Metaplanet Inc. has significantly expanded its Bitcoin reserves, executing its single largest purchase to date. On Monday, the Japanese investment house acquired 5,419 BTC, representing an investment of approximately $632.53 million. The transaction was executed at an average price of $116,724 per coin. This strategic move has propelled Metaplanet into the ranks of the world’s top five corporate holders of the cryptocurrency, positioning it ahead of Peter Thiel’s Bullish and just behind Strategy, Marathon Digital, XXI, and Bitcoin Standard Treasury Company.
With this latest addition, Metaplanet’s total Bitcoin holdings now stand at 25,555 BTC. The current market value of this portfolio is estimated at $2.91 billion, with the firm’s average acquisition cost per Bitcoin calculated at $106,065. Simon Gerovich, Chief Executive Officer of Metaplanet, confirmed the purchase as the “largest single acquisition in our history” and identified it as the “first tranche funded by our public offering.”
Funding and Strategic Trajectory
The substantial $632 million acquisition was primarily financed through the recent completion of a $1.45 billion public share offering. This purchase represents a major step toward the company’s publicly stated goals. It brings Metaplanet to 85.2% of its 2025 target of 30,000 BTC and marks significant progress on its ambitious roadmap to accumulate 100,000 coins by 2026.
Dylan LeClair, the firm’s Director of Bitcoin Strategy, indicated that this is merely the beginning, stating that “this purchase constitutes only the first tranche.” Further acquisitions utilizing the remaining capital from the offering are planned. The company’s long-term vision, extending to 2027, involves amassing 210,000 BTC through its “555-million-plan,” an initiative designed to mobilize $5.4 billion for Bitcoin procurement.
The performance of Metaplanet’s Bitcoin strategy has been notable, with its “BTC Yield” reaching 95.6% in Q1 2025, climbing to 129.4% in Q2, and posting a 10.3% gain from July 1st to September 22nd. The cumulative yield for 2025 stands at an impressive 395.1%, significantly outperforming traditional treasury management approaches.
Organizational Restructuring for Growth
Beyond its aggressive accumulation of digital assets, Metaplanet has undertaken significant organizational changes to support its strategy. In September 2025, the firm established two new subsidiaries: Bitcoin Japan Inc. in Tokyo and Metaplanet Income Corp. in Miami, each capitalized with $15 million in startup funding.
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The Miami-based entity, Metaplanet Income Corp., will focus on derivatives operations and other yield-generating activities that are separate from the core treasury holdings. This structural separation is intended to enhance risk management protocols and create new, diversified revenue streams.
Share Price Divergence from Bitcoin Performance
Despite the substantial growth in its Bitcoin assets, Metaplanet’s share price has faced considerable pressure, trending downward since June 2025. The stock has lost approximately 70% of its value, currently trading around 556 yen. On the day of the acquisition announcement, Monday, the stock closed at 589 yen after opening the trading session at 648 yen.
Market data suggests substantial short-selling activity by institutional investors is contributing to the decline. For instance, Morgan Stanley MUFG holds a short position of nearly 20 million shares, equivalent to 2.83% of the company. The annual stock loan fee for Metaplanet shares on the Interactive Brokers platform has surged to 54%, indicating a scarcity of available shares for borrowing. Nevertheless, the company maintains a significant financial buffer from an estimated $190 million in unrealized gains on its Bitcoin holdings.
Industry Positioning and Future Outlook
Metaplanet’s assertive strategy solidifies its position as a leading Bitcoin-focused treasury company in Asia. The firm’s approach mirrors that of Strategy (formerly MicroStrategy), the corporation that pioneered the corporate Bitcoin model and currently holds 639,835 BTC.
Globally, corporate Bitcoin holdings have surpassed the one-million-BTC threshold, accounting for roughly five percent of the circulating supply. This trend of corporate adoption has accelerated markedly throughout 2025.
Looking ahead, Metaplanet’s immediate milestones include achieving its annual target of 30,000 BTC and implementing the derivatives-based strategy through its Miami subsidiary. The company’s systematic approach to Bitcoin acquisition, coupled with its operational expansion, is strengthening its standing within the rapidly growing sector of institutional cryptocurrency adoption.
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