Metaplanet Surpasses CleanSpark as Fifth-Largest Corporate Bitcoin Holder with 349% Yield

Metaplanet, a Japanese Bitcoin treasury firm, has recently surpassed mining company CleanSpark to become the world’s fifth-largest corporate holder of Bitcoin. This achievement came after the firm purchased an additional 1,005 BTC for $108 million, bringing its total holdings to 13,350 BTC. The average cost per BTC for this acquisition was around $97,832, resulting in a total investment of $1.31 billion. At current market prices, Metaplanet’s Bitcoin treasury is valued at approximately $1.45 billion.

With this latest purchase, Metaplanet has moved ahead of several major corporate holders, including Tesla, Hut 8, Coinbase, and Block Inc. The firm now trails only MicroStrategy, Marathon Digital, Twenty One Capital, and Riot Platforms in terms of Bitcoin treasury size. Metaplanet CEO Simon Gerovich highlighted that the average price for the recent acquisition was $107,601 per BTC, and the firm has recorded a year-to-date Bitcoin yield of 349%.

This significant acquisition was made possible through a strategic bond refinancing initiative. Metaplanet issued 30 billion yen ($208 million) in 0% ordinary bonds through its EVO fund to secure additional Bitcoin. Simultaneously, the firm bought back and canceled its third series of ordinary bonds worth 1.75 billion yen ($12 million), which carried a 0.36% annual interest rate. By issuing zero-interest bonds and canceling previous debt, Metaplanet has effectively secured an interest-free cash float for its continued Bitcoin accumulation. The funds raised through the issuance of the new bonds will be partially allocated to the buyback and cancellation, with the remainder used for the purchase of Bitcoin.

This refinancing approach aligns with Metaplanet’s recently revised Bitcoin accumulation strategy, which now targets 100,000 BTC by 2026, significantly higher than its previous target of 21,000 BTC. The firm has further outlined plans to raise $5.4 billion to acquire up to 210,000 BTC by 2027, positioning itself as the potential second-largest corporate Bitcoin holder globally if current rankings remain unchanged. The aggressive expansion strategy has been well received by the market, with Metaplanet’s stock price jumping 9% on Monday in Japan and soaring over 350% since the beginning of 2025.

Metaplanet's bold expansion plans and strategic financing methods reflect a growing trend among corporations to recognize the potential of digital assets as a store of value and a hedge against inflation. The firm's decision to issue bonds to fund its Bitcoin purchases highlights the innovative financing methods being employed by corporations to capitalize on the opportunities presented by the cryptocurrency market. As more companies adopt Bitcoin as part of their treasury management strategies, the digital currency is likely to gain further legitimacy and stability. Metaplanet's move to become a major corporate holder of Bitcoin is indicative of the growing acceptance of cryptocurrencies in the mainstream financial world, and its decision to issue bonds to fund its Bitcoin purchases also highlights the innovative financing methods being employed by corporations to capitalize on the opportunities presented by the cryptocurrency market.