Metaplanet Surpasses Hut 8 Mining as 8th Largest Bitcoin Holder with 11,111 BTC

Metaplanet, a Tokyo-based investment firm, has surpassed Hut 8 Mining to become the eighth-largest corporate holder of Bitcoin. On June 23, 2025, the company acquired 1,111 BTC, bringing its total holdings to 11,111 BTC, valued at approximately $1.1 billion. This strategic move underscores Metaplanet's aggressive accumulation strategy, aiming to reach 30,000 BTC by 2025, mirroring the reserve strategies of other prominent companies like MicroStrategy.

The acquisition took place amidst geopolitical tensions, particularly following U.S. airstrikes on Iranian nuclear sites, which briefly caused Bitcoin's price to drop below $100,000. Despite this volatility, Bitcoin has since recovered, trading at around $101,800 at the time of the purchase. Metaplanet's Representative Director, Simon Gerovich, confirmed the transaction and highlighted the company's year-to-date Bitcoin yield of 306.7% in 2025. This yield has increased from 95.6% in the first quarter to 107.9% in the second quarter, measured against fully diluted share metrics.

Metaplanet's Bitcoin strategy involves a continuous accumulation of the cryptocurrency, with the company's overall Bitcoin purchases totaling roughly 156.4 billion yen, or about $1.07 billion. The BTC Yield metric, which tracks the percentage growth in BTC holdings per fully diluted share, serves as a key performance indicator for shareholders. This metric provides a benchmark for the company's effectiveness in managing its Bitcoin treasury.

Despite the strategic expansion of its Bitcoin holdings, Metaplanet's stock experienced a 6% decline in Tokyo trading on June 23. This drop is attributed to broader market uncertainty stemming from the escalating Iran-Israel conflict and Iran's retaliatory move to shut the Strait of Hormuz. The geopolitical instability has worsened risk sentiment across global markets, leading to a sell-off in Metaplanet's shares. However, the decline appears more tied to market conditions rather than concerns over the company's treasury approach.

Metaplanet's updated investor filing includes detailed calculations of its BTC Yield, BTC Gain, and Yen-denominated value across quarterly periods. From July to September 2024, the company posted a BTC Yield of 41.7%, which rose to 309.8% in the fourth quarter. As of June 23, BTC per fully diluted share had increased to 0.0146377, up from just 0.0008781 on September 30, 2024. BTC Gain (quarter-to-date) also jumped to 4,367 BTC, translating to over ¥66.1 billion ($418 million) in local currency terms.

The company's capital strategy involves multiple share issuances and bond placements with EVO FUND. Metaplanet completed the 13th through 17th Series of Stock Acquisition Rights in early 2025 and received proceeds totaling JPY 4 billion from the 6th Series of Ordinary Bonds on February 10. These funds were allocated directly to its Bitcoin treasury operations, ensuring accurate and fair measurement of dilution.

Industry observers expect Metaplanet to continue its aggressive Bitcoin accumulation strategy, with the firm reportedly targeting a total of 210,000 BTC by 2027—roughly 1% of the total supply. This trajectory suggests further capital deployments are likely, positioning Metaplanet as a significant player in the corporate Bitcoin landscape. The company's growing Bitcoin position continues to draw attention as both a financial strategy and a hedge amid rising global uncertainty.