Metaplanet continues to feeds its Bitcoin obsession. | Credit: VCG/VCG / Getty Images
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Key Takeaways
Metaplanet is the 5th largest corporate holder of Bitcoin with 25,555 BTC worth $2.87 billion.
The firm is targeting 100,000 BTC by the end of 2026.
Metaplanet ranks as Japan’s 320th most valuable company by market cap.
After a silent period during its $1.4 billion international stock offering, Metaplanet has made its biggest purchase yet, making it the fifth-largest Bitcoin treasury in the world.
As per Metaplanet’s latest disclosure, the firm has acquired a gigantic 5,419 BTC for a grand total of $632.53 million at approximately $116,724 per BTC.
The firm now has 25,555 BTC worth just over $2.87 billion, making it the fifth-largest BTC treasury in the world and, by far, in Japan.
The second-largest corporate BTC holder in Japan is NEXON, which holds 1,717 BTC worth $193.28 million.
The move has done little to stoke investor confidence.
Since mid-June, the firm’s stock has been on a steady decline, shedding almost 70% in value. It’s shrunk a further 29.64% in the past month.
Furthermore, Bitcoin has tumbled to the $112,000 region since that purchase, which unfortunately places this latest buy at a loss, for now.
Saylor’s Prediction
Speaking at the Bitcoin Treasuries Unconference, Saylor said Metaplanet is set to not only become the “most valuable hotel company in the world” but also Japan’s most valuable firm.
JUST IN: Michael Saylor of Strategy ($MSTR) says he believes "Metaplanet ($MTPLF) will become the most valuable company in Japan" 🔥 pic.twitter.com/Tj7mJwspW8
It’s a bold claim, as Japan is home to some of the world’s largest car and tech firms.
In terms of market cap, Toyota leads Japan’s industry with $262.56 billion, followed by Mitsubishi with $177.5 billion, and SoftBank with $176.4 billion.
At present, Metaplanet is ranked 320th with $2.59 billion, meaning it would need a 100x increase to reach the top spot.
For its efforts, Strategy, which currently commands 638,985 BTC worth $74.95 billion, is the U.S.’s 114th largest firm with a market cap of $93.49 billion.
Expansion
Metaplanet has announced the establishment of two new subsidiaries.
The first is Metaplanet Income Corp., which will be wholly owned and based in the U.S. state of Miami. It’ll be initially funded with $15 million.
It’ll focus on Bitcoin income generation and derivatives trading. Metaplanet CEO Simon Gerovich explained:
“This business has become our engine of growth, generating consistent revenue and net income. We are cash flow positive, producing significant internal cash flow to support future initiatives.“
In addition, Metaplanet has officially acquired the Bitcoin.jp domain, upon which it intends to build a unified platform for services tied to Bitcoin, media, events, and more.
Huge Raise
Metaplanet is gearing up to issue 385 million new shares at roughly $3.75 each with the aim of raising approximately $1.45 billion via overseas share sales.
The majority of the proceeds, roughly $1.2 billion, will be leveraged to purchase more Bitcoin, whilst the remaining $200 million is earmarked for its BTC options business.
The firm’s stock has been in decline since mid-June, and has slumped by over 26% in the past 30-day period.
However, news appears to have stirred confidence in Metaplanet investors, as its value has risen by over 16% in the past 24 hours.
According to Metaplanet CEO Simon Gerovich, it was a record day for trading volumes.
Consistency
As per the latest disclosure from Metaplanet, the firm has acquired 136 BTC for a modest $15.2 million at an average of $111,666 per token.
This raises the firm’s portfolio to 20,136 BTC worth $2.25 billion. Having spent a total of $2.08 billion at $103,196 per BTC, Metaplanet’s stash carries an unrealized profit of $190 million.
It maintains its position as the sixth-largest Bitcoin Treasury in the world, and is steadily gaining on Peter Thiel’s treasury/exchange, Bullish, which currently holds 24,000 BTC.
Unfortunately, the firm’s stock is suffering an enduring price correction and has shed over 60% from its value since its all-time high on June 16, 2025.
It has experienced a 32% decline in the last 30 days, around 18% in the past week, and a further 3.81% today.
Big Plans
Three proposals from Metaplanet have now been approved by its shareholders.
First, Metaplanet will increase its authorized shares to 2.7 billion, giving it more room to raise capital and funds for the business.
Secondly, a new dual-class preferred stock offering will be created that aims to raise approximately $3.7 billion, the majority of which will be allocated to buying Bitcoin.
Finally, shareholder meetings will now be conducted without a fixed location and will be hosted virtually, enabling the firm’s international clients to attend.
