A worker installs a new row of Bitcoin mining machines (Mark Felix/Getty Images)

Metaplanet adds to its bitcoin stash and Strategy loads up to buy

Which companies own the most bitcoin? Here’s our weekly update.

2/21/25 3:34PM

It was another week of relatively smooth sailing for bitcoin, which held steady, trading at about $97,000 midday Friday compared to about $96,000 on Monday morning, according to CoinGecko.

This week, Japanese company Metaplanet added to its bitcoin reserve, buying 68.59 additional bitcoin. Its total stash now stands at 2,100 bitcoin, or, as uber-stockpiler and Strategy CEO Michael Saylor posted, “one basis point” of the total supply.

One Basis Point of Bitcoin https://t.co/KnNyajjwEa
— Michael Saylor⚡️ (@saylor) February 20, 2025

“As disclosed in the ‘Bitcoin Plan’ on January 28, 2025, the Company remains focused on its previously stated targets of reaching 10,000 BTC by the end of 2025 and 21,000 BTC by the end of 2026,” Metaplanet said in an announcement.

Something else that held steady this week was Strategy. The company’s total didn’t change from last week, but it did outline plans to buy a lot more bitcoin.

The largest corporate bitcoin owner announced a $2 billion senior convertible note offering to fund more purchases of the assets on February 18. Strategy resumed its bitcoin accumulation last week by adding 7,633 bitcoin to its stash, bringing its total to 478,740. The company wrote in an X post that this represents “~76% of all bitcoin held by public companies.”

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Justin Sun sues Trump-backed World Liberty over frozen tokens

Crypto billionaire Justin Sun, owner of the world’s most expensive banana, was named an adviser to World Liberty Financial the day after investing $30 million in the project. (He’d later boost that with $45 million more.) Sun has long been a supporter of President Trump, and has not once, but twice topped a competition to amass the most $TRUMP coins. But it seems even for Sun, the gold has turned brass.

Sun announced on social media that he’s filed a lawsuit in a California federal court against the crypto project backed by Trump.

The lawsuit alleges World Liberty engaged in an “illegal scheme to seize property” and “positioned itself as the new boogeyman” by stripping Sun of his governance rights, threatening to burn his WLFI tokens, and freezing his stash, which at times were worth $1 billion, according to the complaint dated on Tuesday.

“I have tried in good faith to resolve this situation with the World Liberty project team without resorting to litigation,” Sun wrote in a lengthy X post on Tuesday night. “But the project team has refused my requests to unfreeze my tokens and restore my rights as a token holder. They have left me with no choice but to turn to the courts.”

The complaint also alleged that World Liberty appears to be in financial trouble, citing concerns over whether the project can repay an on-chain loan that was collateralized by using, at the time, $5 billion worth of WLFI. The token reached an all-time low less than two weeks ago.

Despite the escalation with World Liberty, Sun said the lawsuit does not change his feelings about Trump or his administration. “I have always been — and remain — an ardent supporter of President Trump and his Administration’s efforts to make America crypto friendly,” he said.