Japanese Bitcoin investment firm Metaplanet has added another 1009 BTC to its treasury, spending roughly 6.48 billion yen ($112 million). The move brings its total holdings to 20,000 BTC, worth over $2.14 billion at current prices, and pushes the company higher up the corporate Bitcoin leaderboard.
Climbing the Corporate BTC Ladder
The latest purchase positions Metaplanet as the sixth-largest corporate Bitcoin holder, just ahead of miner Riot Platforms (19,239 BTC). The company has set an ambitious year-end goal of holding 30,000 BTC by the close of 2025. To get there, it would need to average around 2,500 BTC purchases over the next four months—a pace it has already shown it can surpass, having blown past earlier accumulation targets well ahead of schedule.
Looking further ahead, Metaplanet’s long-term vision is to hold 1% of Bitcoin’s total supply, or 210,000 BTC, by 2027. While that target is bold, it still pales in comparison to Michael Saylor’s Strategy (formerly MicroStrategy), which controls a staggering 632,457 BTC.
Metaplanet CEO Simon Gerovich has often cited Strategy’s corporate playbook as inspiration. But with Strategy’s early entry, deeper pockets, and relentless buying strategy, Metaplanet faces an uphill battle to catch up.
From Hotels to Bitcoin Powerhouse
Originally a hotel operator, Metaplanet has reinvented itself as a Bitcoin treasury firm—a pivot that’s paid off handsomely. The company now highlights a unique metric called BTC Yield, which measures growth in Bitcoin holdings per fully diluted share. In its latest filing, BTC Yield stood at 30.7% for Q3-to-date, building on an impressive 129.4% yield in the prior quarter.
Funding the Bitcoin Binge
To finance these large purchases, Metaplanet has leaned heavily on the capital markets. Between July 10 and August 29, the company issued 80 million new shares, channeling proceeds toward early bond repayments and fresh Bitcoin buys.
Now, management is preparing for the next big step. At an upcoming shareholder meeting, the board will seek approval for an international share offering worth $837 million through the issuance of 555 million new shares. The company has already greenlit the plan internally, but shareholder consent is needed to finalize it.
Adding to the intrigue, Eric Trump, who serves on Metaplanet’s Strategic Board of Advisors, is expected to attend the meeting.
Market Reaction
Despite the headline-grabbing Bitcoin purchase, Metaplanet’s stock fell 3.87% in Tokyo trading on September 1, as investors weighed the risks of dilution ahead of the funding vote. Bitcoin itself was also trading lower, slipping 1% to around $107,664.
Even so, Metaplanet remains one of Japan’s most volatile and closely watched stocks. Shares have surged 136% year-to-date, thanks largely to its aggressive Bitcoin accumulation strategy and inclusion in benchmark indexes like the FTSE Japan Index.
The Bottom Line
Metaplanet has quickly established itself as a serious Bitcoin player, with 20,000 BTC already in its treasury. While surpassing Michael Saylor’s Strategy may be a long shot, its bold accumulation goals and unique treasury approach keep it firmly in the spotlight as one of the most aggressive corporate adopters of Bitcoin worldwide.
