Metaplanet Acquires 319 More Bitcoin as Holdings Climb to 4,525 BTC

Japan-based investment firm Metaplanet Inc. has made another significant stride in its aggressive Bitcoin accumulation strategy, announcing the purchase of an additional 319 BTC for 3.779 billion yen (approximately $26.3 million USD), at an average price of 11.85 million yen (around $82,549 USD) per Bitcoin. 

This latest acquisition brings the company’s total Bitcoin holdings to 4,525 BTC, acquired at an average price of 12.85 million yen (roughly $85,366 USD), totaling 58.145 billion yen ($386.3 million USD).

The announcement, disclosed on April 14, 2025, is part of Metaplanet’s long-term strategic commitment to Bitcoin as a core asset in its treasury management. 

Also read: Bitcoin vs. Gold: Schiff Says 2025 Meltdown Proves Crypto’s Weakness

The company, listed on the Tokyo Stock Exchange (TSE: 3350), initiated Bitcoin purchases in April 2024 and formally launched its Bitcoin Treasury Operations. Since then, Metaplanet has significantly accelerated its pace of accumulation through a combination of equity and debt-financing instruments.

Metaplanet’s BTC Yield Shows Strong Shareholder Accretion

A central metric the company uses to evaluate its Bitcoin strategy is BTC Yield — a custom performance indicator that tracks the percentage change in Bitcoin holdings relative to the fully diluted share count over time. 

For the first quarter of 2025, Metaplanet reported a BTC Yield of 95.6%. Between April 1 and April 14 alone, the company recorded a quarter-to-date BTC Yield of 6.5%.

This performance builds on remarkable previous quarters: 41.7% in Q3 2024 and a staggering 309.8% in Q4 2024. 

Also read: Tariffs, ETFs, and a $1.8M Bitcoin: Is the Next Mega Rally Loading?

In concrete terms, Metaplanet’s Bitcoin per 1,000 fully diluted shares stood at 0.0074961 BTC as of April 14, 2025, up from just 0.0008781 BTC on Sept. 30, 2024. 

Strategic Financing: Bonds, Warrants, and Capital Allocation

To fund its Bitcoin purchases, Metaplanet has pursued a structured capital markets strategy, issuing multiple tranches of stock acquisition rights and zero-coupon bonds via third-party allotment to EVO FUND. 

Since January 2025, the company has issued 21 million shares in five tranches under its “210 Million Plan,” which evolved from its earlier “21m Plan.” These stock options come with a 0% discount and are structured to align with market conditions through adjustable exercise prices.

In tandem, Metaplanet has also raised billions of yen through successive bond issuances. 

The company completed early redemptions of several of these bonds ahead of schedule, demonstrating its ability to efficiently manage capital while executing a bold Bitcoin-centric treasury strategy.

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Most recently, Metaplanet completed a significant stock issuance under the 14th and 17th series stock acquisition rights, delivering 8.6 million and 4.2 million shares respectively. To date, the company has exercised roughly 41.7% of the “210 Million Plan,” raising over 35 billion yen in the process.

Ambitious Bitcoin Targets and Index Inclusion

Metaplanet has made no secret of its ambitions. While it currently holds 4,525 BTC, the company has publicly stated its aim to reach 10,000 BTC by the end of 2025 and 21,000 BTC over the longer term. This trajectory, if realized, would place it among the largest corporate holders of Bitcoin globally.

Top 10 largest corporate BTC holders (Source: BitcoinTreasuries)

Institutional interest in Metaplanet is also expected to grow, particularly after its recent inclusion in the MSCI Japan Index, which took effect after Feb. 28, 2025. This development could drive more capital inflow from passive investment funds and large-scale asset managers tracking the index.

Though BTC Yield, BTC Gain, and BTC ¥ Gain are not traditional financial performance metrics, Metaplanet argues they are powerful tools to evaluate whether its capital allocation strategy — primarily using equity financing to acquire Bitcoin — is accretive for shareholders. However, the firm acknowledges that these KPIs do not account for debt obligations or other senior claims and should not be viewed as a substitute for traditional financial analysis.

A Crypto Treasury Model Inspired by Strategy

Metaplanet’s Bitcoin playbook echoes that of Strategy (formerly MicroStrategy) in the United States, which has famously converted its corporate treasury into Bitcoin since 2020. 

Like Strategy, Metaplanet positions itself as a pioneer in corporate Bitcoin adoption, especially in the Asia-Pacific region.

Also read: Strategy Admits Bitcoin Sales May Be Necessary Despite Saylor’s “Never Sell” Mantra

While the risks of such a strategy — including price volatility and reliance on capital markets — remain substantial, Metaplanet has, thus far, managed its program with impressive agility. Whether this model becomes a broader corporate trend in Japan or globally remains to be seen, but Metaplanet is staking its future on Bitcoin — and so far, it’s yielding results.