Metaplanet co-founder Simon Gerovich has looked back at Strategy’s Bitcoin treasury strategy, saying the company has grown its holdings from an initial purchase of about $250 million in August 2020 to 843,775 BTC today. Under the figures cited in the article, that stash is now worth more than $50 billion.
How the strategy started in August 2020
Gerovich said the story began in August 2020, when the company was still called S&T Global before later rebranding as Strategy. At the time, it added Bitcoin to its balance sheet through a purchase worth about $250 million, while its market capitalization stood at roughly $1 billion.
He said many investors initially saw the move as a publicity play: a software company taking its cash and buying Bitcoin. But that first purchase later became the foundation for what is now described as the Bitcoin treasury model.
Four swings in market opinion
In Gerovich’s retelling, the market changed its view of Strategy several times while the company kept doing the same thing. First came a 10x gain in the stock price, which drew praise for “vision.” Then came a drawdown of nearly 90%, when the move was framed as a failed experiment. After that, a 50% rebound led to criticism that looked more like an “altcoin hoarding” label. Then, after another 25% drop in February 2026, the strategy was described as outdated.
His point was that the external narrative kept changing, while Strategy continued to absorb Bitcoin and expand its holdings. Strategy now holds 843,775 BTC, according to the article. It also said that, using a Bitcoin price of about $65,500, the total value of those holdings would exceed $55 billion.
The model spread to other public companies
Gerovich said Strategy did more than build its own Bitcoin position. The article says the company’s approach also influenced firms including Metaplanet, Steak n’ Shake, and The9, helping drive a broader wave of listed companies adopting Bitcoin after 2025.
Metaplanet is adding more BTC as well
Metaplanet, described in the article as an early Asian adopter of the Strategy model, has also been increasing its Bitcoin holdings. According to its second-quarter earnings report released on July 16, the company added 2,535 BTC during the quarter, total assets jumped 333%, and it recorded its first profitable turnaround.
On July 24, Metaplanet also acquired Japanese tier-one brokerage Siiibo. The company plans to put its Bitcoin into yield-bearing products, shifting from simple accumulation toward income-generating digital assets.
What Gerovich wanted to convey
According to the article, Gerovich’s post was both a tribute to Strategy co-founders Michael and Paolo and a message to the market. His argument was that a Bitcoin treasury strategy does not need to be reinvented every time the market pulls back; what matters is the patience to keep accumulating when others remain skeptical.