Metaplanet's Bitcoin Gambit: Betting Big on Institutional Future

Metaplanet, a Tokyo-listed investment company, has continued to expand its Bitcoin treasury with the acquisition of 136 additional Bitcoin, bringing its total holdings to 20,136 BTC. The latest purchase, made at an average price of approximately $111,666 per Bitcoin, lifts the firm’s total investment in Bitcoin to $2.08 billion. This acquisition reflects Metaplanet’s strategic goal of accumulating 30,000 BTC by the end of 2025 and 100,000 BTC by 2026, positioning it as the sixth-largest public corporate holder of Bitcoin globally [2]. The firm’s Bitcoin yield metric, which measures growth per fully diluted share, increased by 129.4% in Q2 and stands at 30.8% as of Q3 to date [1].

Collectively, corporate Bitcoin treasury holders now hold over 1 million BTC, with Metaplanet contributing 20,136 BTC to this pool. The largest public holder, Strategy, controls 638,460 BTC, while Metaplanet has achieved 67% of its 2025 target and 20% of its 2026 goal [2]. To meet its targets, the firm must acquire an additional 9,864 BTC by the end of 2025 and 79,864 BTC by 2026. Metaplanet has also secured shareholder approval for an $884 million capital-raising plan to address liquidity challenges and support its ambitious acquisition strategy [2]. Analysts, including Pranav Agarwal, have noted that the firm is on track to achieve its goals, provided its market price does not compress significantly near its BTC net asset value [2].

Despite Metaplanet’s ongoing Bitcoin purchases, its stock has declined significantly, trading at around $4.60 per share as of September 8, 2025, down from a peak of $13.20 in 2025. The firm’s shares have fallen roughly 65% year to date, reflecting broader market volatility and pressure on its capital-raising efforts. The decline in share price has been attributed to both a modest drop in the price of Bitcoin and a shrinking mNAV, or market value relative to the firm’s Bitcoin holdings [1]. In response to this pressure, Metaplanet announced a public share offering in overseas markets to raise additional capital and maintain its financial stability [2].

The company’s expansion into Bitcoin treasuries is part of a broader trend among institutional investors, who are increasingly adopting the asset as part of their corporate portfolios. According to Bitbo, over 186 publicly traded companies now hold Bitcoin, with Metaplanet being the largest in Japan. Its CEO, Simon Gerovich, has stated that the firm’s long-term goal is to hold 210,000 BTC by 2027, which would make it the second-largest corporate holder of Bitcoin behind Strategy [3]. Analysts have suggested that the continued accumulation by institutional investors is creating a strong base of demand for Bitcoin, potentially supporting long-term price stability.

Metaplanet’s recent acquisition is part of a broader shift in institutional investor behavior, with analysts noting that corporate and ETF-driven inflows are disrupting Bitcoin’s traditional four-year cycle driven by supply scarcity and halving events. Tom Lee of Fundstrat has warned that these institutional dynamics may break the traditional pattern of price surges followed by corrections. Instead, the market is increasingly influenced by macroeconomic factors and institutional capital flows. With corporate holdings now accounting for a significant portion of Bitcoin’s circulating supply, the role of institutional buyers is likely to shape future price movements more than the halving mechanism [5].

Source: [1] Metaplanet Grows Bitcoin Treasury With Additional 136 ... (https://www.coindesk.com/business/2025/09/08/metaplanet-brings-bitcoin-holdings-to-more-than-20k-with-latest-purchase) [2] Metaplanet Acquires 136 More Bitcoin as It Races Toward ... (https://finance.yahoo.com/news/metaplanet-acquires-136-more-bitcoin-065656641.html) [3] Metaplanet, El Salvador add Bitcoin as sentiment shifts ... (https://cointelegraph.com/news/metaplanet-el-salvador-bitcoin-purchase-2025) [4] Here's 5 Things Bitcoin Traders Are Talking About This Week (https://cointelegraph.com/news/btc-dip-predictions-fall-below-90k-5-things-to-know-in-bitcoin-this-week) [5] Institutional Buyers May Break Bitcoin's Traditional Four-Year ... (https://finance.yahoo.com/news/institutional-buyers-may-break-bitcoin-141315149.html)