Metaplanet Raises $1.4B for Bitcoin as Shares Slide 30%

Metaplanet, a Japanese corporation, has emerged as the fifth-largest corporate holder of Bitcoin (BTC) following a $632.5 million purchase of 5,419 BTC at an average price of $116,724 per coin. This acquisition elevates the company’s total Bitcoin holdings to 25,555 BTC, valued at approximately $2.71 billion at current market prices, with an average cost basis of $106,065 per bitcoinMetaplanet Becomes Fifth Largest BTC Treasury Holder - CoinDesk^[1]. The purchase, disclosed on September 22, 2025, surpasses Bullish, a crypto exchange, in total reserves and positions Metaplanet closer to its stated goal of amassing 30,000 BTC by year-endBreaking: Metaplanet Becomes Fifth-Largest Corporate Bitcoin …^[2].

The transaction reflects a strategic expansion of Metaplanet’s Bitcoin treasury, which has generated a year-to-date yield of 395.1% in 2025, driven by institutional demand for the asset. Dylan LeClair, the company’s head of Bitcoin strategy, emphasized that the recent purchase is “just the first tranche” of a broader accumulation plan. Metaplanet has already raised $1.4 billion in funding to further scale its holdings, signaling long-term confidence in Bitcoin’s value propositionMetaplanet Buys $623M of Bitcoin Just Before BTC Price Crash, …^[3]. The firm’s treasury now accounts for 10.6% of the total daily mined BTC supply, highlighting its aggressive accumulation paceMetaplanet Becomes Top 5 Bitcoin Treasury with $633M Buy^[4].

Despite the significant investment, Metaplanet’s shares have underperformed, trading 3% lower at 589 yen on the Tokyo Stock Exchange as of the purchase announcement. The stock remains 73% below its historical peak, reflecting broader market volatility. Bitcoin’s price dip to $111,700 shortly after the acquisition has also eroded the company’s unrealized gains, with its $2.71 billion investment now valued at nearly $3 billion but facing a 3.9% paper loss against current pricesMetaplanet Becomes Fifth Largest BTC Treasury Holder - CoinDesk^[5].

The move underscores a growing trend of corporate Bitcoin adoption, with Metaplanet joining a select group of entities including MicroStrategy and Marathon Digital Holdings. Analysts note that such purchases are increasingly viewed as a hedge against macroeconomic uncertainties, though they also expose firms to market risks. The company’s ability to balance treasury growth with stock performance will be critical, particularly as it faces institutional short-selling pressure from major financial firms like Morgan Stanley and UBSMetaplanet Buys $623M of Bitcoin Just Before BTC Price Crash, …^[6].

Metaplanet’s expansion strategy includes establishing new subsidiaries in Japan and the U.S., with a $15 million initial capital allocation for its Miami-based Metaplanet Income Corp. and a $385 million share issuance to raise $1.44 billion for Bitcoin-related operationsMetaplanet Becomes Top 5 Bitcoin Treasury with $633M Buy^[7]. These steps aim to solidify its position in the corporate Bitcoin landscape while addressing liquidity constraints. However, the firm’s stock has declined 30% over the past month, raising questions about its fundraising model’s sustainability amid fluctuating crypto pricesMetaplanet Becomes Top 5 Bitcoin Treasury with $633M Buy^[8].