In a bold move that underscores the growing institutional appetite for digital assets, Metaplanet has substantially expanded its Bitcoin holdings with the acquisition of 1,004 BTC, valued at approximately $104 million. This latest purchase brings the company’s total Bitcoin reserve to an impressive 7,800 BTC, positioning Metaplanet as the 11th largest Bitcoin holder globally—surpassing even El Salvador’s sovereign holdings.
The acquisition represents another milestone in Metaplanet’s extraordinarily aggressive Bitcoin-first treasury strategy, which has seen the firm accumulate a staggering 6,038 BTC in 2025 alone. For context, this acquisition rate outpaces MicroStrategy—the poster child of corporate Bitcoin adoption—by a factor of 3.8, earning Metaplanet the moniker “Japan’s MicroStrategy” (though one wonders if MicroStrategy might soon be called “America’s Metaplanet”). While Metaplanet continues its impressive growth, companies like Coinbase have experienced significant price volatility in their stock performance, with values fluctuating around $200 recently.
Metaplanet’s ferocious Bitcoin acquisition strategy makes MicroStrategy look like a cautious dabbler in the digital asset arena.
Metaplanet’s market capitalization has responded accordingly, skyrocketing 138.1x since pivoting to Bitcoin, while its Bitcoin net asset value has increased 103.1x. Following strong Q1 results—with record revenue of ¥877 million ($6 million)—the company’s stock jumped 15%, suggesting investors are endorsing the Bitcoin gambit with their portfolios.
The company’s Bitcoin holdings now represent 78% of its stated 10,000 BTC target, with recent purchases coming at an average cost basis between $91,343 and $103,873 per Bitcoin. This strategic accumulation, initiated through the company’s Bitcoin Treasury Operations launched in December 2024, has been financed through a combination of capital market activities and operating income. The company has added 3,275 BTC over the past 30 days alone, demonstrating its commitment to rapid accumulation.
Particularly remarkable is Metaplanet’s implementation of a moving-strike warrant program, which enables aggressive expansion without predictable shareholder dilution—a financial innovation that maintains equity value while facilitating Bitcoin acquisition.
As institutional players increasingly view Bitcoin as a legitimate treasury asset, Metaplanet’s rapid accumulation may presage a broader corporate migration toward cryptocurrency holdings. With its total cost basis exceeding 105 billion yen and holdings increasing 3.9x year-to-date, Metaplanet has positioned itself at the vanguard of this institutional revolution—a far cry from the days when Bitcoin was dismissed as merely a speculative plaything.
