Nikolas Sargeant
Metaplanet has continued its aggressive Bitcoin accumulation strategy with the acquisition of an additional 463 Bitcoin, expanding the Tokyo-listed company's total holdings to 17,595 BTC. The August 4 purchase reinforces the firm's position as one of Asia's most committed corporate Bitcoin adopters since launching its treasury strategy in late 2024.
At current market prices, Metaplanet's Bitcoin treasury is valued at more than ¥261.28 billion or approximately $1.78 billion based on cost basis. However, accounting for market appreciation, the company estimates its holdings' market value at closer to $2.02 billion, representing substantial unrealized gains on its strategic cryptocurrency investment.
The latest acquisition cost approximately ¥7.995 billion ($54.4 million) at an average price of ¥17.27 million ($117,420) per Bitcoin. Metaplanet's average cost basis across all holdings stands at ¥14.85 million ($101,010) per Bitcoin, demonstrating meaningful unrealized appreciation as Bitcoin prices have strengthened.
Ambitious $3.6B Capital Raise Targets 210,000 BTC by 2027
The recent Bitcoin purchase follows Metaplanet's most ambitious capital plan to date, filed just days earlier on Friday. The company registered to raise up to ¥555 billion ($3.6 billion) through perpetual preferred stock issuance, with proceeds designated to support its extraordinary goal of acquiring 210,000 Bitcoin by 2027.
Achieving this target would position Metaplanet alongside corporate Bitcoin giants like MicroStrategy, establishing the Japanese firm as a major institutional holder in the global cryptocurrency market. The scale of the planned capital raise demonstrates unprecedented commitment to Bitcoin treasury strategy among Asian public companies.
As part of the same regulatory filing, Metaplanet proposed amendments to increase authorized share count to 2.72 billion and introduce two classes of perpetual preferred shares featuring varying risk profiles and conversion structures. These changes provide operational flexibility for future capital raising activities to fund continued Bitcoin acquisitions.
The preferred stock structure offers investors different risk-return profiles while enabling Metaplanet to access substantial capital without immediately diluting existing shareholders' common equity positions.
Strategic Capital Market Operations Drive BTC Accumulation
Since formally designating Bitcoin as a core business line in December 2024, Metaplanet has systematically leveraged capital markets to build its cryptocurrency holdings. The company has utilized equity offerings, bond redemptions, and warrant exercises to finance acquisitions, with July's share issuances specifically supporting recent Bitcoin purchases.
Metaplanet has developed custom performance metrics including BTC Yield, which tracks percentage growth of Bitcoin holdings per fully diluted share over time. For the quarter ending August 4, BTC Yield reached 24.6%, down from the previous quarter's exceptional 129.4% but remaining significantly positive.
Additional internal metrics including BTC Gain and BTC Yen Gain attempt to quantify shareholder value creation in both Bitcoin and yen terms, emphasizing the company's focus on per-share Bitcoin accumulation rather than traditional dividend distributions.
As of August 4, Metaplanet's Bitcoin per fully diluted share increased to 0.0201 BTC per 1,000 shares, up from 0.0161 at June's end. This shareholder-aligned approach mirrors MicroStrategy's strategy of transforming corporate balance sheets into long-term Bitcoin investment vehicles, establishing Metaplanet as Asia's most active institutional Bitcoin acquirer.
