Metaplanet Buys Record 5,419 BTC and Reenters Top 5 Holders

Japan’s Metaplanet added 5,419 BTC worth $632.5 million, solidifying its aggressive Bitcoin-first treasury strategy and joining the world’s top five corporate holders.

Japan-listed Metaplanet has further entrenched itself as one of the most Bitcoin-heavy corporations in the world after making its largest purchase to date. The Tokyo-based firm disclosed it acquired 5,419 BTC for $632.53 million at an average price of roughly $116,724 per coin, according to a company statement released on September 22.

The move underscores the company’s accelerating “Bitcoin-first” approach, which has made it one of the most closely watched institutional buyers of the asset in Asia.

Holdings Surpass 25,500 BTC

With the latest acquisition, Metaplanet’s total holdings reached 25,555 BTC, valued at $2.71 billion, CEO Simon Gerovich confirmed. The company’s average purchase price now stands at $106,065 per Bitcoin, giving it one of the largest BTC treasuries globally.

Metaplanet has acquired 5419 BTC for ~$632.53 million at ~$116,724 per bitcoin and has achieved BTC Yield of 395.1% YTD 2025. As of 9/22/2025, we hold 25,555 $BTC acquired for ~$2.71 billion at ~$106,065 per bitcoin. $MTPLF pic.twitter.com/CBhZi2X9lE
— Simon Gerovich (@gerovich) September 22, 2025

This milestone also pushed Metaplanet past Bullish, the digital asset exchange holding 24,300 BTC, placing the firm among the top five corporate Bitcoin holders. Only Michael Saylor’s MicroStrategy remains far ahead, with an unmatched 638,985 BTC on its balance sheet.

Metaplanet reports its BTC performance through a proprietary metric called BTC Yield, which measures the percentage change in the ratio of Bitcoin holdings to fully diluted shares outstanding. As of year-to-date 2025, the company showed its BTC Yield stood at 395.1%, reflecting what it described as accretive shareholder value.

A Rapidly Expanding Strategy

Metaplanet’s treasury strategy has been aggressive and adaptive since its early stages. Originally, the company set a goal of acquiring 10,000 BTC by the end of 2025—a milestone it reached months early, on June 16. It later raised its ambition to 21,000 BTC by 2026 before pivoting again with the announcement of its sweeping “555 Million Plan.” As reported earlier, the company reached 20,000 BTC on September 1.

Under this framework, Metaplanet intends to raise $5.4 billion to accumulate 210,000 BTC by 2027. To fund this effort, the company finalized a $1.4 billion share sale earlier this month, issuing 385 million new shares dedicated to future Bitcoin purchases.

The firm’s bold positioning has earned it a reputation as a flagship Asian adopter of Bitcoin. During the Bitcoin Asia Conference in Hong Kong, Metaplanet advisor Eric Trump remarked there is “no question” Bitcoin will eventually reach $1 million, citing demand from governments, corporations, and wealthy families.

Stock Pressure Despite Bitcoin Bet

Despite its Bitcoin accumulation, Metaplanet’s share price has shown volatility. On Monday, the stock fell 3% in Tokyo trading, according to Google Finance. It is down 29% over the past month, though still up 64% year-to-date.

Bitcoin itself has also retreated, slipping to around $112,400 over the past 24 hours. The decline came amid technical resistance levels, large whale movements, and ongoing regulatory developments, placing additional pressure on Bitcoin-linked equities like Metaplanet. For readers new to the asset, here’s a deeper look at what Bitcoin is and why it matters.

New Subsidiary: Bitcoin Japan Inc.

Beyond direct BTC acquisitions, Metaplanet is broadening its ecosystem through new ventures. On September 17, the company announced the formation of a wholly owned subsidiary, Bitcoin Japan Inc.

The new entity will manage a range of Bitcoin-related initiatives, including media, events, and services. As part of the rollout, Metaplanet also secured the domain Bitcoin.jp, one of the country’s most recognizable Bitcoin-focused web addresses.

The company said the move is designed to consolidate operations, enhance transparency, and establish a scalable framework for its Bitcoin-related businesses. Management emphasized the subsidiary will serve as a foundation for profitability and long-term expansion in Japan’s evolving crypto market.

Rising Among Global Bitcoin Treasuries

According to data from BitcoinTreasuries, 332 entities worldwide now hold BTC, including 192 public companies such as Metaplanet. Twelve of these are Japan-based entities, highlighting the country’s growing footprint in the global Bitcoin ecosystem.

Metaplanet’s ascent to the top five BTC corporate holders signals how rapidly it has scaled compared to peers. Its holdings now sit alongside major institutions, with only MicroStrategy maintaining a commanding lead.

Outlook

Metaplanet’s bold treasury strategy comes with both risks and rewards. While its 395% BTC Yield in 2025 reflects significant accretion for shareholders, the company’s share price volatility and Bitcoin’s recent pullback highlight the challenges of tying corporate performance so closely to a single asset.

Still, the establishment of Bitcoin Japan Inc. and the aggressive pursuit of the “555 Million Plan” underline Metaplanet’s intention to be more than just a corporate investor. It is positioning itself as a central Bitcoin business ecosystem in Asia.

For investors and industry observers, Metaplanet represents a case study in how far a public company can go when aligning its identity with Bitcoin. Whether the strategy proves sustainable in the long term will depend on both market conditions and the company’s ability to execute on its expansion plans.