Public Keys is a weekly roundup from Decrypt that tracks the key publicly traded crypto companies.
This week: Strategy aims to go even bigger, Metaplanet get more ambitious with Bitcoin buying plans, and Coinbase highlights shifting altcoin drivers amid an earnings miss.
Strategy wants its Bitcoin treasury to be the largest corporate treasury ever.
And yes, that means the company is looking to overtake Warren Buffet’s Berkshire Hathaway, which currently had a Scrooge McDuck-worthy $328 billion in cash and cash equivalents sitting in the bank as of Q1.
We’ll get a better idea of how much cash the Omaha Oracle is sitting on tomorrow, when his company publishes its Q2 results “on the internet.”
For Strategy to catch up, the company would need to see the value of its BTC holdings more than double. And if Bitcoin manages to hit the $225,000 target that Benchmark is forecasting for the end of 2026, paper gains could do the bulk of the work.
Strategy Stock Price Could Nearly Double as Bitcoin Treasury Aims to Dominate Market: Benchmark
Even if MSTR stopped buying Bitcoin—it won’t, I know—its current 628,791 BTC would be worth $141 billion if the asset sees those kinds of gains in the next year.
But we know Michael Saylor isn’t done buying Bitcoin. In fact, he said during an interview with CNBC on Friday morning that the company is looking to own up to 7% of the total Bitcoin supply.
“I don’t think we’ll get all of [the Bitcoin]. I don’t think in the range of 3-5% or 3-7% is too much,” he said. “We wouldn’t want to own all of it—we want everyone else to have their piece,” he said.
To that end, the company said during its earnings call it plans to raise another $4.2 billion to buy Bitcoin this year with preferred stock offerings.
Metaplanet, a company about 5% the size of its Bitcoin treasury idol Strategy, is raising almost as much money to buy Bitcoin.
The company announced its $3.7 billion raise through a preferred stock offering on Friday. The perpetual preferred shares would pay up to 6% dividends, the company said.
Metaplanet is giving itself two years to complete the raise.
Keep in mind that the Japanese firm has previously said it wants to hold at least 210,000 BTC by the end of 2027. To do that, it will need to multiply its current holdings by twelvefold.
If Metaplanet were able to magically pull that off now, it would easily be second only to MSTR as the largest corporate Bitcoin holder.
Year-to-date, Metaplanet’s share price has climbed a staggering 207% and an even more impressive 313% in the past year. But today, news of its monster raise didn’t have investors feeling particularly bullish.