Metaplanet Buys 463 BTC, Brings Bitcoin Treasury to Over $2B

Metaplanet has added another 463 Bitcoin to its growing treasury, pushing the company’s total holdings to 17,595 BTC.

The purchase, announced on Aug. 4, is part of the Tokyo-listed firm’s aggressive Bitcoin acquisition strategy launched in late 2024.

At current prices, Metaplanet’s total BTC stash is now worth more than ¥261.28b or about $1.78b. But the company values the holdings even higher based on market gains, bringing its estimated market value closer to $2.02b.

BTC Treasury Grows as Firm Files to Raise $3.6B via Preferred Stock

The latest acquisition cost Metaplanet around ¥7.995b ($54.4m) at an average price of ¥17.27m ($117,420) per Bitcoin. The company’s average cost basis across all holdings stands at ¥14.85m ($101,010) per Bitcoin, showing a meaningful unrealized gain.

This move comes just days after Metaplanet filed its most ambitious capital plan yet.

On Friday, the company registered to raise up to ¥555b ($3.6b) through the issuance of perpetual preferred stock. The funds are expected to support its long-term goal of acquiring 210,000 Bitcoin by 2027, a level that would put Metaplanet in the same league as corporate giants like MicroStrategy.

As part of the same filing, Metaplanet proposed amendments to increase its authorized share count to 2.72b and introduce two classes of perpetual preferred shares with varying risk and conversion structures. These changes are aimed at giving the company flexibility in how it raises capital for future Bitcoin purchases.

Metaplanet Taps Capital Markets to Fuel BTC Growth Since Dec. 2024 Shift

Since designating Bitcoin as a formal line of business in Dec. 2024, Metaplanet has aggressively tapped into capital markets to build its holdings.

The company has used equity offerings, bond redemptions and warrant exercises to fund its acquisitions. Notably, a series of share issuances in July helped finance recent BTC purchases.

Metaplanet also introduced a custom metric called BTC Yield, which tracks the percentage growth of Bitcoin holdings per fully diluted share over time. For the quarter ending Aug. 4, BTC Yield stood at 24.6%, down from the prior quarter’s 129.4%, but still significantly positive.

Other internal metrics, like BTC Gain and BTC ¥ Gain, attempt to quantify the value added to shareholders in Bitcoin and yen terms, respectively.

Per-Share BTC Growth Outweighs Dividends in Metaplanet’s Strategy

In addition to stacking Bitcoin, Metaplanet appears focused on framing itself as a shareholder-aligned BTC vehicle.

Its performance indicators emphasize per-share accumulation rather than short-term profits or dividends. As of August 4, its Bitcoin per fully diluted share had increased to 0.0201 BTC per 1,000 shares, up from 0.0161 at the end of June.

While the company has not yet reached household-name status internationally, it has become one of the most active Bitcoin acquirers in Asia.

Its strategy echoes that of MicroStrategy, the US-based enterprise software firm that turned heads by turning its balance sheet into a long-term Bitcoin bet.