Metaplanet Inc., a Tokyo Stock Exchange-listed investment firm, has purchased an additional 518 Bitcoin (BTC), bringing its total holdings to 18,113 BTC valued at approximately $2.1 billion. This acquisition solidifies its position as Asia's largest corporate Bitcoin holder and the sixth-largest globally among public companies.
The purchase is part of Metaplanet's aggressive "555 Million Plan" targeting 210,000 BTC (1% of Bitcoin's total supply) by 2027, a significant increase from its previous "21 Million Plan" aiming for 21,000 BTC by 2026. CEO Simon Gerovich, a former Goldman Sachs derivatives trader, has modeled this treasury strategy after MicroStrategy's approach.
To fund its Bitcoin accumulation, Metaplanet utilizes innovative financing instruments including zero-interest convertible bonds, moving-strike warrants, and perpetual preferred shares. The company recently filed for a shelf registration to raise up to 555 billion yen ($3.74 billion) through perpetual preferred shares and increased its authorized share count to 2.72 billion.
Metaplanet introduced a unique performance metric called "BTC Yield," tracking the percentage change in Bitcoin holdings relative to fully diluted shares. This KPI registered 309.8% in Q4 2024, 129.4% in Q2 2025, and 26.5% between July-August 2025. The firm's average purchase price stands at $100,000 per Bitcoin, with total acquisition costs reaching $1.85 billion.