- MicroStrategy spent $765M via ATM share sales to add 7,390 BTC, pushing total holdings past 576K coins amid volatile prices.
- Metaplanet boosted its BTC stash to 7,800 using yen-backed bonds and stock rights, mirroring MicroStrategy’s aggressive buy strategy.
- A lawsuit targets MicroStrategy execs over alleged Bitcoin risk disclosures amid growing institutional buying and market price gains.
MicroStrategy has added 7,390 bitcoins to its balance sheet, spending approximately $764.9 million at an average of $103,498 per coin. This latest purchase, financed through at-the-market (ATM) share sales, brings its total holdings to 576,230 BTC, worth over $40 billion at cost.
ATM Programs Fuel Bitcoin Accumulation
According to a post by Michael Saylor, MicroStrategy sold 1.71 million MSTR shares for $705.7 million and 621,555 STRK shares for $59.7 million. The combined $765.4 million in net proceeds fully funded the company’s aggressive bitcoin purchase between May 12 and May 18, 2025.
The company’s ATM offerings form part of two $21 billion programs, one for Class A common shares and another for 8.00% Series A perpetual preferred shares. The purchases, made near BTC’s local highs, signal continued institutional commitment despite price volatility and regulatory risk.
Metaplanet Mirrors MicroStrategy with Yen-Backed Bitcoin Expansion
A similar announcement detailed that Metaplanet Inc. acquired 1,004 BTC between May 12 and May 19, 2025, at an average cost of 15.13 million yen per coin. Metaplanet’s BTC exposure surged from just 161 coins in July 2024 to 7,800 by May 19, with the firm investing over 105 billion yen into bitcoin holdings.
Metaplanet, often viewed as Japan’s MicroStrategy, accelerated its buying with funding from multiple bond issuances and share exercises. The board approved five new stock acquisition right tranches with EVO FUND and raised capital through zero-coupon bonds to support treasury growth and bitcoin custodial strategies.
Lawsuit Targets Saylor, Le Over BTC Risk Disclosures
On May 16, a class action suit was filed in Virginia federal court named MicroStrategy executives, alleging misleading statements related to bitcoin’s expected profitability. The complaint, filed by Anas Hamza, spans the period from April 30, 2024, to April 4, 2025.
The suit cites failure to disclose volatility risks and potential accounting losses under ASU 2023-08. MicroStrategy said it will contest the claims but provided no estimate of possible financial impact or reputational damage.
Whale Accumulation and BTC Price Spike Confirm Institutional Strength
Simultaneously, other market indicators suggest a different trend. According to Cointelegraph, a whale accumulated 6,963 BTC, worth nearly $681 million, over the past month, primarily via Binance and Kraken transfers.
CoinMarketCap data shows BTC surged to $105,727.56 with a $2.1 trillion market cap and a 2.97% 24-hour gain. Trading volume dropped 8.5%, confirming that large-scale accumulation, not retail speculation, drove the bullish momentum.
