Another 6.48 billion Japanese yen (roughly $112 million) has been invested by the Japanese Bitcoin firm Metplanet to fund its treasury. This action has brought its total holdings to 20,000 BTC. With the latest acquisition, the company is climbing the corporate treasury ladder, but will it be able to have the Michael Saylor-led Strategy dethroned?
It was stated by the Tokyo-headquartered company on Monday that 1,009 BTC had been acquired by it at an average price of roughly $111,094 per Bitcoin. Its total Bitcoin stash is now valued at over $2.14 billion, based on the latest BTC price of $107,360 as of press time.
The Race for Bitcoin: Can Metaplanet Overtake Strategy?
As of September 1, Metaplanet is ranked as the sixth-largest corporate Bitcoin holder globally. It is expected to be surpassed by the Bitcoin mining company Riot Platforms Inc., which held a Bitcoin stash of 19,239 BTC, according to data from BitcoinTreasuries.
This recent purchase also brings it closer to its year-end target, as at least 30,000 BTC are intended to be held in this treasury by the end of 2025.
To have that target achieved, 2,500 BTC on average would need to be picked up by the company over the next four months. Initially, the plan was to have 10,000 BTC acquired within the same timeframe, but its original goal had been blown past by the company months ahead of schedule.
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Within the next two years, an even more ambitious target will be chased by the company, which is to have 1% of Bitcoin’s total supply held. This would constitute 210,000 BTC, by 2027.
Even if that happens, Metaplanet would still be lagged behind by Strategy, as a whopping 632,457 BTC is held by it as of September 1.
It has been disclosed on multiple occasions by Metaplanet CEO Simon Gerovich that the company’s Bitcoin accumulation strategy is inspired by Strategy’s corporate playbook. However, a strategic edge is given to Strategy by its early entry, larger scale, and far more aggressive accumulation. It is an edge that Metaplanet may struggle to catch up to.
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Nevertheless, Metaplanet’s pivot as a Bitcoin treasury firm, from its previous role as a hotel operator, is a move that has been paid off.
Behind the headline numbers, a unique metric called BTC Yield continues to be promoted by Metaplanet. This metric is considered a key performance indicator that measures the increase in Bitcoin holdings per fully diluted share over time.
According to its latest filing, a BTC Yield of 30.7% was achieved by the company in the quarter-to-date period ending on September 1. This builds on the 129.4% yield that was seen in the previous quarter.
To have these acquisitions bankrolled, capital markets have been leaned on heavily by Metaplanet. Billions of yen have been raised by it by exercising multiple tranches of stock acquisition rights.
Between July 10 and August 29, more than 80 million new shares were issued by the company. Most of the proceeds were redirected toward early redemptions of bonds, and new Bitcoin purchases were also made.
Metaplanet Seeks Shareholder Approval for New Funding
An important shareholder meeting, which was scheduled by the company last month, coincides with the timing of the latest acquisition. During the meeting, a notable international share offering proposal will be reviewed and approved.
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Last month, it was stated by the company that another raise was being considered, which would provide $837 million in fresh capital against 555 million new shares. The plan has already been approved by its board, and the meeting would be used as the final step to have shareholder consent secured before the overseas offering is launched.
Notably, this meeting is expected to be attended by Eric Trump, who currently serves as a member of Metaplanet’s Strategic Board of Advisors.
However, at the moment, the company’s ambition has failed to be matched by shareholder sentiment. On September 1, a 3.87% drop was seen in Metaplanet shares during morning trading in Japan. It is likely that the dilution risks were being weighed by investors ahead of the shareholder meeting.
At the same time, Bitcoin was down over 1% in the past 24 hours, and it was changing hands at $107,664 when the article was being written.
Still, the stock remains one of Japan’s most volatile and talked-about assets in 2025. A return of over 136% year-to-date has been seen, which has been buoyed mainly by its Bitcoin strategy. Additionally, high-profile inclusions on benchmark indexes like the FTSE Japan Index have also been made.
