Japanese investment firm Metaplanet Inc. is making waves across financial markets with its ambitious “Project Mercury” initiative, positioning itself as Asia’s most significant corporate holder of Bitcoin. The company’s treasury now contains 30,800 BTC, accumulated at an average purchase price of $107,912 per Bitcoin. This strategic accumulation comes as the firm announced a preferred share issuance totaling ¥21.25 billion (approximately $135 million), with investor response immediately reflected in share price movements.
Financial Performance Defies Share Price Challenges
Despite share price struggles—currently trading around ¥357 and down approximately 80% from June peaks—Metaplanet’s operational performance tells a different story. Third-quarter 2025 revenue surged 115.7% to ¥2.438 billion, driven by both Bitcoin-related activities and established media operations including Bitcoin Magazine Japan.
The company’s full-year 2025 forecast has been doubled to ¥6.8 billion, while its market-to-NAV ratio stands at just 0.88, indicating the market values Metaplanet’s Bitcoin treasury below its actual worth.
Project Mercury: A Strategic Treasury Expansion
Announced November 20, Project Mercury involves issuing Series B preferred shares with a fixed annual dividend of 4.9%. These shares are convertible to common stock, creating a strategic separation between long-term capital and short-term volatility. From the net proceeds, approximately $95 million will be allocated to additional Bitcoin purchases between December 2025 and March 2026.
Key metrics highlight the strategy’s impact:
* Bitcoin holdings expanded from approximately 1,100 BTC at the end of 2024 to over 30,800 BTC
* Year-to-date Bitcoin returns reached an impressive 497%
* Average acquisition cost maintained at $107,912 per Bitcoin
Should investors sell immediately? Or is it worth buying Metaplanet?
Investors are currently weighing potential dilution effects against the substantial value creation from the Bitcoin strategy.
December Shareholder Vote to Determine Trajectory
A critical extraordinary general meeting scheduled for December 22 will see shareholders vote on Project Mercury’s approval. Management control and support from major shareholders make passage virtually certain, given their established backing of the Bitcoin accumulation strategy.
From a technical perspective, the ¥350 level represents crucial support. If this holds and the planned $95 million Bitcoin investment proceeds as scheduled, market observers suggest this could catalyze a year-end rally.
The company’s aggressive positioning has established Metaplanet as Asia’s leading corporate Bitcoin adopter, creating a new paradigm for treasury management strategies in the region.
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