Metaplanet’s $61 M Bitcoin Buy Caps Week of Record Corporate Accumulation

Corporate hoarding of hard assets is hardly new—the 1880s railroads stockpiled steel rails and, more pointedly, U.S. firms such as Ford and Kodak warehoused silver bars in the 1960s when monetary regimes wobbled. Today’s BTC buying echoes that playbook but grafts it onto a digitally scarce asset with a capped float. Since MicroStrategy’s 2020 pivot (itself reminiscent of treasuries shifting into euro-denominated bonds after the 1999 launch of the single currency), balance-sheet Bitcoin has moved from fringe experiment to mainstream tactic: 43 listed holders in 2023, 160 in 2025. The NBIM data point is crucial—it signals that even conservative sovereign pools now accept indirect crypto exposure, erasing a psychological barrier set by the 2008–09 crisis when such funds fled risk. Over a 100-year horizon the episode matters less for its headline dollar value than for what it says about institutional path-dependence: once large entities embed a non-sovereign reserve asset, political efforts to unwind it (cf. Nixon’s 1971 gold freeze) become messy and systemic. If the trend continues, future liquidity shocks will be mediated not by central-bank swap lines but by the concentration—or forced relinquishment—of corporate Bitcoin treasuries.