It follows approval to issue roughly $880 million to international investors. All in all, this could see Metaplanet raise $4.6 billion and press on with its goal of holding 210,000 BTC by the end of 2027.
Another Milestone
As per Metaplanet, the firm has acquired 1,009 BTC for a total of approximately $111.97 million, marking the firm’s single largest purchase since its BTC pivot.
The firm now holds 20,000 BTC worth approximately $2.19 billion (BTC @ $109,500). Purchased at an average cost of $102,607, its holdings carry an unrealized profit of roughly $138 million.
Initially targeting 21,000 BTC by the end of 2026, Metaplanet set its aims significantly higher and is now aiming for 100,000 BTC by that time and 210,000 by the end of 2027.
The Big Bucks
As per the latest release from Metaplanet, the firm is planning to issue 555 million additional common shares via international placement, which should raise roughly $881 million.
Naturally, this will mostly be funneled toward its lofty Bitcoin treasury ambitions. It hopes to hold 210,000 BTC by the end of 2027.
Gerovich explains that “due to legal restrictions,” they cannot provide further comment on the offering, adding that their comms and engagement will also be “more limited than usual,” and apologizes for the period of quiet that is to come.
Some notable observers said that this is “incredibly bullish” as the firm could nab up to 7,000 BTC with this raise.
Bitcoin Dips
As per the latest disclosure, Metaplanet has acquired an additional 103 BTC for a total of $11.7 million at roughly $113,491 per BTC.
Costing $102,150 per token on average, Metaplanet’s portfolio carries an unrealized profit of approximately $180 million.
The purchase comes a week after the firm made a flurry of purchases at the start of the month. This was when BTC was averaging between $115,000 and $120,000.
Evidently, the firm is eager to snatch up discounted BTC. Unfortunately for Metaplanet, BTC has tumbled to $111,500, placing its most recent purchases in the red.
Costly Spend
As per the firm’s latest disclosure, Metaplanet has netted 775 BTC for a total of $93 million at $120,006 per BTC.
The firm now holds a hefty 18,888 BTC worth $2.17 billion. At a dollar cost average of $102,087, giving its holdings an unrealized profit of $251.14 million.
It’s one of the firm’s larger and more poorly timed acquisitions, as in the past 24 hours BTC has tumbled to $115,000 amid bearish conditions.
Crypto market volatility has seen the firm’s stock price decline by 32% over the past month. That said, it remains up 151% year-to-date.
Back on Bitcoin
According to Metaplanet’s latest disclosure, the firm has bagged an additional 518 BTC for a total of $61.4 million at an average of $118,519 per BTC.
It now holds 18,113 BTC worth $2.15 billion. With this latest purchase, the firm’s dollar cost average has ticked up to $101,308 per BTC, granting its portfolio 17.38% in unrealized profit, which is worth roughly $315 million.
Metaplanet’s unwavering approach has inspired many other domestic firms to follow in its footsteps, and now several Japanese companies are amongst the top BTC holding entities in the world.
Buying the Dip
On August 4, Metaplanet acquired 463 BTC for a total $53.7 million at an average of $115,895 per BTC.
Metaplanet now commands 17,595 BTC worth just over $2 billion, ranking it as the seventh largest corporate holder of BTC.
The firm’s CEO, Simon Gerovich, posted to X to explain that the firm’s aim is to set up “multiple tools” for raising capital to fund BTC purchases.
Our goal is to have multiple tools to raise capital for buying Bitcoin. On a Bitcoin standard, the mission is to continuously grow Bitcoin per share. Issuing perpetual preferreds is a highly accretive tool designed to maximize long-term shareholder value. https://t.co/TI1qsAHFNI
With aims to hold 100,000 BTC by the end of 2026, and 210,000 the year after, Metaplanet has attracted a great deal of attention, notably from investors who have clamoured for Metaplanet stock over the past year, which has seen it rise by over 1,300% since April 2024.
Unexpected Success
As per the latest disclosure from Metaplanet, the firm has bagged 780 BTC for a total of $92.5 million at $118,622 per BTC.
Having acquired the entirety of its stash for approximately $1.71 billion, the firm’s portfolio sits with an unrealized profit of roughly $317.68 million.
Speaking with Forbes Japan, Metaplanet’s Gerovich said that the firm’s success was rapid following its pivot to Bitcoin.
The firm’s stock performed incredibly after becoming a BTC treasury firm and made it the “best performing brand in the country,” he notes.
He adds that this growth shows that Bitcoin is being recognized as more than just an asset, “but the foundation of a new financial age.”
