Key Takeaways:
Metaplanet bought 2,823 Bitcoin, lifting its corporate treasury to 43,000 BTC and tying Twenty One Capital for the third-largest corporate stash.
"Metaplanet's Bitcoin yield hit 2.8% year-to-date, reflecting our ability to generate additional Bitcoin per share through treasury operations," Simon Gerovich, chief executive officer of Metaplanet, said.
The Tokyo Stock Exchange-listed firm, which trades under ticker 3350.T and as an ADR under MPJPY in the US, ended 2025 with 35,102 BTC. It added 5,075 BTC in the first quarter at an average price between $78,000 and $80,000 per coin, a haul worth approximately $398 million to $405 million. The company's average acquisition cost across its entire portfolio sits between $97,000 and $104,000 per BTC, depending on the reporting period. Metaplanet did not own a single satoshi before April 2024, making the 43,000 BTC accumulation a 16-month sprint.
Metaplanet financed the purchases through equity raises, debt arrangements, and mNAV warrants — a mechanism designed to raise capital while managing dilution for existing shareholders. The company also opened Level I ADRs for US investors in December 2025, giving American traders a direct way to buy the stock without trading on the Tokyo exchange.
The 43,000 BTC hoard puts Metaplanet within striking distance of its year-end target of 100,000 BTC, requiring another 57,000 coins in roughly six months — a pace that would demand upward of $5 billion at current prices and likely trigger additional equity raises. The company has set a longer-term goal of accumulating 210,000 BTC by the end of 2027, equivalent to 1% of Bitcoin's total supply.
The Risk Behind the Accumulation
Metaplanet's strategy mirrors the playbook pioneered by Strategy, which holds the largest corporate Bitcoin treasury at roughly 500,000 BTC. But the Tokyo-listed firm's aggressive timeline tests whether the equity-dilution model can sustain itself at scale. If Bitcoin trades below Metaplanet's average cost basis of roughly $100,000 for an extended period, the stock could face pressure as dilution compounds without corresponding price appreciation. The company's Bitcoin yield metric — which measures additional Bitcoin per share generated through treasury operations — becomes the key gauge for investors tracking whether the strategy is creating or destroying per-share value. Twenty One Capital, Metaplanet's closest rival for the third spot, holds roughly 43,514 BTC, meaning the next purchase of any size could push Metaplanet past it.
The purchase comes as Bitcoin traded at $58,650, down 1.2% over the past 24 hours, with daily volume of $34.6 billion, according to CoinGecko. The $57,000 to $58,000 zone represents a critical support level; a break below it could open a path into the low $50,000 range. Citigroup earlier this week cut its 12-month Bitcoin price target to $82,000 from $112,000, citing negative ETF flows and stalled US digital asset legislation — a reminder that even as corporate buyers accumulate, the macro backdrop remains uncertain. The bank also reduced its assumed net spot crypto ETF inflows over the next 12 months to zero, down from a prior estimate of $10 billion, reflecting a structural reassessment of institutional demand.
This article is for informational purposes only and does not constitute investment advice.
