• Metaplanet acquired 463 more BTC, bringing its total holdings to 17,595 BTC worth $1.78 billion, with unrealized gains due to rising prices.
• The Tokyo-based firm’s average cost basis is $101,010 per BTC, while current valuations push its holdings close to $2.02 billion.
• Backed by capital raises and perpetual preferred shares, the firm aims to accumulate up to 210,000 BTC by 2027.

Metaplanet, a Tokyo stock exchange-listed investment company, has added reserves once again by 463 BTC, bringing total reserves to 17,595 BTC. The company’s latest addition comes as a continuation of the aggressive accumulation of Bitcoin since late 2024.

The announcement, which emerged on August 4, highlights the growing value of Metaplanet’s Bitcoin position. At current market prices, the company’s BTC holdings total approximately ¥261.28 billion ($1.78 billion). When incorporating market appreciation, Metaplanet estimates the value of the portfolio at approximately ¥296.6 billion ($2.02 billion).

The company said the recent acquisition cost approximately ¥7.995 billion ($54.4 million), at an average of ¥17.27 million ($117,420) per Bitcoin. Through the acquisition, Metaplanet’s average cost basis now stands at ¥14.85 million ($101,010) per BTC, registering an unrealized gain across the board.

The announcement follows the filing of its most aggressive capital schedule to date: a future raising of up to ¥555 billion ($3.6 billion) through perpetual preferred stock. It will finance the long-term ambitions of the company to hold up to 210,000 BTC by 2027, which would make the company equal to Bitcoin whales like MicroStrategy.

The filing also details changes that increase the authorized share number of Metaplanet to 2.72 billion as well as establish two classes of perpetual preferred stock that have differing risk profiles and conversion mechanisms. Such changes are set to provide the company with increased fiscal freedom when it comes to future purchases of BTC.

Metaplanet Deepens Bitcoin Bet with New Metrics

The transformation of Metaplanet began in December 2024, when it formally made Bitcoin a core line of business of Bitcoin. It has, since, used capital market instruments such as equity offerings, redemptions of bonds, and exercise of warrants, to pursue vigorously its accumulation of BTC.

These July equity offerings financed this recent 463 BTC purchase. The company has also introduced specialized shareholder performance metrics to evaluate performance tied to Bitcoin.

One such indicator, BTC Yield, tracks on a share basis bitcoin growth on a fully diluted basis. In the quarter through August 4, the BTC Yield was 24.6%, from 129.4% reported over the previous quarter, but still a strong indication of shareholder value creation.

Other indicators, such as BTC Gain and BTC ¥ Gain, measure shareholder returns in both BTC and yen terms, further emphasizing the company’s long-term BTC-denominated value strategy.

Also Read | Metaplanet to Raise $3.7 Billion for Bitcoin Buys via Perpetual Shares

Metaplanet Prioritizes BTC Over Profits or Dividends

Beyond simple hoarding, the company is positioning itself as a shareholder-returning, BTC-centric vehicle, far from standard profit margins. Through August 4, the bitcoin value of Metaplanet on a fully diluted basis had increased to 0.0201 bitcoin per 1,000 shares from 0.0161 bitcoin at June’s closing, evidencing sustained share growth.

Although the company still hasn’t achieved global brand fame, it has emerged as one of the most aggressive bitcoin buyers in Asia. Its approach has now become as close as that of MicroStrategy, the U.S.-based firm that has made bitcoin a treasury reserve asset.

By accessing capital markets and opting for long-term accumulation of Bitcoin at the cost of dividends or near-term profits, the company has bet big on BTC and is asking shareholders to go along for the ride.

Also Read | Metaplanet Buys 780 More Bitcoin: Japan’s BTC Treasury Now Tops $1.7 Billion