Metaplanet Inc. Buys 1,111 Bitcoin, Boosts Holdings to 11,111 BTC

Metaplanet Inc., a Tokyo-listed firm, has made a significant move in the cryptocurrency market by acquiring an additional 1,111 Bitcoin, bringing its total holdings to 11,111 BTC. This purchase, made at an average price of ¥15,535,502 per coin, amounts to ¥17.26 billion, or approximately $108 million. The company has now invested over ¥156.4 billion ($980 million) in Bitcoin, positioning itself as one of the most aggressive corporate Bitcoin accumulators in Asia.

Metaplanet's strategy mirrors that of MicroStrategy, with ambitious plans to hold 210,000 BTC by 2027, equivalent to 1% of Bitcoin’s total capped supply. The company's aggressive acquisition plan has caught the attention of both investors and crypto analysts, who are closely monitoring its progress.

One of the key performance metrics disclosed by Metaplanet is the BTC Yield, which measures the ratio of total Bitcoin holdings to fully diluted shares outstanding. As of June 23, 2025, Metaplanet reports a BTC Yield of 107.9% quarter-to-date, a significant increase from 95.6% in Q1. This metric provides a clearer view of shareholder value generation through Bitcoin rather than stock issuance.

To support its aggressive Bitcoin buying spree, Metaplanet has utilized various capital markets strategies, including convertible notes issuance, ATM (At-the-Market) equity facilities, and zero-discount stock warrants. On the same day as the BTC acquisition notice, the company announced a new allotment of stock acquisition rights worth ¥558.7 million to institutional investor EVO FUND. Proceeds from these financings are consistently funneled into Bitcoin, driving the BTC accumulation process quickly but also sparking a sustainability debate.

Metaplanet's stock valuation has become a point of interest, with the company trading at an implied BTC valuation of ¥93 million to ¥118 million per coin, or $596,000 to $759,000 per BTC. This premium indicates a strong investor appetite but also raises the stakes for more-traditional investors, who may be wary of the wider crypto market’s vagaries. Despite this, Metaplanet’s shares have surged more than 1,600% in the past 12 months, significantly outperforming even MicroStrategy’s stock over the same period.

Metaplanet's strategic vision, initially launched as the “21 Million Plan,” has been upgraded with new targets of 30,000 BTC by the end of 2025, 100,000 BTC by the end of 2026, and 210,000 BTC by 2027. CEO Simon Gerovich has framed the vehicle as a Bitcoin-native asset with a fund structure optimized for Japanese investors, providing tax-efficient access to BTC in equities form. This appeal is particularly salient in Japan, where retail investors face complex tax rules if they’re holding crypto directly.

Metaplanet's continued BTC purchases reinforce the narrative that Bitcoin is becoming a legitimate treasury asset for companies far beyond North America. While firms like MicroStrategy, Block, and Tesla have led the charge in North America, Asia is now entering the stage more aggressively, with Metaplanet at the forefront. The company's bold moves in the Bitcoin market are positioning it as Japan’s Bitcoin proxy, with a clear strategy to accumulate a significant portion of the total Bitcoin supply by 2027.