Metaplanet Reaches 17132 BTC Becoming Asia’s Top Corporate Holder
Tokyo-listed Metaplanet expands its Bitcoin treasury to 17,132 BTC amid soaring investor interest and capital market maneuvers.
Metaplanet, a public company listed on the Tokyo Stock Exchange, has solidified its status as one of Asia’s most aggressive corporate Bitcoin accumulators. On July 28, the firm added 780 BTC to its treasury, bringing total holdings to 17,132 BTC — a swift climb from the 15,555 BTC it reported just three weeks prior.
This aggressive accumulation strategy, coupled with a surge in trading activity and innovative capital-raising tactics, has positioned Metaplanet as the largest corporate Bitcoin holder in Asia and among the top seven globally, according to BitcoinTreasuries. The move places the company alongside industry titans like MicroStrategy, MARA Holdings, and Trump Media & Technology Group (TMTG), signaling Japan’s emergence as a serious contender in the corporate crypto arena.
Bitcoin Buys Backed by Bold Capital Strategy
Metaplanet disclosed in a regulatory filing that it paid an average of 17.52 million yen (approximately $119,136) per Bitcoin in its latest purchase, amounting to a total investment of 13.67 billion yen ($92.93 million). The acquisition was funded through a combination of operating income and capital markets activity, including multiple rounds of bond redemptions and stock issuances.
In the past month alone, the company redeemed 12.75 billion yen ($86.7 million) worth of bonds from its 19th series, fueled by funds raised via exercised stock acquisition rights. From June 30 to July 28, it launched three additional stock acquisition programs — the 20th through 22nd series — which significantly expanded its share base, pushing fully diluted shares outstanding to nearly 866 million.
Investor Frenzy Boosts Trading Volume
Metaplanet’s deepening crypto involvement has sparked a trading frenzy. June trading volume in Metaplanet stock surged to 1.86 trillion yen ($12.65 billion) — nearly double the 997.6 billion yen ($6.78 billion) seen in May, according to data from the Tokyo Stock Exchange.
This jump underscores mounting investor interest as the firm leans further into its digital asset strategy. In just three months, Metaplanet has added more than 13,000 BTC to its reserves.
Measuring Success Beyond Traditional Metrics
To assess the impact of its unconventional treasury strategy, Metaplanet tracks proprietary indicators such as:
- BTC Yield: BTC acquired relative to shares outstanding
- BTC Gain: Hypothetical Bitcoin gain per share without dilution
- BTC ¥ Gain: Yen-equivalent of the gain per share
From July 1 to July 28, the company reported a 22.5% BTC Yield, translating to more than 52.5 billion yen ($357 million) in value. Its second-quarter BTC Yield reached 129.4%, while Q4 2024 saw a staggering 309.8%.
The average purchase price across all holdings has also risen steadily, reaching 14.78 million yen ($100,504) per coin — up from 12.94 million yen ($87,992) at the end of March.
Still, the company has stressed that these custom metrics are not substitutes for cash flow or net income, and they exclude key factors such as debt and preferred stock. In investor communications, Metaplanet has cautioned that stockholders do not directly own Bitcoin and that its metrics should be interpreted within a broader financial context.
Metaplanet emphasized that its custom metrics, such as BTC Yield and BTC Gain, are not meant to replace conventional financial indicators like net income or cash flow. Rather, they are designed to reflect how effectively the company increases its Bitcoin holdings on a per-share basis. The firm believes these KPIs may hold long-term value for investors, especially as Bitcoin becomes more embedded in corporate finance.
Metaplanet Joins Bitcoin Treasury Heavyweights
Metaplanet’s Bitcoin stockpile has propelled it into elite company. As of July 28, it ranks among the top 7 corporate Bitcoin holders globally, behind:
- MicroStrategy
- MARA Holdings
- XXI
- Bitcoin Standard Treasury Company
- Riot Platforms Inc.
- Trump Media & Technology Group (TMTG)
The competition in the upper ranks remains fierce. Earlier this month, MARA Holdings announced plans to raise $850 million to further grow its Bitcoin treasury, currently the second largest. Meanwhile, TMTG recently disclosed it holds $2 billion in Bitcoin and Bitcoin-linked securities, with a planned $300 million investment in related options.
Navigating Risk in a Volatile Sector
Despite the bullish momentum, Metaplanet’s strategy carries substantial risks. The issuance of millions of new shares to fund Bitcoin acquisitions results in shareholder dilution, a point that has raised concern among analysts.
Additionally, the volatility of Bitcoin itself — coupled with Japan’s traditionally conservative corporate culture — makes Metaplanet’s approach a high-stakes bet. Few Japanese firms have embraced crypto at this scale, making Metaplanet a rare exception in the region.
Yet, the firm’s bold treasury pivot has clearly struck a chord with a segment of investors eager for Bitcoin exposure via traditional equity markets. By reframing Bitcoin accumulation as a growth-oriented metric, Metaplanet is rewriting how digital assets are integrated into corporate balance sheets.
As the company continues to expand its holdings and refine its metrics, its ability to maintain investor confidence — amid share dilution and a volatile asset class — will ultimately determine whether its pioneering crypto strategy proves sustainable.
