Japan's Metaplanet Hits Milestone After Recent Bitcoin Purchase

Metaplanet, the Tokyo-listed investment firm, officially crossed the 10,000 BTC mark, reaching its year-end 2025 goal six months early. The firm now holds more Bitcoin than Coinbase Global, making it Asia’s largest corporate holder and the eighth largest worldwide.

The milestone follows Metaplanet’s recent purchase of 1,112 BTC for $117.2 million. The acquisition was funded through a newly issued $210 million zero-interest bond to EVO Fund, announced on June 16. CEO Simon Gerovich confirmed the move on X, noting that the average purchase price was $105,435 per Bitcoin.

Outpacing Coinbase

According to data from BitcoinTreasuries.net, Coinbase Global holds 9,267 BTC. Metaplanet’s jump to 10,000 BTC now positions it just below Tesla and Block on the global leaderboard, far surpassing other Asian firms.

Even more striking is the rapid pace of accumulation. Metaplanet started its Bitcoin acquisition program in April 2024. In barely over a year, it has built a Bitcoin treasury faster than most long-standing players in the space.

The company has made it clear that Bitcoin is not just a treasury asset but a central pillar of their business model.

Zero-Interest Bonds and a New Target

The latest purchase was enabled through bond financing, a structure that allows Metaplanet to raise capital without immediate debt service pressure. These bonds, maturing in December 2025, come with an early redemption option and no interest attached, thus providing flexibility for future market shifts.

While the firm stated this move would have limited impact on its full-year earnings, it left the door open for updates should conditions change

More striking than the purchase itself is the shift in Metaplanet’s long-term vision. Originally aiming for 21,000 BTC by 2026, the company has now raised its sights to 100,000 BTC by the end of 2026 and 210,000 BTC by the end of 2027. That final figure represents 1% of Bitcoin’s total 21 million supply.

Aggressive Equity Moves and Capital Raises

To support this ambitious strategy, Metaplanet has relied on both bond issuance and equity offerings. In January, it granted EVO Fund 21 million new share rights in five tranches and offered them with flexible pricing and no discounts.

On June 6, the company revealed plans for a $5.4 billion equity issuance to continue BTC purchases. Over the next two years, Metaplanet aims to issue 555 million shares.

Earlier this month, it bought 1,088 BTC to push its total to 8,888 before the latest purchase brought that number up to 10,000.

To gauge the efficiency of its expansion, Metaplanet uses an internal metric called “BTC Yield.” This figure represents how much Bitcoin is held per fully diluted share. As of June 16, the BTC Yield for the quarter stood at 87.2%.

Previous quarters have seen even sharper gains. In Q4 2024, BTC Yield jumped by 309.8%, indicating rapid growth in per-share Bitcoin value despite share issuances.

Where others treat Bitcoin as a hedge or diversification tool, Metaplanet treats it as core infrastructure. Its trajectory resembles that of MicroStrategy, which still leads globally with 582,000 BTC following its recent 1,045 BTC buy.

But while MicroStrategy’s strategy is well known, Metaplanet is shaping a new path for Asian firms looking to integrate Bitcoin as a core business asset.