,100 BTC in February. At the post-halving issuance rate of about 450 BTC per day, that single company will absorb about 64 days of new supply.

As of October 30, Metaplanet’s additions represent approximately 20% of year-to-date issuance, which is around 136,000 BTC for the period. This is before counting the ramp of Bitplanet towards 10,000 BTC or any other mid-caps of Asia that may announce programs.

The demand for exchange-traded funds (ETFs) provides comparative context. CoinShares weekly ETP flow reports show $3.55 billion in flows for the week ending October 4th, and $921 million for the week ending October 27th.

At Bitcoin prices during those periods, the weekly inflows converted into tens of thousands of BTC. The week ending October 4 alone could represent about 29,600 BTC, depending on the execution prices.

Metaplanet’s 28,700 BTC year-to-date is in the same order of magnitude as a single strong ETF week, but with a critical difference: corporate treasury programs are persistent and rule-based, not driven by sentiment.

The float-tightening effect compounded when combined with corporate purchases on top of ETF demand. Issuing 450 BTC per day equals 13,500 BTC per month.

If Metaplanet’s rate of about 3,500 BTC per month on average during the February-September window holds, and Bitplanet scales towards its goal of 10,000 BTC in 12-18 months, the Asian cohort could absorb 20-30% of the monthly issue before counting any US policy media following the post-policy clarity.

That doesn’t remove coins from circulation permanently, but shifts them from the operational wallets of miners to corporate treasurers with multi-year horizons.

Risks: accounting, custody and governance

The verification of accounting and auditing varies widely. Metaplanet publishes frequent notices but does not fully disclose the cost basis or custody arrangements in public filings.

The purchase of Nexon 2021 was with an average cost disclosed, but subsequent updates are scarce.

Bitplanet’s program operates under Korea’s supervisory framework, but the full DART files have not yet appeared publicly.

Investors who rely on these disclosures face information asymmetry regarding the attestation of portfolios, custodial counterparties, and the exact execution of purchases.

The concentration of government is real. Metaplanet’s pivot to a bitcoin treasury represents a founder-led strategic bet, not a board consensus.

If management changes or shareholder pressure intensifies, the program could be reversed.

Meitu’s 2024 disposition demonstrates that business owners can exit as quickly as they entered, especially when crypto becomes a governance liability rather than an asset.

Custody risk differs by jurisdiction. Japan’s regulatory framework for custody of digital assets is mature, but remains less established than that of US qualified custodians.

Korea-supervised infrastructure for Bitplanet adds oversight, but also introduces regulatory dependency. If Korea’s crypto policy changes, Bitplanet’s program could face disruption.

Political shocks remain the wildcard. A US regulatory crackdown on corporate Bitcoin companies, although unlikely, could have a ripple effect on listed companies in Asia with US investor bases.

Changes in tax treatment in Japan or Korea could change the economics of treasury accumulation. Accounting standard changes that force mark-to-market treatment rather than just out of pocket could dissuade CFOs from adding volatile assets to balance sheets.

Going into 2026, tracking the execution of Metaplanet’s capital growth against its “Phase II” targets will be something that analysts will likely keep an eye on.

The company’s model depends on continued access to the equity or debt markets to finance purchases.

If capital becomes expensive or markets closed, the rate of accumulation slows down. Monthly “additional purchase” alerts provide a real-time reading on program momentum.

Bitplanet’s DART files confirm whether the goal of 10,000 BTC is approved and funded by the board, or aspirational.

Looking at the disclosure of actual daily purchase volumes and any changes to the structure of the program based on the rules will also be a key topic to observe. Korea’s supervised framework means that regulatory updates could accelerate or limit the program.

Comparing the monthly network of the cohort adds to the ETF inflows and the issuance band of 450 BTC per day comes next.

If Asian mid-caps collectively add 5,000-10,000 BTC per month in 2026, this is 11-22% of new supply, which would have a material tightening effect when stacked against ETF demand.

If the pace slows down or other corporations exit, as seen with Meitu, the thesis weakens.

The post-policy clarity of US mid-caps represents the next frontier.

If the SEC provides clearer accounting treatment or custody guidance, a cohort of $500 million to $5 billion U.S. companies with market capitalization could follow Metaplanet’s playbook.

That would change the narrative from “Asia’s mid-cap” to “global corporate treasurers 2.0”, with implications for the tightness of the float beyond current levels.

The strategic question is whether corporate treasury programs become a permanent structural offering or a cycle-specific phenomenon.

Metaplanet and Bitplanet are testing whether mid-caps can execute MicroStrategy’s model on a smaller scale with board discipline and transparent disclosure.

If they succeed, the next half in 2028 will face not only demand for ETFs and reduced issuance, but a global cohort of corporate treasurers who will programmatically absorb a new supply.

If something stumbles in the process, such as governance reversals, custody failures, or policy shocks, the thesis that corporations can significantly tighten the float dissolves, and bitcoin price discovery returns to ETF flows and sales speculation.

What is at stake is whether corporate budgets become a third pillar of bitcoin’s demand structure, or remain a niche strategy limited to a handful of conviction-driven management teams.