Nikolas Sargeant
Tokyo-listed Metaplanet has reinforced its position as Asia's most aggressive corporate Bitcoin accumulator with the acquisition of 780 additional Bitcoin on July 28. The strategic purchase brings the company's total Bitcoin treasury to 17,132 BTC, representing substantial growth from the 13,350 BTC reported just one month earlier.
According to Monday's regulatory filing, Metaplanet paid an average of 17.52 million yen ($119,136) per Bitcoin, totaling 13.67 billion yen ($92.93 million) for the transaction. This acquisition continues the company's systematic Bitcoin accumulation strategy launched through its Bitcoin Treasury Operations in December 2024.
The purchase demonstrates Metaplanet's commitment to leveraging both capital market activities and operating income to build one of the largest corporate Bitcoin reserves in Asia. The company's rapid accumulation pace has positioned it as a significant player in the global corporate Bitcoin adoption movement.
Explosive Trading Volume Growth Reflects Market Enthusiasm
Metaplanet's Bitcoin strategy has generated unprecedented investor interest, with Tokyo Stock Exchange trading volume reaching extraordinary levels. June trading volume hit 1.86 trillion yen ($12.65 billion), nearly doubling the 997.6 billion yen ($6.78 billion) recorded in May according to TSE data.
The remarkable increase in trading activity reflects growing market confidence in Metaplanet's digital asset strategy. Over the past three months alone, the company's Bitcoin holdings have expanded by more than 13,000 BTC, demonstrating an accelerated accumulation timeline that has captured investor attention.
This expansion has been financed through sophisticated capital market operations, including multiple share issuances and strategic bond redemptions. On July 4 and July 14, Metaplanet redeemed a combined 12.75 billion yen ($86.7 million) from its 19th series of bonds, utilizing funds raised through stock acquisition rights exercises.
The aggressive capital strategy has resulted in significant share dilution, with tens of millions of new shares issued between June 30 and July 28 through the 20th to 22nd series of stock acquisition programs. Fully diluted shares outstanding now approach 866 million.
Custom Bitcoin Metrics Show Strong Performance
Metaplanet employs specialized metrics including BTC Yield, BTC Gain, and BTC Yen Gain to evaluate shareholder value creation relative to share base expansion. These indicators measure Bitcoin accumulation efficiency and estimate hypothetical returns without new share issuances.
From July 1 to July 28, Metaplanet achieved a 22.5% BTC Yield, equivalent to over 52.5 billion yen ($357 million) in yen terms. Historical performance shows even stronger results, with Q2 2025 delivering a 129.4% BTC Yield and Q4 2024 reaching an exceptional 309.8%.
The average purchase price across all 17,132 Bitcoin currently stands at approximately 14.78 million yen ($100,504) per coin, up from 12.94 million yen ($87,992) at March's end, reflecting the company's continued accumulation during Bitcoin's price appreciation.
Metaplanet acknowledges these custom metrics don't replace traditional financial indicators like cash flow or net income, but argues they effectively demonstrate Bitcoin-per-share growth success for long-term investors seeking digital asset exposure through Japanese equity markets.
