Metaplanet Expands Bitcoin Treasuries by 775 BTC with Assets Outpacing Debt

Metaplanet Inc (TSE:3350), the Tokyo-based digital asset treasury firm, disclosed on August 18, 2025 that it had purchased an additional 775 Bitcoin (BTC) for 13.73 billion yen (approximately $94 million). The acquisition, executed at an average price of 17.72 million yen ($120,500) per BTC, increased the company’s total holdings to 18,888 BTC—equivalent to roughly $1.95 billion at current market prices.

As part of its corporate treasury strategy, Metaplanet has systematically accumulated Bitcoin since early 2024, positioning itself as the largest non-U.S. public company holder. Across all transactions to date, the firm’s average acquisition cost stands at 15.04 million yen per BTC ($102,100), resulting in a cumulative Bitcoin Yield metric of 29.3% for the latest period, down from 129.4% recorded in the second quarter. The Bitcoin Yield measures coin growth per fully diluted share, serving as a performance indicator for shareholder value accretion.

Metaplanet’s balance sheet remains conservatively managed: the company carries only ¥17.72 billion ($120 million) in outstanding zero-coupon bonds, creating an 18.67× over-collateralization ratio relative to its BTC reserves. “Our 19th Series Ordinary Bonds are 18.67× over-collateralized by our BTC position, representing the sole liability within our capital structure,” said Dylan LeClair, Director of Bitcoin Strategy.

Trading data reflected investor confidence. Metaplanet’s shares closed at 900 yen on Monday, a 4% gain despite Bitcoin’s modest pullback to around $115,500. The firm’s success has drawn attention from global institutional investors; Fidelity’s National Financial Services subsidiary holds a 12.9% stake valued at approximately $820 million.

Looking forward, Metaplanet has set an ambitious target to hold 210,000 BTC by the end of 2027—equivalent to 1% of Bitcoin’s total supply. The company plans to finance future purchases via capital markets, including bond offerings and equity issuances, while exploring revenue-generating opportunities such as forming a digital bank. Observers note that Metaplanet’s aggressive accumulation underscores growing corporate acceptance of Bitcoin as a strategic reserve asset.

While Strategy (formerly MicroStrategy) remains the leading corporate Bitcoin treasury with over 600,000 BTC, Metaplanet’s Asia-focused approach and disciplined balance sheet management have positioned it as a prominent global participant in the digital asset ecosystem.