This latest purchase allowed Metaplanet to surpass both Galaxy Digital and Block Inc. in corporate Bitcoin holdings. The acquisition also proves that there is still rising institutional confidence despite Bitcoin's recent volatility. Meanwhile, Strategy, led by Bitcoin bull Michael Saylor, acquired an additional 705 BTC for $75.1 million during the price dip, pushing its total holdings to a staggering 580,955 BTC. This stockpile is valued at over $40 billion. Strategy’s continued accumulation strategy is drawing a lot of attention, especially after a director’s share sale.
Despite turbulent markets, crypto investment products saw $286 million in inflows last week, which was the seventh consecutive week of capital inflows. While Bitcoin ETPs experienced slight outflows, Ethereum investment products surged and netted $321 million in their strongest week since late 2024.
Metaplanet Buys More BTC
Japanese investment firm Metaplanet became the world’s eighth-largest corporate holder of Bitcoin after another major purchase. In a June 2 post on X, the company announced the acquisition of 1,088 BTC at an average price of $108,400 per coin, totaling $117.9 million. This latest investment brings Metaplanet’s total holdings to 8,888 BTC, placing it ahead of Galaxy Digital’s 8,100 BTC and Block Inc.’s 8,485 BTC, according to Bitbo data.
The move is impressive not only for its size but also for the price point, which was over $100,000 per BTC. This could mean that the company has deepening institutional confidence in the ongoing bull market.
Largest Bitcoin holders (Source: Bitbo)
The purchase also happened against a backdrop of rising economic uncertainty, particularly in Japan’s bond markets, where yield spikes are raising concerns over fiscal stability and sovereign debt risk. According to Bitwise’s head of European research, André Dragosch, current default probabilities across G20 bonds support a Bitcoin valuation above $200,000.
Bitcoin itself recently reached an all-time high above $112,000 on May 22 before pulling back to around $105,464. Analysts at Bitfinex consider this consolidation healthy as it provides a foundation for a potential next leg up, especially if Bitcoin continues to hold above its short-term holder cost basis of around $95,000. They believe the coming weeks will be pivotal in determining whether the recent highs were a local peak or the beginning of a broader Q3 rally.
However, some analysts are warning people over the speculative enthusiasm surrounding Bitcoin-linked equities. Metaplanet’s own stock surged to the point where it’s trading at a $596,000 Bitcoin premium. This means that investors are effectively paying more than five times the spot price of BTC via exposure to Metaplanet shares.
(Source: 10xResearch)
Strategy Also Adds More BTC to Its Treasury
Strategy, the world’s largest corporate holder of Bitcoin, also recently confirmed another major BTC acquisition as part of its aggressive buying strategy. The company is led by Bitcoin advocate Michael Saylor, and revealed that it purchased 705 Bitcoin between May 26 and May 30 for a total of $75.1 million.
The acquisition was completed at an average price of $106,495 per coin. This means that Strategy took advantage of the temporary Bitcoin price dip, which fell from $110,000 early last week to an intraweek low of around $103,400 by the weekend.
This latest purchase was Strategy’s final addition to its Bitcoin treasury for the month of May, and brings its total holdings to an unprecedented 580,955 BTC. The total value of these holdings, which were acquired at a blended average cost of $70,023 per coin, now amounts to approximately $40.68 billion. This very firmly cements Strategy’s position as the largest Bitcoin-holding public company by a huge margin.
The announcement coincides with a series of share sales by Strategy director Jarrod Patten, which raised some questions about insider sentiment. According to a May 30 securities filing, Patten sold 3,750 shares of Strategy’s Class A stock over the course of a week between May 22 and May 29. These transactions occurred just as the company was finalizing its latest Bitcoin purchases. The sales applied additional pressure to Strategy’s stock price, which briefly dipped below $360 on May 28 and May 30. However, the stock rebounded slightly to close the week at $369, though it remained 1.6% down in pre-market trading.
Strategy stock price YTD (Source: Google)
Despite recent volatility, Strategy’s stock is still up on the year after gaining 23% year-to-date and boasting an impressive 123% gain over the past twelve months. Overall, the company’s steadfast accumulation strategy is being closely watched by both institutional investors and crypto market participants, especially as Strategy’s purchases now occur at price levels well above the average cost basis.
Investors Keep Buying Crypto
Meanwhile, crypto investment products continued to attract capital last week despite heavy market volatility and a sharp decline in Bitcoin’s price. According to a June 2 report by CoinShares, digital asset exchange-traded products (ETPs) saw $286 million in inflows for the week ending May 30. This was the seventh consecutive week of inflows, and pushed the total over that period to $10.9 billion.
(Source: CoinShares)
However, the broader market decline led to a drop in total assets under management (AUM) from a record $187 billion to $177 billion. CoinShares’ head of research, James Butterfill, attributed the drop in AUM to growing market concerns over geopolitical factors, including US tariff uncertainty.
Bitcoin tumbled from $110,000, which also contributed to a modest outflow of $8 million from BTC investment products. Despite the outflows, long-term sentiment toward Bitcoin is still cautiously optimistic, though analysts pointed out that June tends to be a historically mixed month for the crypto market, which could add to short-term instability.
(Source: CoinShares)
Meanwhile, Ethereum-based investment products led the pack with $321 million in inflows. Which was its strongest flow since December of 2024. This renewed demand happened after ETH’s long underperformance earlier in the year, which even led some trading firms to compare its behavior to that of meme coins. With ETH currently trading around $2,486, it gained 36% over the past 30 days.
Other crypto products showed diverging trends. XRP investment vehicles posted outflows for the second consecutive week by shedding $28 million. BlackRock’s iShares ETFs continued to lead all issuers with $790 million in inflows despite witnessing a sharp end-of-week drop in its Bitcoin ETF products. Year-to-date, iShares’ inflows reached $12.4 billion, although their AUM slipped from $74.8 billion to $72.9 billion.
Conversely, ARK Invest and 21Shares saw the largest issuer-level outflows last week, with combined losses of $282 million and total yearly outflows now standing at $22 million. The flow reversal across Bitcoin products is being linked to profit-taking activity, seasonal weakness, and broader macroeconomic concerns.
