Key Takeaways:
- Metaplanet has increased its Bitcoin holdings to 8,888 BTC, investing approximately ¥122.3 billion (~$851 million).
- The latest acquisition of 1,088 BTC was made at an average price of ¥15.5 million (~$108,072) per BTC.
- The company continues leveraging capital markets to fuel its aggressive BTC accumulation strategy.
Metaplanet, which has commonly referred to Japan as “MicroStrategy,” has continued to double down on its hot streak of aggressive Bitcoin purchases by buying another 1,088 BTC.
Increasing their reserves to 8,888 BTC, it stands as proof of their unrelenting dedication to making BTC an integral part of treasury assets.
This newest acquisition, which amounted to around ¥16.9 billion (about $117 million), has taken the firm’s overall stake in BTC to around ¥122.3 billion ($851 million).
The firm has systematically funded its Bitcoin purchases through a mix of capital raises, stock acquisition rights, and bond issuances.
Its growing Bitcoin portfolio reflects a long-term strategy aimed at leveraging the digital asset’s potential as a store of value and hedge against inflation. This tactic mirrors global trends among tech-forward firms but stands out in Asia’s conservative corporate environment.
Zero-Coupon Bonds Drive Strategic Bitcoin Accumulation
Since late 2024, Metaplanet has orchestrated a series of equity and debt initiatives to finance its BTC purchases. The company executed a high-volume stock acquisition plan, dubbed the “210 Million Plan,” through which it issued zero-coupon bonds and stock rights to institutional investors, most notably EVO FUND.
These instruments allowed Metaplanet to raise capital without immediate dilution or interest expense, providing liquidity for its Bitcoin accumulation goals.
In the period from January to May 2025, the company managed over ¥35 billion in bond redemptions and exercised rights, which then allowed for significant and continuous acquisitions of Bitcoin.
Almost all the bond issuances were non-interest-bearing and designed for early redemption using stock rights proceeds, reflecting a highly optimized and shareholder-conscious financial strategy.
Bitcoin Yield Highlights Shareholder Accretion
A critical metric Metaplanet uses to measure its performance is BTC Yield, which reflects the change in Bitcoin per fully diluted share.
From October 2024 through June 2, 2025, BTC Yield soared across multiple quarters, hitting a peak of 309.8% in late 2024 and maintaining strong performance through Q2 2025 with a 66.3% gain.
Such an increase in BTC per share indicates that Metaplanet’s accumulation of Bitcoin has outpaced the dilution of shares, thus making it a net accretion for investors.
Financials surrounding the treasury activity reflect not just faith in the long-term value of Bitcoin but, more importantly, an obvious plan for integrating it into capital market expansion.
To date, as of June 2, 2025, the Metaplanet strategy has led to one of the largest public company holdings in Asia.
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