On August 18, Metaplanet announced an additional purchase of 775 BTC, raising its total Bitcoin holdings to 18,888 BTC. According to Bitcoin Treasuries data, Metaplanet is the seventh largest holder of Bitcoin and is about to surpass Riot, the Bitcoin mining platform. Bullish, the cryptocurrency exchange platform backed by Peter Thiel, is the new addition to the top five after a successful IPO last week.
Following its recent purchase of BTC, the Japanese firm has reported a Bitcoin return of 480.2% year-to-date for 2025. Additionally, the average purchase price of BTC for the company stands at $102,653 per coin. Dylan LeClair, the company's Bitcoin strategist, recently noted that Metaplanet's Bitcoin holdings have reached approximately $2.18 billion, significantly surpassing its 0% ordinary bonds in circulation, of approximately $120 million. The company's Series 19 Ordinary Bonds are over-collateralized by 18.67 times thanks to its BTC reserves.
Thus, the company's BTC rating has reached the impressive figure of 18.67x, meaning that its Bitcoin Treasury exceeds its outstanding debt by more than 18 times. Dylan LeClair added:
"In its current situation, the price of Bitcoin would have to drop by 94.6%, down to approximately $6,200, for our net asset value (NAV) to $BTC coincide with our outstanding senior bond obligations."
Metaplanet's shares have seen great demand after reporting the best quarterly results in the second quarter of 2025. During the last week, the company's stock was the most bought in NISA accounts. Therefore, investors consider it a strong indirect bet for exposure to Bitcoin. However, the stock price has been under pressure, correcting 17% last week, and is currently finding a benchmark at 850 JPY.
Last week, Metaplanet recorded its best quarterly performance to date, driven by strong Bitcoin accumulation and improved financial metrics. CEO Simon Gerovich highlighted this achievement in a post on X, stating: "This is the strongest quarter in Metaplanet's history."
For the second quarter, the company reported an ordinary profit of 17.4 billion yen, a drastic change from the losses of 6.9 billion yen in the previous quarter. The net profit amounted to 11.1 billion yen, compared to the losses of 5 billion yen from the previous year.
Revenue increased by 41% quarter-over-quarter, reaching 1.239 billion yen, while gross profit rose by 38%, reaching 816 million yen. Total assets increased by 333%, reaching 238.2 billion yen ($1.61 billion), and net assets increased by 299%, reaching 201 billion yen ($1.36 billion), resulting in a capital ratio of 84.2%.
After reaching the all-time high of Bitcoin last week at $124,500, amid expectations of Fed rate cuts, BTC has experienced a strong pullback of 7% and is currently finding support at $115,000. Today's selling pressure on BTC comes with a 22% increase in daily trading volume, up to $57 billion. Market analysts believe that BTC could fall further, reaching support at $110,000 before recovering.
