Metaplanet Pushes Toward Top Corporate Bitcoin Holder With $632M Purchase

Japanese Firm Accelerates 2025 Bitcoin Target as Strategy Adds Smaller Haul

Metaplanet, a Tokyo Exchange-listed investment firm, has rapidly advanced its Bitcoin accumulation strategy with a $632.53 million purchase of 5,419 BTC at an average crypto price of $116,724. The acquisition raised the company’s total holdings to 25,555 BTC, worth roughly $2.91 billion, pushing it into fifth place among publicly known corporate Bitcoin holders. The purchase lifted the firm’s progress to 85.2% of its 2025 goal of 30,000 BTC and covered one quarter of the way to its 2026 target of 100,000 BTC.

The capital for the purchase stemmed largely from a $1.45 billion international share offering completed earlier this year, highlighting the company’s aggressive fundraising approach to support its treasury strategy. Bitcoin has been positioned as a core business line since December 2024, with the firm’s executives describing it as both a growth engine and a consistent source of revenue and net income. Performance metrics underscored the shift: BTC yield stood at 95.6% in the first quarter, 129.4% in the second, and 10.3% from July 1 to September 22, 2025.

To separate trading activity from long-term holdings, Metaplanet set up a Miami-based subsidiary, Metaplanet Income Corp., with $15 million in capital to manage derivatives operations. President Simon Gerovich emphasized that the Bitcoin-focused treasury has become central to revenue growth, while Director of Bitcoin Strategy Dylan LeClair described the $632 million buy as “just the first tranche,” signaling further acquisitions. Alongside the short-term push, the company continues to pursue its “555 Million Plan,” aiming to raise $5.4 billion and acquire 210,000 BTC by 2027.

While Metaplanet outpaced competitors with this move, Strategy, the largest corporate Bitcoin holder, added a smaller haul of 850 BTC worth $99.7 million during the same week at an average crypto price of $117,344. Strategy’s overall treasury rose to 639,835 BTC acquired at a cumulative cost of $47.3 billion, averaging $73,971 per coin, significantly lower than Metaplanet’s cost basis of $106,065. The comparison highlighted how Metaplanet’s aggressive pace exceeded Strategy’s weekly purchases by more than sixfold, though Strategy remains dominant in overall reserves.

Bitcoin’s market backdrop framed the acquisitions. The coin traded with volatility, dropping briefly to $112,000 during the same period, while the broader crypto price index reflected more than 20% gains year-to-date despite staying below the $124,000 high set earlier in 2025. 

Equity performance diverged from the coin market cap trajectory: Metaplanet’s shares have fallen 63% over the past three months, compared to a 10% decline in Strategy’s stock. The contrast underscored the risks tied to corporate exposure, where heavy accumulation strategies may bring long-term upside but weigh heavily on stock valuations in the short term.

This article has been refined and enhanced by ChatGPT.