Metaplanet Quadruples Bitcoin Holdings to 15,555 BTC in 2025

Japanese firm Metaplanet has significantly expanded its Bitcoin holdings with the acquisition of an additional 2,205 BTC, bringing its total holdings to 15,555 BTC. This latest purchase is valued at approximately 34.5 billion yen, or $1.7 billion, at an average purchase price of 14.5 million yen per coin. The company's aggressive accumulation strategy has been in place since December 2024, when it designated Bitcoin treasury operations as an official business line.

Metaplanet's BTC Yield, a key metric tracking the percentage change in Bitcoin holdings per fully diluted share, saw a notable increase of 15.1% between July 1 and July 7. This surge added 2,017 BTC worth 31.7 billion yen to the company's holdings. The BTC Yield metric is crucial as it highlights the net Bitcoin growth relative to share dilution, which Metaplanet views as a measure of shareholder accretion.

The company's steady Bitcoin purchases have been funded through a combination of capital market activities and operating income. Notably, Metaplanet executed an early redemption of 6 billion yen from a recent bond issuance, repaying investors with proceeds raised from recent stock acquisition rights exercises. This strategic move underscores the firm's commitment to its Bitcoin-focused strategy, which has outpaced traditional corporate approaches to digital assets.

Since early 2025, Metaplanet has quadrupled its Bitcoin holdings, expanding from under 4,000 BTC in March to over 15,500 BTC in July. This rapid accumulation mirrors the moves of U.S.-based Strategy but on a Japanese scale. CEO Simon Gerovich highlighted the company's achievements, stating, "Metaplanet has acquired 2,205 BTC for ~$238.7 million at ~$108,237 per bitcoin and has achieved BTC Yield of 416.6% YTD 2025. As of 7/7/2025, we hold 15,555 $BTC acquired for ~$1.54 billion at ~$99,307 per bitcoin."

Despite the aggressive accumulation, skepticism around the long-term viability of the Bitcoin treasury strategy is growing. Analysts have raised concerns over the sustainability of this approach, arguing that the easy gains might already be gone for new entrants as the market matures. Matthew Sigel, head of digital asset research at VanEck, has voiced concerns over the use of at-the-market (ATM) share issuance programs, which can become dilutive if a company’s stock price nears its Bitcoin net asset value (NAV).

Additionally, New York law firm Pomerantz LLP has filed a class action lawsuit against Michael Saylor’s Strategy, accusing the Bitcoin-focused firm of misleading investors about the profitability and risks of its crypto investment strategy. These developments highlight the increasing scrutiny and potential challenges faced by companies adopting Bitcoin treasury strategies.