In 2025, the competition between Metaplanet and Semler Scientific highlights a significant shift in corporate investment strategies, focusing on Bitcoin. Metaplanet, originally a hospitality and media business, has pivoted to accumulate 210,000 BTC by 2027, achieving a BTC Yield of 416% after purchasing 2,205 BTC in July 2025. Semler Scientific, a health-tech firm, has adopted a more cautious approach since its 2024 initiative, acquiring 187 BTC at a BTC Yield of 29%. As of mid-2025, public companies collectively hold over 852,000 BTC, with Metaplanet and Semler rapidly increasing their stakes. Metaplanet's aggressive strategy contrasts with Semler's measured steps, raising concerns about share dilution and market sentiments. Analysts have criticized the BTC Yield metric, suggesting it may obscure risks. Both companies face the challenge of linking their identities to Bitcoin’s fluctuating market value. The ongoing treasury war is less about who started first but rather about who can sustain their investments and navigate volatility.

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