Wrapped, staked, and synthetic BTC are expanding Bitcoin’s role in DeFi and cross-chain markets, but they are not the same as native Bitcoin. Their growth brings new utility, yield opportunities, and layered risks.
Michael Saylor disclosed that Strategy recorded a Bitcoin gain of 17,585 BTC (~$1.3B) in early April 2026, with total holdings reaching 780,897 BTC ($58.1B). He emphasized the 'BTC Gain' metric as the best indicator of shareholder value.
Michael Saylor hinted at another Bitcoin purchase as Strategy’s holdings reached 766,970 BTC. The company said a 2.05% annual Bitcoin return could cover dividends on its preferred equity product, highlighting both the strength and fragility of its funding model.
Strategy (MSTR) stock price targets $200 by May after its Bitcoin holdings surged 82% in a week, hitting a three-month high. The company's aggressive BTC accumulation and recent crypto rally drive the bullish outlook.
Stacks' sBTC attracts major institutions like Jump Crypto, UTXO, and SNZ. Second cap raise filled in 24 hours. Bitcoin L2 TVL surges 460% to $2.8B, signaling growing demand for Bitcoin DeFi and unlocking $1T passive Bitcoin capital.
Stacks' sBTC, a 1:1 Bitcoin-backed programmable asset, has attracted early deposits from Jump Crypto, UTXO, SNZ, and other top firms since its mainnet launch in December 2024. The second cap was filled within 24 hours on Feb 25, 2025. TVL across Bitcoin Layers surged 460% to $2.8B, signaling strong institutional demand for Bitcoin DeFi.
Strategy’s Q1 2025 earnings report underscored just how aggressively the company is pursuing its Bitcoin treasury strategy. The firm reported a year-to-date BTC Yield of 13.7% and a BTC $ Gain of $5.8 billion, while disclosing total holdings of 553,555 BTC acquired at an aggregate cost of $37.9 billion, or an average price of $68,459 per bitcoin. In the first four months of 2025 alone, Strategy added 301,335 BTC through a record-setting $21 billion at-the-market common stock program. With Bitcoin later trading near $97,300, the company’s unrealized gains expanded further in Q2. Management also doubled its capital raising target from $42 billion to $84 billion, saying the plan is 32% complete and that about $57 billion remains available through 2027 for additional Bitcoin purchases. At the same time, Strategy raised its 2025 BTC Yield target from 15% to 25% and its BTC $ Gain target from $10 billion to $15 billion. The report also highlighted the impact of fair value accounting, which increased retained earnings by $12.7 billion despite a $5.9 billion unrealized loss tied to Bitcoin’s Q1 closing price of $82,445. More broadly, the company said over 70 public firms have now adopted a Bitcoin treasury standard, reinforcing the idea that Bitcoin is increasingly being treated as a corporate reserve asset rather than a speculative side position.
Metaplanet, one of Japan’s most closely watched Bitcoin treasury companies, purchased an additional 1,088 BTC for about ¥16.89 billion at an average price of ¥15,519,019 per Bitcoin, bringing its total holdings to 8,888 BTC. Its cumulative acquisition cost now stands at ¥122.27 billion, with an average purchase price of ¥13,756,658 per BTC. The company also continues to emphasize its proprietary BTC Yield metric, which tracks Bitcoin accumulation on a per-share basis. As of June 2, 2025, quarter-to-date BTC Yield reached 66.3%, following prior quarterly readings of 95.6%, 309.8%, and 41.7%. In addition, Metaplanet said Q2 2025 BTC Gain totaled 2,684 BTC, equal to roughly ¥40.54 billion using a ¥15.10 million reference price. The article also reviews the firm’s funding strategy through zero-coupon bonds and stock acquisition rights issued to EVO FUND, its strong Q1 FY2025 financial results, and how Bitcoin’s price swings directly affect investor perception. For context, Strategy also bought another 705 BTC for around $75 million, increasing its total holdings to 580,955 BTC and underscoring the continued rise of public-company Bitcoin treasury strategies.
