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Japanese investment company Metaplanet has expanded its Bitcoin reserves with the acquisition of 5,419 BTC, bringing total Metaplanet Bitcoin holdings to 25,555 BTC. The purchase, disclosed on Sept. 22, was made at an average price of 17.28 million yen ($115,900) per coin, costing the company 93.65 billion yen ($627 million).
With this move, Metaplanet’s cumulative exposure now stands at 398.21 billion yen ($2.67 billion) at an average cost of 15.58 million yen ($104,400) per BTC. The firm has more than doubled its reserves since June, outpacing global corporate peers in the speed of accumulation.
This is a historic moment for Asia’s digital asset ecosystem, said Hiroshi Takano, a Tokyo-based blockchain analyst at BitResearch. The scale of Metaplanet Bitcoin holdings now positions the firm alongside U.S. leaders like MicroStrategy as a proxy for Bitcoin exposure.
Since launching its Bitcoin treasury program earlier this year, Metaplanet has adopted an aggressive growth model, funding acquisitions through equity offerings and bond redemptions. At the end of June, its reserves stood at 13,350 BTC. By late September, that figure had nearly doubled to over 25,500 BTC.
The company has introduced “BTC Yield” as a new performance measure, tracking Bitcoin growth per fully diluted share. From July 1 to Sept. 22, BTC Yield rose 10.3%, demonstrating steady expansion despite the dilutive effects of share issuance.
Metaplanet’s strategy is closely modeled on MicroStrategy’s Bitcoin playbook, but its speed of growth has been faster.
Few public companies worldwide are scaling their digital reserves at this pace, noted Takano. The Metaplanet Bitcoin holdings program shows that Asia is no longer trailing in institutional adoption.
The latest acquisition solidifies Metaplanet’s position as Asia’s largest public Bitcoin holder, surpassing Tesla and Coinbase in corporate reserves. The company’s roadmap is ambitious: 30,000 BTC by the end of 2025, 100,000 BTC by 2026, and eventually 210,000 BTC roughly 1% of the total fixed supply by 2027.
Despite volatility in its stock price, Metaplanet was upgraded to mid-cap status by FTSE Russell in September. Its inclusion in the All-World and FTSE Japan indexes has cemented its status as a Bitcoin proxy stock, drawing passive inflows from foreign institutional funds.
Metaplanet is executing a clear, long-term strategy,” said Keiko Nakamura, senior strategist at Nomura Securities. “While short-term market swings will affect valuation, the expansion of Metaplanet Bitcoin holdings sends a strong signal to global investors about Japan’s role in the digital asset economy.
Metaplanet’s approach carries both promise and risk. By concentrating its treasury strategy almost exclusively on Bitcoin, the company is exposed to the cryptocurrency’s notorious volatility. A sharp downturn in Bitcoin’s price could significantly erode the value of reserves, and by extension, shareholder confidence.
Still, management argues that Bitcoin’s fixed supply and global adoption curve provide a more resilient long-term store of value than traditional assets. In mid-September, Metaplanet raised over $1 billion in an international share offering, earmarking most of the proceeds for Bitcoin acquisitions which is roughly half of which has already been deployed.
The company is clearly betting that Bitcoin will outperform equities, bonds, and even fiat reserves over the next decade, Nakamura added. If their thesis proves correct, the Metaplanet Bitcoin holdings strategy could redefine corporate treasury management in Asia.
With its latest purchase, Metaplanet has entrenched itself as a central player in Asia’s crypto market narrative. The firm’s accumulation echoes the U.S. corporate playbook but adapts it for a Japanese context, where regulatory clarity and investor interest are steadily rising.
As the company targets 210,000 BTC which is equivalent to nearly 1% of Bitcoin’s total capped supply as the scale of its ambition may have ripple effects across regional capital markets. For crypto investors, the trajectory of Metaplanet Bitcoin holdings offers both a proxy investment vehicle and a signal of growing mainstream adoption.
Whether the strategy proves prescient or precarious will depend on Bitcoin’s performance in coming years. But for now, Metaplanet has firmly established itself as Asia’s most aggressive corporate accumulator of digital gold.
