Metaplanet's Bitcoin Gambit: Scaling Toward 100,000 Coins, At What Cost?

Metaplanet, a Tokyo-listed investment firm, has significantly expanded its Bitcoin holdings, acquiring an additional 136 BTC for approximately $15.2 million. This purchase brings the company’s total Bitcoin stash to 20,136 BTC, valued at around $2.08 billion, making it the sixth-largest publicly traded corporate holder of the cryptocurrency globally. The acquisition was made at an average price of $111,666 per Bitcoin, with the total investment now averaging $103,196 per coin. CEO Simon Gerovich disclosed the purchase, highlighting the firm’s strategic approach to accumulating Bitcoin as a treasury asset.

The firm’s aggressive accumulation strategy has yielded strong returns, with a BTC yield of 487% year-to-date in 2025. This metric, which measures the growth of Bitcoin holdings relative to fully diluted shares, reflects Metaplanet’s success in building a substantial Bitcoin position while managing shareholder dilution. The company has also revised its long-term targets, aiming to hold 30,000 BTC by year-end 2025 and 100,000 BTC by 2026. This marks a significant shift from its original plan of 10,000 BTC by 2025 and 21,000 BTC by 2026. With current holdings at 67% of its 2025 target and 20% of its 2026 goal, Metaplanet continues to scale its Bitcoin strategy.

Metaplanet’s rapid accumulation has positioned it as a major player in the growing trend of institutional Bitcoin adoption. As of early September 2025, over 200 public companies have Bitcoin holdings in their treasuries, collectively controlling more than 1 million BTC—approximately 4.5% of the asset’s circulating supply. Leading this trend is Strategy, which holds 636,505 BTC, followed by Mara, XXI, Bitcoin Standard Treasury Company, and Bullish. Metaplanet’s expansion has been supported by a revised capital-raising plan, which secured shareholder approval for an $884 million fund to finance its Bitcoin purchases. The initiative aims to address financing challenges while ensuring the company remains on track to meet its ambitious acquisition goals.

Despite the strong BTC yield, Metaplanet’s stock performance has shown volatility. The firm’s Tokyo-listed shares have fallen nearly 65% from their 2025 peak of $13.20 (¥1,930) to about $4.60 (¥680) as of early September 2025. This decline has been attributed to market pressure and a shrinking premium over its Bitcoin holdings, which has dropped from nearly eight times to about twice the value. Analysts have noted that the company’s flywheel model—relying on rising stock prices to fund additional purchases—has slowed in recent weeks. Concerns have also emerged regarding potential shareholder dilution, with the market reacting to the firm’s capital-raising plans.

The institutional adoption of Bitcoin as a corporate treasury asset is accelerating, with companies increasingly viewing the cryptocurrency as a strategic hedge against economic uncertainty. Metaplanet’s continued accumulation reflects growing institutional confidence in Bitcoin’s role as a long-term reserve asset. As the firm moves closer to its 2026 target of 100,000 BTC, it will face the challenge of managing market volatility while maintaining financial stability. The success of its strategy will depend on its ability to navigate capital constraints and maintain investor confidence in its Bitcoin-centric business model.