Metaplanet's Bitcoin Gains Outpace Stock Slide in High-Risk Strategy

Metaplanet, a Tokyo-listed investment firm, has solidified its position as the fifth-largest corporate Bitcoin holder after acquiring 5,419 BTC for $632.53 million at an average price of $116,724 per coin. The purchase, announced on September 22, 2025, brings the company’s total Bitcoin holdings to 25,555 BTC, valued at approximately $2.71 billion with an average cost basis of $106,065 per coin Metaplanet Becomes Fifth-Largest BTC Treasury Holder - CoinDesk^[1]. This acquisition accelerates Metaplanet’s Bitcoin accumulation strategy, which aims to secure 210,000 BTC by 2027 under its "555 Million Plan," a revised target that replaces its earlier goal of 21,000 BTC by 2026 Metaplanet Acquires 5,419 BTC, Re-Enters Top 5 BTC Holders List^[2]. The company has raised $1.4 billion through an international share offering to fund further purchases, with nearly half of the proceeds already allocated to Bitcoin acquisitions Metaplanet Buys 5,419 BTC, Total Holdings Reach 25,555 BTC^[3].

The purchase elevates Metaplanet’s Bitcoin yield to 395.1% year-to-date in 2025, reflecting the asset’s performance relative to the company’s fully diluted share count. This metric underscores the firm’s aggressive approach to leveraging Bitcoin as a core treasury asset, a strategy akin to MicroStrategy’s model in the United States Metaplanet Becomes Fifth Largest Corporate Bitcoin Holder^[4]. CEO Simon Gerovich emphasized that the recent acquisition is “just the first tranche” of a broader capital-raising initiative, signaling continued expansion of the firm’s Bitcoin holdings Metaplanet’s $632M Bitcoin Bet vs Strategy’s Smaller Buy^[5]. The company’s Bitcoin yield for the quarter alone reached 10.3%, highlighting the rapid pace of its accumulation efforts Metaplanet Boosts Bitcoin Holdings with $632M Acquisition^[6].

Despite the significant investment, Metaplanet’s stock price has underperformed, falling 1.64% following the announcement. The shares, which have dropped 28% in the past month, remain 66.71% higher year-to-date, reflecting mixed investor sentiment Metaplanet Adds Another 5,419 BTC^[7]. The decline coincides with a broader market downturn, as Bitcoin’s price dipped below $115,000 to $114,491 at press time. This volatility has impacted corporate treasuries linked to digital assets, with both Metaplanet and Capital B reporting unrealized losses on recent purchases Metaplanet Tops 20,000 BTC, Joins Global Top 6 Treasuries^[8].

Metaplanet’s Bitcoin strategy has positioned it as a key player in the corporate adoption of cryptocurrency. The firm now holds more Bitcoin than U.S. mining company Riot Platforms, securing a spot in the global top six corporate treasuries Metaplanet Acquires 18,374 BTC, Targets 210,000 by 2027^[9]. Its holdings surpass those of Bullish, a crypto exchange, and place it behind only Strategy (formerly MicroStrategy), Marathon Digital, Twenty One Capital, and the Bitcoin Standard Treasury Company Metaplanet Bitcoin Strategy 2025: Holdings, Rankings & Asia Expansion^[10]. The company’s approach, which includes the establishment of a U.S. subsidiary in Miami to manage derivatives operations, reflects a dual focus on Bitcoin’s long-term value and revenue generation Metaplanet’s $632M Bitcoin Bet vs Strategy’s Smaller Buy^[11].

Market analysts note that Metaplanet’s actions align with a growing trend of institutional Bitcoin adoption. Over 80 listed companies globally now hold Bitcoin, collectively accounting for 3–3.4% of the total supply. Projections suggest institutional investments in corporate Bitcoin holdings could reach hundreds of billions by 2029 as firms seek to hedge against fiat depreciation and diversify portfolios Metaplanet Bitcoin Strategy 2025: Holdings, Rankings & Asia Expansion^[12]. Metaplanet’s strategy, however, carries risks, as its stock has underperformed compared to Strategy’s, which added 850 BTC at a lower average price of $117,344 during the same period Metaplanet’s $632M Bitcoin Bet vs Strategy’s Smaller Buy^[13].