Metaplanet Buys Another 5,419 BTC Worth $615 Million

Metaplanet Inc., a Japanese Web3-focused and investment firm, made headlines when it purchased 5,419 BTC worth about $615 million, pushing the company into the top four in the world’s Bitcoin holdings rankings.

10/1/20253 min read

Continuing Bitcoin strategy

Japan's Metaplanet Inc. has cemented its position as Asia's leading Bitcoin fund manager, acquiring 5,268 BTC for approximately $615.67 million, at an average price of $116,870 per BTC. The latest acquisition brings the Tokyo-listed company's total BTC holdings to 30,823 BTC, worth over $3.6 billion , making it the fourth-largest Bitcoin holder in the world, surpassing rivals like Marathon Digital and Riot Platforms.

Dubbed the “ Asian Micro Strategy ,” Metaplanet’s aggressive hoarding comes as Bitcoin consolidates near $117,000, highlighting the arms race among companies, with over 1 million BTC entering public balance sheets so far this year. With a BTC yield of 497.1% in 2025 alone, the move not only exceeds its annual target three months early but also signals bolder Phase II ambitions, potentially sparking yen-hedged BTC representations in a yield-hungry market amid sub-1% Japanese interest rates.

Capital is important

The deal was executed last week at levels below $117,000, reflecting a buyback on BTC’s brief dip from its high of $120,000. The total purchase price is now $3.33 billion for 30,823 coins, with an average purchase of $107,912 – resulting in an unrealized gain of $270 million at spot prices. This far exceeds Metaplanet’s September buyback of 5,419 BTC for $632.53 million, which vaulted the firm into the top five.

CEO Gerovich touted a 497.1% year-to-date BTC yield, a measure that combines price appreciation and income from BTC-backed lending — outpacing traditional assets in Japan’s deflation trap. There’s no sign of dilution: Shares (3350.T) fell 2% on the day but recovered on a surge in trading volume, with the OTC ticker $MTPLF eyeing a U.S. listing for broader access.

Metaplanet's asteroid arc

Once a struggling hotel operator hit by COVID and a weak yen, Metaplanet reinvented itself in 2024 following a strategy honed by Gerovich at Harvard, liquidating old assets to launch a BTC treasury. Starting with 748 BTC in October 2024, the company has accumulated 30,823 BTC through more than 15 purchases, generating $16.5 million in revenue in Q3 alone from BTC yield farming on platforms like Aave. The treasury now accounts for 90% of the company’s $4.2 billion market capitalization, fueling a 1,200% year-to-date gain in the stock.

The strategy mirrors Michael Saylor's MicroStrategy strategy, but with a Japanese twist: Yen-denominated perpetual bonds (yielding 0.1%) are purchased by the fund with BTC, creating a currency hedge against a 15% yen decline against the USD. Q3 revenue reached $16.5 million - up 115% from the previous quarter - thanks to rising BTC values and staking yields increasing 5-7%. Forecasts for fiscal 2025 double to 10 billion yen ($67 million), with Phase II targeting tokenized BTC derivatives and NFT integration on the Web3 branch.

Evaluation and Conclusion

With a BTC target of $150,000 from ETF inflows ($2 billion per week), Metaplanet could reach 40,000 BTC through a $1 billion round, targeting a 0.2% supply. Phase II with BTC-backed loans and tokenized hotels. Long positions on $MTPLF/BTC stop at $105,000. Globally, corporates are expected to follow suit and push corporate BTC holdings to 2 million coins by 2026.

Disclaimer: The information presented in this article is the author's personal opinion in the cryptocurrency field. It is not intended to be financial or investment advice. Any investment decision should be based on careful consideration of your personal portfolio and risk tolerance. The views expressed in this article do not represent the official position of the platform. We recommend that readers conduct their own research and consult with a professional before making any investment decisions.

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