Metaplanet Aims to Overtake MicroStrategy in Bitcoin Race

Metaplanet Inc. has increased its Bitcoin holdings by acquiring an additional 136 BTC for approximately $15.2 million, raising its total Bitcoin stash to 20,136 BTC, valued at around $2.08 billion at an average cost of $103,196 per coin. This acquisition positions the Tokyo-listed firm as the sixth-largest publicly traded corporate holder of Bitcoin globally, according to recent filings and market data. The company is currently working toward its target of accumulating 30,000 BTC by the end of 2025 and 100,000 BTC by 2026, having achieved 67% of its 2025 goal and 20% of its 2026 target with the latest purchase.

The firm has significantly revised its initial acquisition goals, expanding from a previous target of 10,000 BTC by 2025 to 20,136 BTC at the current pace. CEO Simon Gerovich indicated in June that the company aims to amass 210,000 BTC by 2027, potentially making Metaplanet the second-largest public corporate holder of Bitcoin, trailing only MicroStrategy’s 636,505 BTC holdings. Gerovich also mentioned on X that the latest purchase was made at an average price of $111,666 per Bitcoin, reflecting the company’s continued commitment to the cryptocurrency despite volatility in its stock price.

To support its ambitious acquisition strategy, Metaplanet recently secured shareholder approval for an $884 million capital raising plan. The fundraising is intended to address liquidity pressures, particularly following a 65% decline in its stock price from its peak in 2025 to the current level of $4.60 per share. Independent director Pranav Agarwal of Jetking Infotrain India, the first listed Bitcoin treasury company in India, noted that Metaplanet appears to be managing its risk effectively, with low debt exposure relative to its Bitcoin net asset value (NAV). Agarwal stated that as long as Bitcoin’s market price does not compress significantly near the company’s BTC NAV, its momentum is unlikely to slow.

The company’s share price has fallen 30% in the past month but remains up 101% year-to-date. Despite the decline, Metaplanet continues to attract attention for its strategic investments in Bitcoin, aligning with broader market movements. The Bitcoin Fear & Greed Index recently returned to a “neutral” reading from a “fear” zone, suggesting a shift in market sentiment. Metaplanet’s increased Bitcoin acquisition coincided with similar activity from El Salvador, which added 21 BTC to its holdings in observance of Bitcoin Day, the anniversary of the country's legal tender law.

As Bitcoin treasury companies collectively hold over 1 million BTC—approximately 5% of the circulating supply—some analysts believe this growing institutional demand could create a strong buying base for the cryptocurrency. If selling pressure diminishes, it could lead to significant price increases over a short period. However, such gains may be offset by new supply entering the market from continued institutional purchases. Analysts continue to monitor how Metaplanet and similar firms balance capital raising, stock performance, and Bitcoin accumulation as part of their long-term treasury strategies.