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Metaplanet Inc. has solidified its position as the fourth-largest publicly traded
holder globally after acquiring 5,268 BTC for approximately $623 million. This acquisition, executed at an average price of $118,328 per coin, increased the company's total Bitcoin holdings to 30,823 BTC, surpassing its fiscal year 2025 target of 30,000 BTC[1]. The purchase, funded through a $1.4 billion equity raise in September 2025[2], has positioned the Tokyo-listed firm behind only Strategy (640,031 BTC), (52,477 BTC), and XXI (43,514 BTC) in corporate Bitcoin reserves[3].The transaction reflects Metaplanet's aggressive accumulation strategy, which has accelerated since 2024. From 748 BTC in October 2024, the company expanded its reserves to 30,823 BTC by October 2025 through a series of large purchases, including 11,111 BTC in June 2025[4]. CEO Simon Gerovich has outlined a long-term goal of accumulating 210,000 BTC by 2027, representing roughly 1% of Bitcoin's total supply[5]. This ambition is supported by a diversified revenue model, including Bitcoin Income Generation, which reported $16.28 million in Q3 2025 revenue-a 115.7% increase from Q2 2025[6].
Financial performance has underpinned Metaplanet's Bitcoin strategy. The company revised its FY2025 guidance to $45.4 million in revenue and $31.38 million in operating profit, doubling previous forecasts[7]. Quarterly BTC yield metrics have consistently exceeded targets, with Q3 2025 achieving a 33.0% yield, adding 4,412 BTC in gains through treasury operations[8]. The firm's Q3 revenue of ¥2.438 billion (approximately $16.5 million) reflects operational scalability, with Gerovich emphasizing that the results strengthen the foundation for planned preferred share issuances[9].
Institutional backing has further bolstered Metaplanet's credibility. Capital Group, a $2.6 trillion asset manager, acquired an 11.45% stake in the company for $500 million, becoming its largest shareholder[10]. This investment coincided with Metaplanet's international equity offering, which raised $1.45 billion through 385 million new shares[11]. The firm has also expanded its infrastructure, launching Metaplanet Income Corp. in the U.S. to monetize Bitcoin derivatives and Bitcoin Japan Inc. to drive adoption through media and conferences[12].
Market reactions to Metaplanet's strategy have been mixed. While its U.S.-listed shares (MTPLF) rose 8.86% in early October[13], Tokyo-listed stock fell 10.26% on October 1, reflecting investor caution amid a 38% monthly decline in share price[14]. Despite this, the company's market capitalization of ¥588.74 billion (approximately $4.1 billion) and P/E ratio of 59.74 indicate high growth expectations[15]. Analysts note that Metaplanet's approach-combining treasury accumulation, revenue diversification, and institutional partnerships-could influence broader institutional adoption in Asia[16].
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