The leaderboard (May 2026)
| Company | Ticker | BTC Held | BTC Yield (YTD) | Exchange | Investor access |
|---|---|---|---|---|---|
| MetaPlanet | TYO:3350 | ~8,888 | +170% | Tokyo Stock Exchange | Japanese brokers + ADR pending |
| Boyaa Interactive | HKEX:0434 | ~3,200 | +85% | Hong Kong | Most HK + global brokers |
| Mercurity Fintech | NASDAQ:MFH | ~1,200 | +45% | Nasdaq (HQ HK/CN) | Global brokers |
| Ming Shing Group | HKEX:6699 | ~833 | +62% | Hong Kong | Most HK + global brokers |
| KULR-AI | NYSEAM:KULR | ~830 | +92% | NYSE American | Global brokers |
| ANAP Inc | TYO:3189 | ~140 | +50% | Tokyo Stock Exchange | Japanese brokers |
| Convano | TYO:6574 | ~150 | +38% | Tokyo Stock Exchange | Japanese brokers |
| Remixpoint | TYO:3825 | ~250 | +24% | Tokyo Stock Exchange | Japanese brokers |
| Diginex / Animoca Brands (private) | n/a (private) | ~600 (disclosed) | n/a | n/a | VC / accredited |
| Genesis HC (Aussie Asia ops) | ASX:GHC | ~110 | +18% | Australian SX | AU + most brokers |
BTC counts compiled from latest public disclosures. Some names also hold smaller positions in ETH or stablecoins; figures above are BTC-only.
How Asian treasury companies finance BTC purchases
MetaPlanet's main mechanism — zero-coupon convertible bonds with EVO Fund anchor; uses bond proceeds to acquire BTC. Bondholders convert to equity if stock appreciates.
Issue new shares directly to the market when stock trades at premium-to-NAV. Mercurity and Boyaa both use this. Dilutes existing holders but accretes BTC-per-share if executed above mNAV = 1.
ANAP, Convano, Remixpoint use existing free cash flow plus selective borrowings. Slower BTC growth but lower financial risk.
Issue warrants to anchor investors (like EVO Fund) who commit to long-term BTC accumulation theses. Provides forward financing commitments at strike prices.
Boyaa's playbook: shareholder-voted policy of holding crypto as treasury reserve. Sets governance precedent and gives executives clear mandate.
Some operating companies create dedicated Bitcoin-treasury subsidiaries, ring-fencing the BTC strategy from the legacy business and clarifying valuation.
How retail investors in Asia gain exposure
For MetaPlanet (TYO), use SBI, Rakuten, Monex. For Boyaa / Ming Shing (HKEX), use any HK broker (Futu, Tiger, Interactive Brokers). For Mercurity (Nasdaq), most global brokers work.
If you can't buy treasury equities directly, Hong Kong spot Bitcoin ETFs (China AMC, Harvest, Bosera) give similar economic exposure to underlying BTC without management/dilution risk. See Bitcoin ETF Asia.
The lowest-fee, highest-sovereignty exposure — no management premium, no dilution risk, no jurisdictional headache. Trade-off: you handle custody yourself. See custody guide.
⚠️ mNAV (premium-to-NAV) reality
Bitcoin treasury equities have historically traded at 1.2× – 3.5× the spot value of their BTC holdings — sometimes much higher. This premium can compress aggressively when:
- BTC price moves up faster than the company can issue new equity to maintain its growth narrative
- Management dilutes too aggressively at low premium (destroys BTC-per-share)
- Competing access (spot ETFs, direct custody) becomes easier
- Regulatory scrutiny rises on the financing playbook
Treat treasury-company exposure as BTC + management quality + financing skill, not as pure BTC. Position size accordingly.
FAQ
Why would I buy MetaPlanet stock instead of BTC directly?
Reasons: (a) you hold JPY and want JPY-denominated leveraged BTC exposure; (b) your brokerage doesn't support direct BTC; (c) your retirement account (NISA, iDeCo) allows TYO stocks but not BTC; (d) you believe management can grow BTC-per-share faster than spot via accretive financings. Reasons not to: (a) you want pure BTC exposure, (b) you can self-custody, (c) you don't trust management with capital allocation.
How risky is a Bitcoin treasury company vs ETF?
Treasury companies have additional risks: operating-business performance, dilution timing, mNAV compression, regulatory shocks. ETFs are pure-play BTC exposure (with the trust premium/discount). Treasury equities have outperformed in BTC bull markets and underperformed in flat-to-down markets — pick exposure that matches your conviction and risk appetite.
Will more Asian companies adopt this strategy?
Very likely. After MetaPlanet's success, similar pivots have been announced or rumored at multiple Japanese and Hong Kong listed companies. Expect 5-15 new credible Asian Bitcoin treasury companies by end-2026 — most in the small-cap range initially.
Are these companies actually self-custodying?
Mostly via licensed institutional custodians: BitGo (cross-border), HashKey (HK), Sygnum (SG), Komainu / SBI VC Trade (JP). MetaPlanet uses qualified custody disclosed in filings. Verify each company's custody disclosure annually — custodian failure remains the largest single risk to a treasury holding.
Can a treasury company's stock go to zero even if BTC stays flat?
In principle yes — if the company's operating business loses money faster than the BTC appreciates, equity value can erode. ANAP, Convano, Remixpoint all retain operating businesses for this reason. MetaPlanet's pivoted aggressively toward pure BTC strategy; if BTC stalls, mNAV could compress meaningfully.