Metaplanet’s Bitcoin Stash Hits 8,888 BTC After $118M Buy

Japanese firm Metaplanet accelerates its Bitcoin-first strategy with a $118M purchase, lifting its total holdings to 8,888 BTC.

In a bold continuation of its Bitcoin-centric pivot, Japanese investment firm Metaplanet has added 1,088 BTC to its treasury, spending approximately 16.89 billion yen (around $118 million) at an average price of 15.5 million yen per Bitcoin—roughly $108,600. The move brings its total Bitcoin holdings to 8,888 BTC, solidifying its status as one of Asia’s most aggressive corporate adopters of the digital asset.

From Budget Hotels to Bitcoin Holdings

Once a budget hotel operator, Metaplanet has undergone a dramatic transformation since 2024, reshaping itself into a Bitcoin-first enterprise. The company’s strategic overhaul was formalized in December 2024, when Bitcoin was officially designated as a core business vertical. Since then, Metaplanet has leveraged capital markets to relentlessly accumulate BTC, a strategy that has significantly impacted both its share price and investor attention.

The latest Bitcoin purchase, disclosed Monday, underscores this ongoing commitment. The company’s BTC portfolio, now worth an estimated 122.27 billion yen (around $856 million), has more than doubled in just over two months—from 4,046 BTC at the end of March to 8,888 BTC in early June.

Funding the Bitcoin Surge With Bonds

To finance its rapid BTC accumulation, Metaplanet has issued a series of debt instruments at remarkable speed. On May 29, the firm raised $21 million through its 17th series of zero-coupon, non-interest-bearing bonds. This followed another $50 million issuance earlier in the same quarter.

These unconventional bonds—attractive to certain types of investors due to their structure—channel funds directly into Bitcoin purchases, reinforcing Metaplanet’s unwavering conviction in Bitcoin’s long-term value.

This capital strategy is not without its risks. Issuing bonds without interest payments is a clear bet that the acquired Bitcoin will appreciate enough to justify the debt, a move that places the company’s future squarely in Bitcoin’s hands.

Performance Metric: BTC Yield

To measure its performance, Metaplanet uses a custom indicator called BTC Yield, which calculates Bitcoin accumulation per fully diluted share. The metric has become a key performance benchmark for the company and its investors.

From April to June, BTC Yield rose 66.3%, following a 95.6% increase in the previous quarter. These gains indicate that, even amid equity dilution and bond issuances, the company’s BTC holdings per share are rising sharply—suggesting strong value delivery to shareholders who believe in the Bitcoin thesis.

The Market Reacts: Short Interest and CEO Warning

Metaplanet’s aggressive pivot hasn’t gone unnoticed in financial markets. The company has become Japan’s most shorted stock, drawing heavy attention from hedge funds and short sellers skeptical of its bold crypto play.

CEO Simon Gerovich recently addressed the surge in short interest, issuing a pointed warning:

“Betting against Metaplanet is like betting against Bitcoin,” he noted, underscoring his belief that the company’s fate is inseparable from the digital asset it now champions.

Despite market skepticism, Metaplanet’s share price has experienced a meteoric rise, fueled by retail enthusiasm and the broader optimism surrounding institutional Bitcoin adoption. For many investors, the company represents a high-leverage proxy for Bitcoin exposure, particularly in Asia.

Strategic Takeaways

Metaplanet’s rapid expansion of its Bitcoin holdings marks a significant departure from traditional Japanese corporate finance norms. Several strategic elements underpin its approach:

• Capital Efficiency: By issuing zero-coupon bonds and minimizing operating expenses, Metaplanet directs maximum capital toward BTC acquisition.
• Transparency: Regular disclosures and performance metrics like BTC Yield help reassure investors of the company’s alignment with Bitcoin performance.
• Long-Term Vision: The company appears less focused on short-term profitability and more committed to building a substantial digital asset treasury.

These factors have positioned Metaplanet as a high-risk, high-reward outlier in the corporate Bitcoin adoption landscape.

Reflecting on the Road Ahead

As of early June, Metaplanet’s 8,888 BTC holding places it among the largest public Bitcoin holders globally, rivaling strategies deployed by firms like MicroStrategy in the United States. Yet, the path forward remains volatile. Bitcoin’s price fluctuations, investor sentiment, and regulatory headwinds will all play a role in determining whether Metaplanet’s bold bet pays off.

For now, the company continues to double down, showing no sign of slowing its Bitcoin accumulation. If Bitcoin maintains its trajectory, Metaplanet could emerge as a blueprint for corporate crypto adoption in Asia. If not, it may serve as a cautionary tale of overexposure.

Either way, Metaplanet’s experiment has become a defining case study in the intersection of corporate finance and decentralized assets—one that is reshaping the contours of investment strategy in Japan and beyond.