A Small Decline
After a lengthy and bullish rally, Metaplanet’s stock MTPLF has tumbled despite Bitcoin overperforming the markets.
Between July 18 and July 22, the stock fell by 20%, which came as part of a broader 39% decline from its June 16 all-time high.
Naturally, this has worried some investors who had recently added MTPLF to their portfolio.
In a bid to alleviate concerns, CEO Simon Gerovich noted that the firm has made significant progress.
Following a 70% stock drop in August 2024, the firm has since recovered and now holds 66 times more BTC than it did then. He writes:
“Internally, we are smarter, stronger, and more efficient than ever.”
Adding,
“The road to the 1% club will be volatile, in both directions. Thank you for your continued support and belief in our mission.“
This 1% club he refers to is the firm’s aim to hold exactly 1% of all BTC in existence, or 210,000 BTC.
The likeliest cause of the dip would be profit-taking investors who may have long-held positions in Metaplanet, whose stock has gone parabolic over the past year or so following its Bitcoin pivot.
Despite the current dip, MTPLF remains a top performer and is up by 462% over the past year.
Up and Up
According to Metaplanet’s latest disclosure, the firm has netted an additional 797 BTC for $93.6 million, paying roughly $117,451 per token.
It now commands a heavy 16,352 BTC purchased at an average of $100,191 per token.
With Bitcoin trading above $122,000, its holdings are worth around $2 billion and carry an unrealized profit of approximately $362.5 million.
Metaplanet’s stock is one of the top performers this year, and has risen 335.8% year-to-date (YTD), and a whopping 1,427% since it became a Bitcoin treasury just over a year ago.
Initially, Metaplanet had set out to acquire 10,000 BTC by the end of 2025.
Having crossed that goal in June, the firm is aiming higher with a new target of 100,000 BTC this year. It intends to hold more than double that, 210,000 BTC, by the end of 2026.
Double Time
As per Metaplanet’s latest disclosure, the firm has made its largest-ever purchase of BTC, bagging 2,205 BTC for a total of $238.7 million at roughly $108,237 per token.
It now holds a gigantic 15,555 BTC worth $1.69 billion. With each token purchased at an average of $99,307, Metaplanet’s portfolio carries an unrealized profit of approximately $162 million.
These efforts have proven wildly successful for the firm’s stock price. In just over a year since it announced it would adopt Bitcoin as its core treasury asset, its stock has risen 1,840%.
10,000 BTC in 90 Days
According to Metaplanet’s latest disclosure, the firm has purchased an additional 1,005 BTC for a total of $108.1 million, averaging $107,601 per BTC.
Now, the firm holds an extraordinary 13,350 BTC. As noted by CEO Simon Gerovich, it was just 3 months ago that the firm announced it had 3,350 BTC, highlighting an increase of 10,000 BTC since then.
Notably, the firm’s stash was acquired at an average of $97,832 per BTC, yielding an unrealized profit of roughly $131 million.
On a mission to acquire 1% of all Bitcoin tokens in existence, or 210,000 BTC, Metaplanet is aggressively issuing millions in ordinary bonds and shares to fuel its appetite.
Counting Up
It’s onwards and upwards for Metaplanet, which has just acquired 1,234 BTC for $132.7 million at $107,557 per token.
It’s the firm’s largest BTC purchase yet. Metaplanet now commands a gigantic 12,345 BTC worth $1.33 billion.
According to Bitcoin Treasuries, its holdings currently have a 12.52% profit worth approximately $143 million.
The purchase has seen Metaplanet climb the leaderboards and officially overtake Elon Musk’s Tesla to become the seventh-largest corporate holder of Bitcoin.
It also follows news that Metaplanet will allocate up to $5 billion for its planned U.S. subsidiary, which will see the firm expand to Florida and accelerate its BTC acquisition plans.
New Aims
Metaplanet is marching forward with its Bitcoin buying ambitions and has acquired 1,111 BTC for $118.2 million at $106,408 per token. The firm now commands 11,111 BTC worth $1.13 billion.
The purchase comes as Metaplanet sets its sights on acquiring 210,000 BTC by the end of 2027.
As per CEO Simon Gerovich, Metaplanet intends to end 2025 with 30,000 BTC and, more than triple that by the end of 2026.
Mission Complete
According to Metaplanet’s latest disclosure, the firm has acquired an additional 1,112 BTC for $117.2 million at $105,435 per BTC token.
Acquired for an average of $94,695, the firm’s holdings carry an unrealized profit of roughly $123 million.
