What’s Metaplanet Doing with Bitcoin?
🔹 Major Recent Purchase
June 16, 2025: Metaplanet acquired 1,112 BTC (approx. $117.2 million), bringing its total holdings to 10,000 BTC, surpassing Coinbase as the 9th-largest public corporate holder .
The average purchase price was around $105,435/BTC and the holding is now valued at about $1.06 billion, marking an unrealized profit of roughly $120 million .
🔹 Strategic Ambitions
The company has unveiled a “555 Million Plan”, aiming to raise $5.4 billion via moving-strike warrant issuance to accumulate up to 210,000 BTC by 2027—about 1% of total BTC supply .
They’ve already surpassed their interim goals: 8,888 BTC held by June 2 with intention to hit 100,000 BTC by the end of 2026 .
🔹 Shareholder Returns & Yield Metrics
Since shifting to a bitcoin treasury in mid‑2024, Metaplanet’s stock price has surged between 1,700–2,500 %, depending on the timeframe .
Performance indicators like “BTC yield” measure each BTC-added per share dilution. As of mid‑2025, this metric ranged from 225 % to over 266 % YTD —highlighting their strong capital efficiency.
🔹 How They Fund It
They’ve utilized a blend of strategies:
Zero-interest bonds
Stock sales and moving-strike (zero-discount) warrants
Past capital raises include:
¥116 billion (~$745 million) in January 2025
$50 million in bonds
$210 million bond issuance as of June 2025 .
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Why It Matters
Investor Convenience & Premiums: Similar to MicroStrategy (now called Strategy Inc.), investing through a bitcoin-focused company can trade at a premium to NAV. Market demand for easy crypto exposure fuels this trend .
Corporate Crypto Trend: Metaplanet is part of a growing wave of firms converting reserves into bitcoin—over 80 public companies now adopt this “Bitcoin Standard”
Broader Impact: This supports a shift of Bitcoin from niche tech to mainstream treasury asset, aligning with rising institutional and political support .
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🧭 Summary Table
Aspect Details
Current BTC Holdings 10,000 BTC (~$1.06 billion, with ~$120 million unrealized gain)
Key Purchase 1,112 BTC on June 16, 2025 (~$105,435/BTC)
Capital Raise Strategy $5.4 billion via warrants; zero‑interest bonds; stock offerings
Medium-Term Goals 100,000 BTC by end‑2026; 210,000 BTC by end‑2027
Stock Performance ~1,700–2,500% increase since pivot started mid‑2024
Yield (BTC-added/share) 225%–266% YTD (2025 performance metric)
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Bottom Line
Metaplanet is more than just a crypto investor—it is building a bitcoin treasury behemoth using innovative capital tactics and aggressive accumulation goals. If they stick to their roadmap, they’re poised to become one of the top 3 corporate BTC holders globally (after Strategy and possibly Marathon). For investors, it’s a high-volatility bet with outsized upside—and equally substantial risks.
