Metaplanet and Blockchain Group Boost BTC Amid Treasury Doubts

Japanese and European firms aggressively increase BTC holdings, signaling institutional confidence despite rising concerns over long-term strategy viability.

In a bold move that reinforces the growing institutional embrace of Bitcoin, Japan’s Metaplanet and France-based The Blockchain Group have significantly expanded their cryptocurrency holdings. The aggressive accumulation comes amid a broader debate over the sustainability and strategic soundness of corporate Bitcoin treasury strategies, which have gained traction among publicly traded firms seeking alternative reserve assets.

Metaplanet Surges Past 15,500 BTC with Aggressive Accumulation

Metaplanet, a Tokyo-listed investment firm that pivoted to a Bitcoin-centric treasury model in late 2024, announced the acquisition of 2,205 BTC, valued at 34.5 billion yen (approximately $238.7 million) as of July 7. This latest purchase brings its total Bitcoin reserves to 15,555 BTC, positioning the firm among the top five corporate Bitcoin holders globally, according to BitcoinTreasuries data.

CEO Simon Gerovich shared in a recent post on X that Metaplanet’s entire Bitcoin portfolio—acquired for approximately $1.54 billion at an average cost of ~$99,307 per BTC—now carries a market value near $1.7 billion.

“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,” Gerovich posted.

Since initiating its Bitcoin treasury operations in December 2024, the firm has quadrupled its holdings, rising from under 4,000 BTC in March 2025 to over 15,500 BTC by early July. The company’s acquisition spree has been fueled by a blend of operating income and capital markets activity, including the early repayment of 6 billion yen in bonds through proceeds from stock acquisition rights.

BTC Yield as a Core Performance Metric

A notable innovation in Metaplanet’s strategy is the emphasis on BTC Yield—a metric tracking the percentage increase in Bitcoin holdings per fully diluted share. From July 1 to July 7 alone, the company’s BTC Yield climbed 15.1%, adding 2,017 BTC valued at 31.7 billion yen during the quarter-to-date period.

BTC Yield, as viewed by the firm, serves as a shareholder-aligned metric that accounts for share dilution and Bitcoin appreciation simultaneously. The sharp rise in this figure underscores Metaplanet’s rapid asset accumulation pace, which some analysts say resembles the approach of U.S.-based Strategy, albeit adapted to the Japanese market.

The Blockchain Group Increases BTC Exposure to 1,904 Coins

Across the globe, The Blockchain Group (ALTBG), listed on Euronext Growth Paris, reported the acquisition of an additional 116 BTC for approximately $12.64 million, bringing its total reserves to 1,904 BTC.

The Blockchain Group, which positions itself as Europe’s first Bitcoin Treasury company, began accumulating BTC in November 2024. Its holdings strategy centers on increasing Bitcoin per share, mirroring Metaplanet’s yield-oriented approach. The company now ranks among the top 22 global Bitcoin treasury holders, as per BitcoinTreasuries.

In its latest disclosure, the firm cited a staggering year-to-date BTC Yield of 1,348.8%, significantly outpacing broader market returns. Long-term, the group aims to hold between 170,000 and 260,000 BTC by 2033, representing a deep commitment to Bitcoin as a strategic treasury asset.

Market Skepticism Over Corporate Bitcoin Strategies Mounts

Despite the enthusiasm from companies like Metaplanet and The Blockchain Group, criticism and concern over the long-term viability of Bitcoin treasury strategies are growing.

James Check, lead analyst at blockchain analytics firm Glassnode, recently questioned whether the most lucrative phase of corporate Bitcoin adoption might already be behind us, especially as Bitcoin markets mature and price volatility tightens.

Similarly, VanEck’s Matthew Sigel, head of digital asset research, expressed apprehension about corporate funding tactics, particularly the use of at-the-market (ATM) share issuance programs. Sigel warned these can dilute shareholder value—especially if a company’s stock price converges with its Bitcoin net asset value (NAV).

These concerns are compounded by legal challenges facing the sector. Notably, Pomerantz LLP filed a class action lawsuit against Strategy, a prominent U.S. Bitcoin holder, alleging it misled investors about the risks and profitability of its crypto-centric strategy. The case could influence how investors perceive similar moves by other publicly listed firms engaging in aggressive BTC accumulation.

Institutional Confidence vs. Market Caution

While critics raise valid concerns about valuation risks, dilution, and regulatory exposure, the continued expansion of Bitcoin treasuries by global firms suggests a growing belief in Bitcoin’s role as a long-term strategic asset.

Metaplanet’s rapid accumulation—jumping from sub-4,000 to over 15,500 BTC in just four months—illustrates how aggressively some firms are moving, perhaps in anticipation of broader macroeconomic shifts or tighter Bitcoin supply dynamics. Likewise, The Blockchain Group’s ambitious decade-long target shows confidence that Bitcoin’s long-term value proposition will outshine short-term volatility.

As institutional participation deepens and more firms adopt crypto reserve strategies, the corporate Bitcoin treasury model may evolve from a fringe experiment into a mainstream balance sheet component. Yet, the pathway forward will be shaped not only by market prices but by regulatory clarity, investor sentiment, and strategic execution.