Metaplanet Buys $632M Bitcoin, Now 5th Largest Corporate Holder

Metaplanet’s latest acquisition represents a significant escalation in its Bitcoin strategy, with the company paying an average price of $116,724 per coin for the 5,419 BTC purchase. This brings the firm’s total holdings to 25,555 Bitcoin acquired at an average cost of $106,065 per coin, demonstrating both substantial scale and strategic timing in its accumulation approach. The purchase was funded primarily through the company’s recently completed $1.45 billion international share offering, indicating strong investor confidence in Metaplanet’s Bitcoin-focused strategy.

According to Dylan LeClair, Director of Bitcoin Strategy at Metaplanet, this acquisition represents “just the first tranche” of the company’s ambitious plans. The current holdings position Metaplanet at 85.2% of its year-end 2025 target of 30,000 BTC and a quarter of the way toward its 2026 goal of 100,000 coins. This aggressive timeline underscores the company’s conviction in Bitcoin as a core asset and growth driver.

The substantial acquisition has propelled Metaplanet into the upper echelons of corporate Bitcoin ownership, moving the company past Peter Thiel-backed Bullish to claim the fifth spot globally. According to Bitcoin Treasuries data, Metaplanet now trails only MicroStrategy, Marathon Digital, Tesla, and Bitcoin Standard Treasury Company in terms of corporate Bitcoin holdings. This positioning places the Japanese firm among the most significant institutional adopters of cryptocurrency worldwide.

Metaplanet President Simon Gerovich emphasized the strategic importance of these holdings, stating last week that “This business has become our engine of growth, generating consistent revenue and net income.” The company officially designated its Bitcoin treasury operations as a business line in December 2024, formalizing what has become a central component of its corporate strategy and financial performance.

Metaplanet’s Bitcoin strategy has delivered exceptional financial results, with the company reporting a BTC Yield of 95.6% in Q1 2025 followed by 129.4% in Q2 2025. For the current quarter from July 1 to September 22, 2025, the company has reported a BTC Yield of 10.3%, demonstrating continued strong performance despite market volatility. These yields highlight the effectiveness of Metaplanet’s treasury management and timing strategies.

Beyond its core treasury activities, Metaplanet has established Metaplanet Income Corp., a Miami-based subsidiary with $15 million in capital, to manage derivatives operations separately from treasury activities. This structural separation suggests a sophisticated approach to risk management and operational specialization, allowing the company to pursue additional revenue streams while protecting its core Bitcoin holdings.

As Bitcoin gains increasing acceptance among institutional investors and corporate treasuries, industry observers emphasize the importance of maintaining the asset’s core principles. Lionel Iruk, senior advisor to Nav Markets and Managing Partner at Empire Legal, told Decrypt that “Any push for adoption must preserve Bitcoin’s decentralized ethos.” He added that “Excessive centralization or compromise of BTC’s core principles would risk undermining the very characteristics that set Bitcoin apart and drive its global credibility and appeal.”

Iruk noted that Bitcoin’s value proposition depends on remaining “independent, transparent, and censorship-resistant,” even as it “gains legitimacy” in traditional finance channels. This tension between institutional adoption and preservation of Bitcoin’s fundamental characteristics represents a critical consideration for companies like Metaplanet as they integrate cryptocurrency into their corporate strategies and treasury operations.