Metaplanet’s Bitcoin Bonanza: 780 BTC Purchase Pushes Treasury Past 17,000 BTC Milestone

Tokyo-listed Metaplanet just doubled down on its bitcoin bet—hard. The firm scooped up another 780 BTC this week, officially crossing the 17,000 BTC threshold in its corporate treasury. Talk about conviction.

Why it matters: While traditional finance still debates 'digital gold,' this Japanese innovator keeps stacking sats like there's no tomorrow. Their balance sheet now holds enough bitcoin to make even Michael Saylor raise an eyebrow.

The cynical take: Meanwhile, Wall Street banks continue peddling 'diversified portfolios' with 2% yields—between inflation and counterparty risk, maybe the degen traders had it right all along.

— PoliCatch (@PoliCatch) July 28, 2025

This incline in Metaplanet’s trading volume highlights growing investor interest, in correlation to the company’s continued focus on its digital asset strategy as part of its broader Bitcoin Treasury strategy.

Metaplanet’s expansion has been fuelled by successive share issuances and bond redemptions. On 4 and 14 July 2025, the company redeemed ¥12.75 billion (approximately $86.7 million) from its 19th bond series using proceeds from exercised stick acquisition rights.

This, as a result, led to the fast dilution of shares. From 30 June to 28 July 2025, many new shares were issued across three programmes, bringing the total number of fully diluted shares to nearly 866 million.

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Metaplanet’s Average Bitcoin Purchase Price Now Stands at $100,504 Per Coin

The company employs several performance metrics such as the BTC Yield, BTC Gain and BTC ¥ Gain to assess whether its capital strategy is benefiting its shareholders. These metrics are designed to measure Bitcoin accumulation relative to its expanding share base and estimate potential accretion assuming no dilution has occurred.

Simply stated, the metrics track how much BTC Metaplanet is collecting compared to the shares it is issuing. Accounting for dilution, these metrics measure how much BTC Metaplant is gaining per share even as the total number of shares grows.

Specifically, between 1 and 28 July, Metaplanet logged a 22.5% BTC Yield that came around to ¥52.5 billion ($357 million). Previous quarters posted better gains with 129.4% in Q2 2025 and 309.8% in Q4 2024.

The company is now spending an average of ¥14.78 million ($100,504) per BTC, up from ¥12.94 million ($87,992) at the end of March 2025, highlighting a growing appetite for the asset.

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Owning Metaplanet Stock Does Not Equate To Direct Ownership of BTC

Metaplanet acknowledges that these metrics are not replacements for traditional financial indicators like cash FLOW or net income, but maintains that they highlight the company’s BTC per share strategy that might be helpful to long-term investors.

Moreover, Metaplanet has yet to issue any dividends and has reminded investors that investing in Metaplanet’s stock does not equate to direct ownership of its BTC holdings.

Additionally, the company has warned that its proprietary KPIs exclude factors such as debt and preferred shares, and could overstate performance if viewed outside the broader financial context.

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Key Takeaways

• Metaplanet added 780 new  BTCs to its treasury, taking its total BTC holdings to 17,132
• Metaplanet uses in-house metrics, like the BTC Yield, to analyse its capital strategy
• The company is spending an average of ¥14.78 million ($100,504) per BTC, up from ¥12.94 million ($87,992) at the end of March 2025