Having completed its 10,000 BTC mission months ahead of schedule, and having launched a $5.4 billion capital raise, Metaplanet is now targeting 100,000 BTC by the end of 2026, and 210,000 by the end of 2027.
Ahead of Schedule
Metaplanet’s latest disclosure shows that the firm has made one of its largest BTC investments, acquiring 1,088 Bitcoin for $117.3 million at $107,771 per token.
The firm now holds 8,888 BTC worth $936.2 million. Purchased at an average price of $93,354, Metaplanet’s stash carries an unrealized profit of around $106 million.
With this latest purchase, Metaplanet’s 8,888 BTC has seen it climb the Bitcoin treasury ranks, making it BTC’s tenth-largest corporate holder.
It is now just 1,112 BTC away from its 10,000 BTC goal, which it intends to hit by the end of 2025.
Metaplanet could continue to aggressively buy up BTC and reach its 2026 target of 21,000 BTC ahead of schedule.
Nearing 10,000 BTC
As per its latest disclosure, Metaplanet acquired a further 1,004 BTC for $104.3 million at $103,873 per BTC, marking one of its most expensive purchases yet.
This latest purchase brings the firm’s total holdings to 7,800 BTC, worth roughly $805 million.
Per its May 14, 2025, Q1 earnings presentation, the firm’s revenues, operating profits, net assets, total assets, and Bitcoin holdings soared, making it the best-performing quarter in its history.
Historical Buy
According to Metaplanet’s latest disclosure, the firm has acquired an additional 1,241 BTC for $126.7 million, or approximately $102,119 per BTC.
This marks the firm’s largest BTC purchase since pivoting to becoming a Bitcoin-first company. It now holds a sizeable 6,796 BTC worth around $717 million.
With a cumulative purchase price of $608.2 million, the firm’s holdings carry roughly $109 million in unrealized profits.
With 6,796 BTC under its command, Metaplanet is quickly catching up with the ninth-largest corporate holder of BTC, tech firm Block, Inc. (formerly Square), which holds 8,485 BTC.
Impressively, Metaplanet has overtaken the Bitcoin-buying nation of El Salvador, which has been acquiring BTC since 2021. With 6,174 BTC worth around $648 million, the nation is one of the wealthiest Bitcoin-holding governments in the world.
Riding High
After a successful showing at Strategy’s “Bitcoin for Corporations Event” and another significant BTC buy, Metaplanet appears to be on a roll, as now BTC’s ascent above $100,000 has taken the firm’s unrealized profits to new all-time highs.
As per Bitcoin treasuries, Metaplanet’s 5,555 BTC now carries an unrealized gain of around $90 million with a total portfolio value of $571 million.
Following up on this, Metaplanet has disclosed another round of 0% ordinary bonds to purchase more Bitcoin. Issued to the tune of $21.25 million, it comes in quick succession of Metaplanet’s May 7 issuance of $25 million.
Bitcoin’s rally prompted Eric Trump to drop a celebratory post to X, tagging Metaplanet, Strategy (formerly MicroStrategy), and his newly formed BTC mining company, American Bitcoin.
Following his appearance at Saylor’s Bitcoin conference in Florida, Metaplanet CEO Simon Gerovich will attend the Syz Alternative Summit in Zurich, Switzerland, next week to discuss corporate BTC strategies.
Bitcoin Royalty
According to Metaplanet’s latest disclosure, the firm has acquired an additional 555 BTC for $53.4 million, purchased at an average price of $96,134 per BTC. This marks one of Metaplanet’s most expensive spends to date.
Per the firm’s balance sheet, the firm now holds 5555 BTC worth over $537 million at today’s price of $96,728 per BTC. Gerovich noted that the firm’s stash was acquired for $481.5 million at $86,672 per BTC.
At present, Metaplanet’s portfolio is performing well with approximately $56 million in unrealized profits. In tandem, Metaplanet has announced yet another $25 million bond issuance to purchase more BTC.
The news arrives following Metaplanet’s attendance at Strategy’s “Bitcoin for Corporations” conference in Florida, at which Gerovich spoke and recounted his journey from being in the hotel business to becoming one of the world’s wealthiest Bitcoin treasuries.
Outlining the phenomenal growth of Metaplanet’s market cap when it adopted the Bitcoin standard, Gerovich asks, “Can anyone guess when we adopted the Bitcoin standard?”
He then explains, “We’ve gone from near zero to over $1.4 billion in market cap,” and that the firm “had just over 10,000 shareholders” in 2023, and now that figure stands at “almost 64,000.”
