Digital Asset Treasury Companies 2026: Who's Following MicroStrategy?

After Strategy (formerly MicroStrategy), the followers have split into two camps: Japan's Metaplanet has jumped into the global top three with 43,000 BTC, while Hong Kong's Boyaa Interactive holds 4,201 BTC, becoming a new Asian player. But the story in the second half of 2026 has changed—the low-price window has widened unrealized losses, and now it's a test of whose financing tools are tougher.

1. First, the Landscape: How Big Is the Global Public Company DAT Market?

What to do: Understand the overall size of the digital asset treasury (DAT) landscape in 2026 and confirm "who else is following."

How to look at it:

As of early 2026, the total size of digital asset treasuries among global public companies has reached $124.1 billion, with more than 170 firms holding digital assets.

• BTC still accounts for 79.4%, held by 151 listed companies
• ETH accounts for 15.1%, held by 27 companies
• SOL and others only account for 5.5%

What counts as done: You understand the head effect in this market—Strategy alone accounts for about 60% of the total, and the players behind are catching up, but the gap is huge.

2. The Four Key Followers: Who Is Buying and How Much

What to do: Identify the most important players following Strategy one by one.

How to do it:

Strategy (formerly MicroStrategy) — Still Far Ahead As of July 2026, it holds 847,363 BTC, about 4% of the total Bitcoin supply. However, since the start of 2026, the market value of Strategy's holdings has evaporated by more than $6 billion. Its current average cost is approximately $75,500 per BTC.

Metaplanet (Japan) — The Fastest-Chasing Asian Player It currently holds 43,000 BTC, ranking third among global listed companies, just 514 BTC shy of second place. Over the past two years, it has invested approximately ¥659 billion (about $4.07 billion). However, the current market value of its holdings is only about $2.5 billion, with a paper loss of about $1.5 billion.

Boyaa Interactive (Hong Kong) — Asia's Most Aggressive Small-to-Mid Player A Hong Kong-listed company, it holds 4,201 BTC. It has been increasing its position since 2023 and is dubbed the "Asian MicroStrategy." In March 2026, its board approved an additional $70 million in cryptocurrency purchase authorization.

Strive + Semler Scientific — Scaling Up Through M&A Strive has acquired Semler Scientific, holding a combined 12,797.9 BTC after the merger, becoming the 11th largest corporate holder. Semler Scientific originally held about 5,021 BTC. This acquisition reflects a path: instead of slowly buying on your own, directly acquire an existing "bitcoin treasury company."

What counts as done: You know the holding size and strategic differences of these four players — Strategy is the originator of the "issue shares to buy coins" model, Metaplanet is the Japanese replica, Boyaa Interactive is the Hong Kong stock version, and Strive takes the M&A integration route.

3. How Financing Models Have Changed: Equity Financing Is Shrinking

What to do: Understand the key change in the second half of 2026 — after the premium shrinks, fundraising methods must be adjusted.

How to do it: Before 2026, the standard model for DAT companies was: stock price higher than the value of bitcoin holdings (mNAV > 1) → issue new shares to raise money → buy more bitcoin → push up the stock price → repeat the cycle.

But since 2026, this "reflexive flywheel" has been slowing down:

• Strategy's mNAV, which was well above 1.0 from 2020 to mid-2025, has fallen to around 1.0
• In Q2 2026, Metaplanet added only 2,823 BTC, its lowest quarterly purchase in nearly a year, and has switched to using loans and bonds instead of equity to fund coin purchases
• The market no longer blindly chases the logic of "announce a coin purchase → stock price must rise"

What counts as done: You can state: the equity financing window is narrowing, and companies that can continue to buy coins rely on their debt financing ability and market trust.

Common failure reason: Equating "still buying coins" with "still replicating Strategy's successful model." Strategy got the early-mover advantage, while later entrants face higher average costs and a narrower financing window, leading to completely different book results.

4. Current Book Positions: Who Is Still Profitable and Who Is Already Underwater

What to do: Understand the profit and loss status of these companies' holdings and judge that "following" does not equal "doing it right."

How to do it: Using a Bitcoin price of approximately $59,000–$63,000 in July 2026:

• Strategy: average cost of $75,500, unrealized losses exceed $12.8 billion
• Metaplanet: cumulative investment of about $4.07 billion, holdings market value about $2.5 billion, paper loss of about $1.5 billion
• Boyaa Interactive: purchases were spread out, with some positions built at lower price levels; its current profit/loss status has not been separately disclosed
• ETH/SOL treasuries: even larger losses — the Ethereum treasury Bitmine holds over 5.4 million ETH, with unrealized losses of about $10.5 billion

What counts as done: You know that most DAT companies that built positions at high prices in 2025 are currently sitting on paper losses, and only early accumulators (like Strategy's low-cost positions from 2020–2024) still have a cushion.

Risk reminder: Paper losses themselves are not fatal; what is fatal is being forced to sell after the financing window closes. Strategy has already confirmed the sale of 32 BTC in June 2026 — although the amount is small, it signals the breaking of its "never sell" credo.

After reviewing these four points, you should be clear: there are indeed many players following Strategy, but the second half of 2026 is no longer about "who buys more," but "who can survive." Japan's Metaplanet and Hong Kong's Boyaa Interactive are the two most noteworthy cases in the Asia-Pacific region, but both face the same pressure — coin prices haven't returned to their cost basis, equity financing premiums have disappeared, and they can only survive on debt. The next indicators to watch: whether Metaplanet can achieve its target of 100,000 BTC by the end of 2026, and whether Strategy's STRC preferred stock product can hold its $100 par value.