Bitcoin News Today: Metaplanet's Bitcoin Bet: Can Stock Dilution Fuel a $2.1B Treasury?

Japan-based Metaplanet has significantly expanded its Bitcoin treasury, acquiring 1,009 bitcoins for approximately 16.48 billion Japanese yen ($112 million), which brought its total holdings to 20,000 BTC. The purchase, made at an average price of $111,068 per coin, was announced on Monday and marks the firm’s continued aggressive expansion in cryptocurrency accumulation. This acquisition now positions Metaplanet as the sixth-largest public Bitcoin treasury globally and the largest in Japan, according to BitcoinTreasuries.net data [3].

The firm’s Bitcoin holdings have grown rapidly in 2025, increasing from just over 13,000 BTC at the end of June to 20,000 BTC by early September. These purchases have been funded through capital market activities, including the recent issuance of 11.5 million new shares, as well as operating income. An investor known as Evo Fund exercised its warrants to acquire stock, purchasing 10 million shares at $5.67 and 1.5 million at just under $6, contributing approximately $65.73 million to the firm. The proceeds were used to finance the early redemption of about $20.4 million worth of previously issued bonds [3].

In a move to further support its Bitcoin acquisition strategy, Metaplanet announced last week plans to raise 130.3 billion yen ($880 million) through an international share offering. This comes amid broader plans to issue up to 555 million preferred shares that could raise as much as 555 billion yen ($3.7 billion), subject to shareholder approval. The firm’s CEO, Simon Gerovich, has previously suggested that Bitcoin could serve as collateral to secure funds for future investments in cash-generating businesses. The company’s balance sheet now reflects an aggregate Bitcoin valuation of approximately $2.14 billion, with an average purchase price of $102,800 per coin [2].

The recent expansion has led to a 30.7% BTC Yield for the quarter ending Sept. 1, a non-traditional metric the firm uses to measure Bitcoin holdings relative to fully diluted shares. This figure pales in comparison to earlier quarters in 2025, when BTC Yield reached as high as 309.8%, underscoring the volatility and scaling challenges associated with large-scale Bitcoin treasury strategies [2]. Metaplanet’s approach has drawn comparisons to U.S. firm MicroStrategy, which has similarly positioned Bitcoin as a core reserve asset. Both firms argue that holding the cryptocurrency provides a hedge against inflation and stock dilution.

However, the firm faces headwinds as its stock price has declined by 54% since mid-June, despite Bitcoin gaining roughly 2% over the same period. The falling share price has made it less attractive for investors such as Evo Fund to exercise their warrants, potentially squeezing Metaplanet’s liquidity and limiting its ability to acquire more Bitcoin. Despite these challenges, the company remains committed to its strategy, with plans to issue new shares and seek international capital to continue its expansion. Meanwhile, Bitcoin’s price has dropped 1.53% in the past 24 hours to $107,605, slightly below the average price at which Metaplanet made its recent purchases [1].

Source: [1] Metaplanet Surpasses 20000 BTC With $112M Bitcoin Purchase (https://bitbo.io/news/metaplanet-20000-btc-milestone/) [2] Metaplanet Bitcoin Holdings Climb To 20,000 BTC After $108.6M Purchase (https://finance.yahoo.com/news/metaplanet-bitcoin-holdings-climb-20-052149775.html) [3] Metaplanet Buys 1009 BTC, Reaches 20000 BTC (https://cointelegraph.com/news/metaplanet-20000-btc-treasury-share-price-slump)