Indeed, Metaplanet’s BTC bid has resulted in incredible stock performance. Today, Metaplanet’s stock is trading up 11.45% in the past 24 hours and an astonishing 1,544.83% in the past year.
Moving Up
Metaplanet has issued 3.6 billion yen (approximately $24.8 million) in ordinary bonds, with the proceeds earmarked for acquiring additional Bitcoin. At current prices of around $96,600, the firm could acquire approximately 255 BTC.
The firm, which recently surpassed the halfway mark of its 10,000 BTC target for the year, now holds 5,000 BTC valued at $482.6 million.
In just over a year since shifting to a Bitcoin treasury strategy, Metaplanet has seen impressive results. According to Gerovich, the firm’s unrealized Bitcoin gains now exceed four times its market capitalization when it first adopted Bitcoin in April 2024.
As per the firm’s latest disclosure, Metaplanet has purchased an additional 145 BTC for $13.6 million at an average price of $93,327 per BTC.
Now, it holds a square 5,000 BTC worth $462.58 million, acquired for an average of $85,621 per token. It is officially halfway to hitting its 10,000 BTC goal by the end of 2025.
Metaplanet has been investing rapidly, acquiring 1,650 BTC in the past 30 days. To fuel this spending spree, significant capital was raised through multiple bonds and stock acquisition rights exercises.
Volatility Concerns
According to CEO Gerovich, the firm’s shareholders have expressed concerns about the stock’s volatility. However, he emphasized that the company isn’t focused on short-term price swings, but on building long-term corporate value.
Gerovich noted that the firm’s BTC holdings have increased massively, reaching 4,855 tokens annually. This has seen the firm’s BTC Yield, which measures the growth of BTC holdings per Metaplanet share, reach 119.3% year-to-date (YTD). He explains (translated):
In addition, through the firm’s financial strategy, they’ve created 2,174 BTC worth of additional value, which Gerovich states “could not have been achieved through simple spot purchases.” Furthermore, the firm has increased its shareholders from less than 10,000 in 2023 to roughly 65,000.
“AsoneofMetaplanet’smajorshareholdersmyself,Istandinthesamepositionasmanyofourshareholders.” He adds, “While stock prices may not always reflect these achievements in the short term, I am confident that in the medium to long term, they will converge with our fundamentals.”
On Schedule
According to the latest disclosure from Metaplanet, the firm has acquired 330 BTC worth $28.2 million at $85,605 per token, bringing its total to 4,855 BTC worth $424.74 million.
In pursuit of its lofty 10,000 BTC goal, which it hopes to achieve by the end of the year, the firm has stacked 649 BTC in the past 7 days, totalling 1,655 BTC in the last 30 days.
Gerovich says the firm’s Q2 2025 BTC Yield has hit 119.3% YTD. This metric measures the percentage increase in its BTC holdings relative to its fully diluted shares and indicates how effective the firm is at growing its BTC portfolio per share.
Bonds, Ordinary Bonds
According to a previous disclosure from Metaplanet, the firm has announced the issuance of its 11th Series of Ordinary Bonds, which raised $10 million for the firm and will be allocated toward purchasing more BTC.
Now, the firm holds 4,525 BTC worth $377.45 million, which brings it almost halfway to its 2025 goal of 10,000 BTC. However, having acquired this stash for an average of $85,296, its portfolio is running at a 2.21% loss.
At today’s price of $83,356 per BTC, Metaplanet could acquire around 115 BTC with this $10 million raise, which would lower the average cost by a small but meaningful percentage.
Buy the Dip
Metaplanet announced that it had acquired an additional 319 BTC, for a total of 3.779 billion yen (approx. $26.5 million), purchased at an average price of 11.84 million yen, or roughly $83,078 per BTC.
According to the firm’s CEO, the number of shareholders has grown astronomically, from 10,854 in December 2023 to 63,654 as of March 2025.
With BTC being one of the best-performing assets of 2024, Metaplanet’s evolution into a Bitcoin-first firm was well-timed, and its aggressive investment strategy has seen it become the ninth-largest corporate holder of the asset in the world.
However, the firm’s strategy is currently under pressure. According to Bitcoin Treasuries, the firm’s 4,206 BTC stash, presently worth $340.57 million, is running at a 5.28% loss.
Having purchased its BTC at an average cost of $85,483, BTC’s slump below $80,000 has put Metaplanet in hot water. The ongoing downtrend also put pressure on the firm’s stock, which is down 2.1% year-to-date (YTD).
However, it is trading up 872.22% for the past year, and appears to be recovering from the downtrend as it’s comfortably trading up 9.38% over the past 5 days.
