Can Asia’s mid-caps absorb 30% of new BTC supply?

Asian mid-cap companies, led by Japan's Metaplanet and Korea's Bitplanet, are shifting from isolated experiments to sustained, rules-based Bitcoin treasury accumulation programs. Metaplanet alone absorbed about 20% of the year-to-date new BTC supply through September 2025. If this cohort maintains its pace, they could absorb 20-30% of monthly new supply, creating a significant structural bid layered on top of spot ETF demand, thereby tightening the available float. However, risks exist, including governance concentration, varying accounting and custody standards across jurisdictions, and potential policy shocks that could reverse these accumulation trends, as evidenced by Meitu's prior exit. The success of these programs will determine if corporate balance sheets become a permanent third pillar of Bitcoin demand.

(Source：CryptoSlate)