Metaplanet's Bitcoin Engine: Driving Expansion or Increasing Uncertainty?

Metaplanet, an investment firm listed on the Tokyo Exchange, has secured its rank as the world’s fifth-largest corporate

holder after acquiring 5,419 for $632.53 million, averaging $116,724 per bitcoin title1 [ 1 ]. The acquisition was supported by $1.45 billion raised through an international share sale, increasing Metaplanet’s cumulative Bitcoin reserves to 25,555 BTC. These holdings are now valued around $2.91 billion, based on an average buy price of $106,065 per coin title1 [ 1 ]. This latest purchase moves Metaplanet ahead of Bullish, the Peter Thiel-backed company, and places it alongside major corporate holders such as Strategy, Marathon Digital, XXI, and the Bitcoin Standard Treasury Company, according to data from Bitcoin Treasuries title1 [ 1 ].

This deal advances Metaplanet to 85.2% of its 2025 year-end target of 30,000 BTC and fulfills a quarter of its 2026 goal of 100,000 coins title1 [ 1 ]. The company’s aggressive Bitcoin accumulation is part of its broader treasury management strategy, which was formally established as a business segment in December 2024. President Simon Gerovich described the operation as having become a “growth driver,” consistently contributing to both revenue and profit title1 [ 1 ]. Bitcoin yields have seen significant increases recently, with gains of 95.6% in the first quarter of 2025, 129.4% in the second quarter, and 10.3% so far in the current quarter as of September 22, 2025 title1 [ 1 ].

To better manage its expanding Bitcoin portfolio, Metaplanet launched Metaplanet Income Corp., a Miami subsidiary with $15 million in capital, to oversee derivatives trading separately from its treasury activities title1 [ 1 ]. The company also revealed the creation of new subsidiaries in both the United States and Japan to support its ongoing growth plans title2 [ 2 ]. These initiatives come after a “quiet period” following the successful $1.4 billion international fundraising, with CEO Gerovich confirming the capital increase title2 [ 2 ].

News of these developments was met with a positive response from the stock market. Shares of Metaplanet in Japan climbed 14.72% to 608 JPY on Friday, recovering slightly despite a steep 70% fall since mid-June title2 [ 2 ]. Global investment bank Chardan began coverage with a “buy” rating and set a price target at $9.90 (1,455 JPY), pointing to the company’s expanding Bitcoin holdings title2 [ 2 ]. Nonetheless, the stock is under pressure from short-sellers, including major financial groups such as

, , and , with Morgan Stanley MUFG reportedly holding 20 million shares as of last week title2 [ 2 ].

Industry observers have underscored the need to maintain Bitcoin’s decentralized nature as institutional involvement rises. Lionel Iruk, a senior adviser at Nav Markets, warned that too much centralization or deviation from Bitcoin’s founding principles could threaten its worldwide appeal title1 [ 1 ]. Metaplanet’s bold approach to Bitcoin reflects a larger movement among Asian corporations seeking to diversify their reserves in the face of economic instability title4 [ 4 ]. Since 2020, institutions have collectively added over 1 million BTC to their portfolios, signaling a growing trust in Bitcoin as an asset title4 [ 4 ].

Metaplanet has continued to purchase Bitcoin throughout 2025 at various price points. Notably, it bought 1,009 BTC at $111,162 each in late August, further boosting its reserves title3 [ 3 ]. The company’s overall investment totals $2.71 billion, translating to an average acquisition cost of $106,065 per coin, and it has realized a 395.1% return on its Bitcoin holdings so far in 2025 title5 [ 5 ].

Despite these achievements, Metaplanet’s stock remains unpredictable. Although shares closed 14.72% higher on Friday, they are still down over 30% for the month. Meanwhile, its U.S.-listed MTPLF shares ended Thursday at $3.94, representing a 2.72% drop title2 [ 2 ]. This ongoing volatility highlights the difficulties of managing corporate Bitcoin holdings amid price swings, an issue noted by Standard Chartered’s Geoffrey Kendrick, who cautioned that a decline of 22% below average purchase costs could force newer corporate holders to liquidate their assets.

Metaplanet’s ascent into the top five corporate Bitcoin owners showcases the maturation of the market and the increasing role of institutions in asset distribution. The company’s success will depend on its ability to withstand short-term market volatility while staying committed to its long-term Bitcoin strategy. As institutional adoption of Bitcoin continues, the relationship between corporate reserves, market behavior, and evolving regulations will shape the asset’s future outlook.