Buying Opportunity
As per Metaplanet’s latest disclosure, the firm has bagged an additional 160 BTC across two separate transactions for just over 12.48 million yen (approx. $84,703) per token for a total price of
This follows on from yesterday’s 696 BTC purchase, meaning the firm netted 856 BTC in just two days. Seemingly, the firm is taking a more aggressive approach this year as it has practically doubled its holdings in recent weeks, acquiring 1,815 BTC worth around $150.7 million over the last 30 days.
The firm is now the ninth-largest corporate holder of Bitcoin, with 4,206 BTC worth $350.68 million.
First Quarter Performance
As per the firm’s latest disclosure, Meetaplanet has acquired a further 696 BTC at an average of 14.58 million yen (approx. $97,600) per Bitcoin for a total of 10.15 billion yen, or roughly $67.9 million.
It follows a solid Q1 2025 report that revealed it earned roughly 770.25 million yen (approx. $5.15 million) in operating revenues by selling its cash-secured put options.
Notably, the firm’s Bitcoin Income Generation business has achieved 25.7% of its 3 billion yen revenue goals for 2025.
Metaplanet’s March Madness
To fund its aggressive Bitcoin acquisitions, Metaplanet issued multiple rounds of financing in March, including two separate two billion yen (approximately $13.3 million) bond issuances.
Nearly all proceeds were allocated to Bitcoin purchases, reinforcing its strategy of accumulating BTC as a treasury asset.
March saw a steady stream of acquisitions, with the firm purchasing over 1,000 BTC across multiple transactions:
March 3: 156 Bitcoins for $13.5 million at an average price of $86,598 per BTC.
March 5: 497 Bitcoins for $43.9 million at an average price of $88,448 per BTC.
March 12: 162 Bitcoins for $13.5 million at an average price of $83,513 per BTC.
March 18: 150 Bitcoins for $12.5 million at an average price of $83,508 per BTC.
March 24: 150 Bitcoins at an average price of $83,801 per BTC.
According to its latest disclosure, Metaplanet’s cumulative BTC Yield for Q1 2025 has reached 68.3%, up from 41.7% in Q4 2024.
BTC Yield measures the percentage growth in Bitcoin holdings relative to outstanding shares, serving as a key indicator of the firm’s Bitcoin acquisition strategy.
Thanks to its aggressive Bitcoin accumulation, Metaplanet has climbed the ranks to become the 10th-largest corporate holder.
In an unexpected development, Eric Trump has been appointed as the first member of Metaplanet’s “newly formed” Strategic Board of Advisors.
According to the firm’s latest release, the Board will be comprised of “influential” people from around the world.
Regarding Eric Trump, the firm notes his experience in “real estate, finance, brand development, and strategic business growth”—and praises his advocacy for the digital asset space.
“His business acumen, love of the Bitcoin community and global hospitality perspective will be invaluable in accelerating Metaplanet’s vision of becoming one of the world’s leading Bitcoin Treasury Companies,” the firm wrote.
Metaplanet’s February Frenzy
Metaplanet kicked off its Bitcoin-first strategy in February 2025, acquiring over 470 BTC across multiple strategic purchases. These included:
269.43 BTC for approximately $26.3 million at an average price of $97,811
135 BTC for around $12.97 million at an average of $96,079
68.59 BTC at $96,335 per coin
In February, the firm also revealed an even more ambitious long-term vision: 21,000 BTC by the end of 2026, equivalent to 0.1% of Bitcoin’s total supply.
Beyond its aggressive accumulations, Metaplanet raised 4 billion yen ($26 million) through unsecured and unguaranteed bonds, emphasizing its ability to “purchase Bitcoin instantly” without waiting forbest-performing stock options to be exercised.
February also marked a turning point in investor enthusiasm. Metaplanet’s meteoric stock surge caught the attention of Michael Saylor, who praised the Japanese firm’s trajectory on social media.
The company has since become the top-weighted component in the BLOCK Index and announced a 10-for-1 stock split effective April 1, 2025, aiming to boost market liquidity.
A Billion in Bitcoin
According to Metaplanet’s latest announcement, the firm has issued 21 million shares of 0% “discount moving strike warrants” to raise an eye-watering 116 billion yen, or roughly $745 million.
As per Metaplanet, this will be the largest capital raise in Asian equity markets history to purchase more BTC. With the aim of stacking their satoshis 10,000 BTC high by the end of 2025, Metaplanet is eyeing a stash worth at least $1 billion—so long as BTC remains above $100,000.
