Metaplanet just bought another $632 million worth of bitcoin - bringing its total reserves to 25,555 BTC

Promoting reserve growth

Metaplanet's strategy revolves around a self-reinforcing "flywheel": Issuing shares or debt at a premium based on Bitcoin's price appreciation, then allocating the proceeds to BTC to amplify the holdings per share. This latest issuance accounts for about 50% of the ¥183.71 billion raised through an international share offering completed in mid-September, with the rest earmarked for future purchases.

The company's average acquisition cost is currently $106,065 per BTC, representing an unrealized upside of more than 7.7% on the new issuance alone, despite Bitcoin's intraday volatility. The cumulative total spend for the 25,555 BTC is $2.71 billion, putting Metaplanet at 85% of its target of 30,000 BTC by the end of 2025. Looking further ahead, the company is targeting 100,000 BTC by 2026 and 210,000 BTC (about 1% of the total Bitcoin supply) by 2027 under its "555 Million Plan," which aims to raise $5.4 billion for the effort.

Quarterly BTC yields show accelerating growth: 95.6% in Q1, 129.4% in Q2, and 10.3% from July 1 to September 22. To generate yield from its holdings, Metaplanet recently announced a $139 million investment in Bitcoin income strategies, along with new subsidiaries in the United States and Japan to expand. The timing is notable: Bitcoin was trading near its all-time high above $116,000 before the announcement but fell sharply today, falling below $114,000 amid market concerns about the Fed's delayed rate cut and geopolitical tensions. However, Metaplanet Bitcoin strategist Dylan LeClair stressed that this is just the "first wave," signaling more buying to come to reduce average costs.

The Global Race for Digital Gold

Corporate Bitcoin adoption exploded in 2025, with public companies collectively holding more than 1.5 million BTC—7% of the supply—worth $172 billion. Institutions have bought more than 1 million BTC since 2020, fueled by inflation fears and ETF inflows. Metaplanet’s move past Bullish (estimated at 25,000 BTC) shows Asia’s growing influence in the treasury wars.

Data as of September 22, 2025; ranking based on reported holdings. Miners like MARA and Riot hold on to mined BTC to offset the impact of the halving, while pure-play treasuries like Strategy and Metaplanet bet on long-term price appreciation. Trump Media & Technology Group (TMTG) completes the top 10 with $2 billion in commitments, filing for a BTC-focused ETF.

The surge reflects Bitcoin's maturation as "digital gold," with companies like Metaplanet hedging against the yen's devaluation (down 15% YTD). However, volatility continues: Today's BTC drop wiped $50 million off Metaplanet's fund value in a single day.

Evaluation and Conclusion

With half of the recently raised funds unspent, Metaplanet is preparing for a downturn buy, potentially reaching 30,000 BTC by December if BTC stabilizes above $110,000. Success depends on surviving Japan's regulatory easing — FSA approval of BTC ETFs is imminent — and sustaining BPS growth amid dilution (385 million shares outstanding). As Gerovich put it, this is aimed at "maximizing Bitcoin ownership per share." For investors, this is a high-confidence bet on BTC's $200,000+ growth trajectory; for skeptics, it's a reminder of the extreme risk of crypto.

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