Metaplanet disclosed the latest acquisition, executed at an average price of 14.5 million yen ($96,800) per bitcoin, bringing its total investment in bitcoin to 25.869 billion yen ($203 million). The company, which began its bitcoin (BTC) strategy in April 2024, aims to hold 10,000 BTC by late 2025 and 21,000 BTC—equivalent to 0.1% of bitcoin’s total supply—by the end of 2026.
The firm uses BTC Yield, a proprietary metric tracking bitcoin holdings relative to diluted shares, to gauge strategy effectiveness. This yield surged to 309.8% in Q4 2024 before moderating to 18% year-to-date in 2025. As of February 20, 2025, Metaplanet held 0.042458 BTC per 1,000 fully diluted shares, up from 0.006196 in June 2024.
To fund its purchases, Metaplanet raised 4 billion yen ($26.6 million) through zero-coupon bonds in February 2025, partially redeemed using proceeds from stock option exercises. It also issued 21 million stock acquisition rights to EVO FUND, with 5,000 rights exercised so far, generating 3.02 billion yen ($20.1 million) for bitcoin acquisitions.
Historical data shows Metaplanet’s holdings grew steadily from 97.85 BTC in April 2024 to 2,100 BTC by February 2025, with its average purchase price rising from 10.2 million yen ($68,000) to 12.3 million yen ($82,000) per bitcoin. The firm emphasizes that bitcoin acquisitions are funded through capital markets and operating income.
While BTC Yield highlights per-share bitcoin accretion, Metaplanet cautions it excludes debt impacts and doesn’t predict stock performance. The metric also doesn’t reflect bitcoin’s market value, operational income, or shareholder dividends.
Metaplanet’s strategy aligns with a growing corporate trend of integrating cryptocurrencies into treasury management, similar to Strategy (formally Microstrategy). The company noted on Thursday that it plans to continue disclosures via the Tokyo Stock Exchange.
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