Even more ambitiously, Gerovich has set his eyes on acquiring 21,000 BTC by Q4 2026 as part of a newly released “2025-2026 Bitcoin Plan.”
Metaplanet’s stock performed spectacularly throughout 2024, climbing 2347% from 170 yen to 4,160 yen since Jan. 29, 2024.
Stock Up
As per a post from Gerovich, Metaplanet’s stock hit an all-time high (ATH) of 4,935 yen ($31.55), representing a dramatic increase of 16.53% in the past 24 hours, or 2,802.94% since Jan. 22, 2024.
This comes just days after the firm’s stock crossed the $1 billion market capitalization for the first time.
On Jan. 19, the eve of Donald Trump’s inauguration, Gerovich attended the President-elect’s candlelight dinner ahead of his “Make America Great” victory celebration at the 20,000-plus-seat Capital One Arena in Washington.
Here, the Metaplanet CEO can be seen rubbing shoulders with industry titans, including MicroStrategy’s Michael Saylor. Elon Musk, Jeff Bezos, and other major tech figures were also at the exclusive dinner.
After just a year of betting big on Bitcoin, Gerovich and Metaplanet find themselves amongst the stars.
Capital Group Acquisition
As per an announcement from Gerovich, American investment behemoth Capital Group, which has over $2.3 trillion in assets under management (AUM), has acquired a 5% stake in Metaplanet, making it the firm’s third-largest shareholder.
As noted by Gerovich, Capital Group is also the second-largest shareholder of the world’s biggest Bitcoin investment firm, MicroStrategy. In 2021, the firm purchased a 12.2% stake in Michael Saylor’s BTC machine.
At this time, MicroStrategy had purchased around 105,000 BTC. The company commands 447,470 BTC worth $42.36 billion.
Metaplanet’s BTC venture saw the firm acquire 1,761.98 BTC throughout 2024. Now, Metaplanet is targeting a stash of 10,000 BTC.
Seemingly, Capital Group has spotted similar potential in Metaplanet’s ambitions and its impressive stock performance.
Ahead of Schedule
As per the latest disclosure from Metaplanet, the firm has successfully finalized its 12th series stock acquisition. The firm has issued 29,000 units through EVO FUND, which released 2.9 million new shares to raise 9.5 billion yen, or roughly $60 million.
The exercise was announced in late November 2024, officially began on Dec. 17, and would last six months. The firm initially issued 4.5 billion yen in ordinary bonds and a further 5 billion yen a few days later. These bonds would mature in June 2025.
However, as explained by Gerovich, these were sold ahead of time as EVO FUND “borrowed” 2.9 million shares from MMXX Ventures Limited to hedge its market position, writing:
“The initial six-month exercise period for the warrants was significantly shortened due to the positive market reaction following our financing announcements. EVO FUND fully hedged its position before the new year, enabling Metaplanet to raise ¥9.5 billion at ¥3,288 per share.“
According to Gerovich, the strategy “delivered significant shareholder value,” noting the firm’s 42.82% BTC Yield increase, an 8% dilution of existing stock, and minimal market impact despite the exercise’s accelerated execution.
Metaplanet 2025
After an exceptional year for the Bitcoin bulls, Metaplanet revealed intentions to increase its Bitcoin holdings by more than fivefold.
According to a post from Gerovich, the firm is now eyeing a 10,000 BTC stash as its goal for 2025.
But that’s not all. As per Gerovich’s post, the firm intends to roll out new initiatives to enhance transparency and shareholder engagement, advance BTC adoption in Japan, and “explore innovative opportunities to grow Metaplanet’s impact in Japan and the Bitcoin ecosystem.”
At present, the firm holds a sturdy 1,762 BTC worth roughly $174.5 million. With a target of 10,000 BTC, which would be worth close to $1 billion at today’s prices, it will be fascinating to see how Metaplanet intends to raise such lofty sums of cash.
The Start of Metaplanet’s Bitcoin Gambit
Metaplanet, a once-niche Japanese real estate and hotel firm, has rebranded itself in 2024 as a full-blown Bitcoin treasury company.
Since April, it’s been on a relentless buying spree, leveraging debt, issuing bonds, and courting investors to stack sats at scale. Here’s how its transformation unfolded.
July 2024: A Bitcoin-Fueled Rebirth
Metaplanet officially began its pivot in early July 2024, announcing a dramatic shift from real estate to a Bitcoin-first treasury model. On July 8, it purchased 42.47 BTC for just over $2.5 million. This was followed by a flurry of buys:
July 16: 21.88 BTC (~$1.3 million)
July 22: 20.38 BTC (~$1.3 million)
By month’s end, Metaplanet had already spent over $6 million on Bitcoin.
