The battle of Bitcoin reserve giants is no longer just about companies competing to accumulate BTC.
Written by: Token Dispatch, Thejaswini M A, Nameet Potnis, Prathik Desai
Translated by: Block unicorn
Introduction
This is the textual description of the latest corporate Bitcoin reserve challengers on Nakamoto's typewriter-style website.
Just two weeks ago, another company led by giants (such as Tether, Cantor, and SoftBank) launched a pure Bitcoin company, challenging Michael Saylor's Strategy. Following this, Nakamoto Holdings entered the party with a $710 million capital reserve and a strategy that would make Satoshi proud.
In today's corporate Bitcoin reserve article, we will tell you:
How Nakamoto's launch has intensified the corporate BTC reserve race
Bernstein's $330 billion forecast has everyone eager
Why corporate Bitcoin reserves have suddenly become the hottest topic in cryptocurrency
A hotel company now holds more Bitcoin than the sixth largest national holder
Nakamoto's Bitcoin Strategy
Founded by Bitcoin Magazine CEO David Bailey, Nakamoto Holdings announced a merger with medical service provider KindlyMD, transforming a company treating opioid addiction into the latest corporate reserve competitor for Bitcoin.
Why name it Nakamoto?
"Financial institutions that defined historical chapters are named after their founders: Medici, Rothschild, Morgan, Goldman Sachs. Today, we are betting this legacy on Satoshi," Bailey said.
Mission? "To establish a Bitcoin standard in global capital markets."
This is the text on Nakamoto's flashy website.
This move comes two weeks after Jack Mallers' Twenty One Capital launched its $4 billion Bitcoin corporate reserve plan.
If you think Mallers' pure Bitcoin corporate reserve is a groundbreaking bet, wait until you hear about Bailey's plan. He is building what he calls "the first publicly traded Bitcoin company group."
Bailey's financial strategy includes a fully committed $510 million private equity public offering (PIPE financing) and $200 million in convertible bonds.
PIPE financing attracted over 200 investors from six continents, including Adam Back, Balaji Srinivasan, Semler Scientific CEO Eric Semler, and Metaplanet CEO Simon Grovic, indicating strong financial backing for the plan.
How does this differ from Saylor's Strategy and Mallers' Twenty One?
"Nakamoto's vision is to bring Bitcoin to the center of global capital markets, packaging it as stocks, bonds, preferred shares, and new hybrid structures that every investor can understand and own. Our mission is simple: to list these instruments on every major exchange globally," Bailey explained this approach.
Intensifying the Corporate Reserve Race
As Nakamoto made its grand entrance, Strategy (formerly MicroStrategy) had another ordinary Monday. It purchased another 13,390 BTC worth $1.34 billion.
Strategy's corporate Bitcoin reserve now stands at an astonishing 568,840 BTC, accounting for about 2.8% of the total Bitcoin supply.
In just 2025, it added 122,440 BTC, more than most companies' corporate reserve holdings.
Jack Mallers' project positions itself as a purer play than Strategy, but now faces competition from Bailey's broader "Bitcoin company ecosystem" approach.
Even Coinbase revealed that it purchased $153 million worth of crypto assets last quarter, primarily Bitcoin.
"In the past 12 years, there have certainly been moments when we thought, wow, we should put 80% of our balance sheet into cryptocurrency—especially Bitcoin," Armstrong told Bloomberg. "We made a wise choice regarding risk."
Today, this race has evolved from simple Bitcoin accumulation to a contest of corporate identity.
Who can most convincingly reposition as a "Bitcoin company"? Strategy has transformed from a software company, Twenty One has introduced traditional financial players, and now Nakamoto is merging with a medical service provider. What do they have in common? An insatiable thirst for Bitcoin.
This thirst is also being echoed across the Pacific.
Metaplanet, a Japanese company that only started buying Bitcoin last year, added 1,241 BTC to its balance sheet, totaling 6,796 BTC worth about $700 million. This is more than the cryptocurrency holdings of the sixth largest national holder, El Salvador.
And Metaplanet is not alone. Tokyo's Beat Holdings approved last week to increase its Bitcoin investment cap from $6.8 million to $34 million.
The reason? "As countries face de-globalization and escalating trade, they often seem to enhance liquidity by implementing expansionary monetary and fiscal policies," the company stated.
The company now holds 143,230 units of the BlackRock iShares Bitcoin Trust.
The $330 Billion Question
How far can this corporate Bitcoin treasure hunt go?
The latest estimates from Bernstein analysts suggest we are just getting started.
Corporate Bitcoin reserve strategies could inject an astonishing $330 billion into corporate Bitcoin reserves by 2029.
"Low-growth, high-cash small companies are better suited for MSTR's Bitcoin strategy, as they see no clear prospects for value creation, and the success of the MSTR model provides them with a rare growth path," analysts wrote in a recent report.
In simple terms, at current prices, corporate reserves are expected to absorb about 3.3 million Bitcoins over the next four years. This means that over 15% of the total Bitcoin supply will be locked in corporate vaults within the next five years.
Still confused about why Bitcoin demand is so strong? Coinbase provided the answer in a brief advertisement.
What happens when every company wants a piece of the 21 million Bitcoin pie? As each new enterprise joins, the corporate Bitcoin reserve strategy becomes more legitimized, potentially creating a feedback loop for accelerated adoption. The corporate FOMO (fear of missing out) cycle has only just begun.
Our Perspective
The battle of Bitcoin reserve giants is no longer just about companies competing to accumulate BTC. It is changing how companies view their balance sheets.
We fully agree with Bailey's declaration: "We believe that every balance sheet in the future—whether public or private—will hold Bitcoin." We are witnessing the early stages of a new financial paradigm.
Several key dimensions are emerging in this corporate Bitcoin frenzy.
First, the speed is astonishing. Think about it: Metaplanet surpassed an entire country's Bitcoin holdings in just one year. Strategy added 122,440 BTC in less than five months. The speed of corporate adoption is even exceeding the most optimistic predictions from previous cycles.
Second, the diversity of participants indicates that Bitcoin's appeal is expanding. From software companies to medical service providers, from Japanese hotel groups to investment firms, Bitcoin is crossing industry boundaries. The era of some American tech companies experimenting with a mysterious currency that few others in the world have ventured into is over. Bitcoin is now a global phenomenon that transcends industry and continental boundaries.
Third, the competitive dynamics are changing the market structure. Each new enterprise not only adds buying pressure but also creates a legitimizing feedback loop that makes it easier for the next company to follow suit. Strategy facilitated Twenty One Capital, Twenty One facilitated Nakamoto, and Nakamoto will make the next corporate Bitcoin reserve project inevitable.
As more Bitcoin is locked in corporate vaults, the available supply for retail investors decreases, potentially causing a supply shock that even the most conservative models have failed to fully account for.
The race has begun. It is not just about accumulating Bitcoin but also about securing a place in the future financial order. Companies taking these actions today are no longer merely betting on the appreciation of Bitcoin's price; they are establishing their position in a new financial system where Bitcoin is the reserve asset of choice for corporations and nations.
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