Tokyo-based Metaplanet announced on Monday that it purchased an additional 1,009 BTC at an average price of about $111,094 per coin. With this acquisition, its total Bitcoin stash has grown to over 20,000 BTC, valued at roughly $2.14 billion based on Bitcoin’s press-time price of $107,360.
Closing in on Riot, Eyes on Bigger Goals
As of September 1, Metaplanet ranks sixth among corporate Bitcoin holders worldwide. Its latest purchase positions it to surpass Riot Platforms, which holds 19,239 BTC, according to BitcoinTreasuries.
The company is also edging closer to its year-end target of 30,000 BTC in reserves by the close of 2025. To get there, it would need to accumulate around 2,500 BTC on average over the next four months. Originally, the company had aimed for 10,000 BTC in this period, but it blew past that milestone months ahead of schedule.
Looking further ahead, Metaplanet has set its sights on an ambitious 2027 target: owning 1% of Bitcoin’s total supply, or about 210,000 BTC.
Still Far Behind MicroStrategy
Even if Metaplanet hits that goal, it would remain far behind MicroStrategy (“Strategy”), which holds a staggering 632,457 BTC as of September 1. CEO Simon Gerovich has acknowledged that the company’s playbook is heavily inspired by MicroStrategy’s approach, but the American firm’s head start, scale, and aggressive pace put it in a dominant position that Metaplanet may struggle to match.
Nevertheless, the company’s pivot from hotel operator to Bitcoin treasury vehicle has been a winning move.
Tracking Progress with BTC Yield
Beyond raw numbers, Metaplanet tracks a unique metric called BTC Yield—a performance indicator measuring growth in Bitcoin holdings per fully diluted share. Its latest filing showed a 30.7% BTC Yield for the quarter-to-date ending September 1, following a 129.4% yield in the prior quarter.
Funding the Accumulation
Metaplanet has relied heavily on capital markets to finance its purchases. Between July 10 and August 29, it issued more than 80 million new shares, funneling much of the proceeds into early bond redemptions and new Bitcoin acquisitions.
Now, the firm is preparing for a critical shareholder meeting to approve an international offering worth $837 million against 555 million new shares. While its board has already backed the plan, the upcoming meeting will serve as the final step toward launching the raise. Notably, Eric Trump—who sits on Metaplanet’s Strategic Board of Advisors—is expected to attend.
Investor sentiment, however, has been cautious. On September 1, Metaplanet’s shares dropped 3.87% in morning trading as markets weighed dilution risks ahead of the meeting. At the same time, Bitcoin slipped more than 1% to $107,664.
Market Reaction
Despite short-term jitters, Metaplanet’s stock remains one of Japan’s most closely watched and volatile assets. Year-to-date, it has surged more than 136%, buoyed by its aggressive Bitcoin strategy and inclusion in benchmarks such as the FTSE Japan Index.