Metaplanet’s stock responded instantly. Its share price rocketed by over 1,275%, purely on the strength of its Bitcoin exposure.
A company once known for hotel development was now being dubbed “Asia’s MicroStrategy.”
August – September: Doubling Down with Debt and Equity
In September, Metaplanet announced a bold fundraising plan: a ¥10 billion (~$69M) stock rights offering. ¥8.5 billion would be allocated to buying more BTC.
On the financing side, the firm secured a ¥1 billion ($6.7M) loan at an ultra-low 0.1% interest rate. Nearly the entire amount was earmarked for Bitcoin.
Even amid market turbulence, the firm pushed ahead:
57.103 BTC acquired for ~$3.4 million.
500 million yen (~$3.48 million) used in additional BTC buys
By the end of September, Metaplanet held more than 360 BTC.
October: Acceleration and Recognition
SBI Partnership
A strategic partnership with Ripple-aligned SBI Group gave Metaplanet access to advanced custody services and tax-efficient structures for Bitcoin holdings. This move also allowed Metaplanet to use BTC as collateral for future financing.
Major Bitcoin Purchases
In just one month:
Oct. 1: 107.913 BTC (~$7 million)
Oct. 3: 108.999 BTC (~$6.6 million)
Oct. 10: 106.967 BTC (~$6.7 million)
By mid-October, Metaplanet’s Bitcoin treasury had grown to 855 BTC.
Metaplanet stock. Source: Google.
Options Strategy with QCP Capital
Instead of only direct purchases, Metaplanet sold Bitcoin put options to Singapore-based QCP Capital, earning 23.97 BTC in premiums, a clever yield-generating strategy to grow holdings without upfront capital.
Performance Metric: BTC Yield
Inspired by MicroStrategy, Metaplanet introduced “BTC Yield” as a KPI — a metric reflecting how effectively the firm accumulates BTC relative to its diluted share base. By late October, its BTC Yield stood at 12.2% YTD.
The firm explained that:
“BTC Yield is a key performance indicator (“KPI”) that represents the % change period-to-period of the ratio between the Company’s bitcoin holdings and its Assumed Diluted Shares Outstanding.”
November: Shareholder Support and Index Recognition
High Participation in Share Offering
Metaplanet’s October rights offering had a 72.8% participation rate, with over 13,000 shareholders subscribing. Strategic investor ECO FUND emerged with a 14.9% stake.
Amplify Transformational Data Sharing ETF (BLOK), alongside MicroStrategy and Coinbase
This marked a new phase—institutional recognition.
Raising More Capital via SAR Units
On Nov. 28, Metaplanet announced a plan to raise $62 million via stock acquisition rights to EVO FUND — potentially adding another 650 BTC to its stash.
December: Record Profits, Retail Push, and Bold Buys
On Dec. 23, the firm disclosed a purchase of 619.7 BTC for ~$59 million — its largest acquisition at the time. This brought total holdings to over 1,760 BTC.
Raising Over $60 Million Through Bonds
Through EVO FUND and other bond offerings, Metaplanet planned to raise up to $61 million more to acquire an estimated 569 BTC.
Shareholder BTC Giveaway
In partnership with SBI VC Trade, the firm distributed 30 million yen (~$200,000) in BTC to 2,350 shareholders via a lottery — the latest in its “Bitcoin First, Bitcoin Only” strategy to drive retail engagement.
Retail Benefits Program
Launching in December, shareholders with 100+ shares were granted BTC perks: hotel discounts, crypto platform bonuses, and additional giveaways through partners like SBI.
Profitable for the First Time Since 2017
Metaplanet forecasted 2024 revenue of 890 million yen ($5.8 million) and an operating profit of 270 million yen ($1.75 million). Its BTC options desk was expected to bring in over $3.4 million.
Eddie is a gaming and crypto writer at CCN. Covering the often weird and wonderful world of Web3 with an adoring, but skeptical eye.
Prior to CCN, Eddie has spent the past seven years working his way through the crypto, finance, and technology industry. He began with PR and journalism with Bitcoin PR Buzz and BitcoinNews.com, eventually working his way to become a copywriter with a dozen firms, including the likes of Polkadot before returning to journalism in 2023.
Having studied Radio production and journalism at University in the UK, Eddie spent a few years making podcasts and presenting on a local London radio station as he built up his writing chops.
A lifelong skateboarder, Eddie can often be found at the skatepark or touring the streets looking for something new to try. That, or kicking back playing JRPGs on his original PSP.
