Key Insights
- Metaplanet has strongly grown its Bitcoin holdings and has crossed 20,000 BTC this year.
- The company’s strategy is similar to MicroStrategy’s focus on share-funded acquisitions.
- New Bitcoin-native metrics like BTC Yield have become important for calculating Metaplanet’s progress.
Metaplanet, which was once known for its hotel business in Japan, has become one of the world’s most aggressive Bitcoin buyers.
This Tokyo-based company is often called “Asia’s MicroStrategy,” and has built a treasury of more than 20k BTC.
This pivot shows just how much companies are rethinking their corporate exposure to Bitcoin and other digital assets.
Metaplanet’s 2025 Bitcoin Acquisition History
Metaplanet started its Bitcoin strategy late last year. By this year, the company was carrying out purchases at a much faster pace.
The year started for Metaplanet with consistent, smaller buys. However, by April, Metaplanet purchased 696 BTC in a single day and brought its total holdings to 4,525 BTC.
The move showed a dollar-cost averaging approach, in which the company chose discipline over market timing.
The 555 Million Plan
Metaplanet’s speed hit full gear by July, when it purchased 797 BTC and lifted its total reserves to 16,352 BTC. Almost at the same time, the company launched its “555 Million Plan” to accumulate 210,000 BTC by 2027.
The 20,000 BTC Milestone
September saw Metaplanet cross the 20,000 BTC mark and cement its spot among the world’s largest corporate holders. A 1,009 BTC buy on September 1 pushed its total to 20,000 BTC, followed by a 136 BTC acquisition on September 8.
The company is now second only to MicroStrategy and a handful of other leaders in terms of treasury size.
The Bitcoin Flywheel
Metaplanet’s purchases are powered by a mix of financing methods. These include methods like at-the-market share sales and new perpetual preferred shares.
Companies that follow this strategy simply raise funds, buy Bitcoin, and let the treasury itself increase investor confidence. This lifts the stock price, which then enables new rounds of capital raising.
This “Bitcoin flywheel” is very similar to MicroStrategy’s playbook, and the aim is to maximise Bitcoin per share for long-term investors, while avoiding extra debt.
New Metrics for Bitcoin Treasury Firms
Traditional financial ratios like P/E or EBITDA tell little about companies like Metaplanet. Since their main business plan is accumulating Bitcoin, investors are now turning to Bitcoin-native metrics like:
Bitcoin Yield
Bitcoin Yield compares the growth of BTC holdings per fully diluted share. Investors typically use it to measure whether shareholders are effectively gaining more Bitcoin per share over time.
This said, a rising Bitcoin Yield indicates that the company is successfully carrying out its accumulation strategy dilution.
BTC Rating
BTC Rating compares the market value of a company’s Bitcoin to its financial obligations. In other words, a rating above 1.0 shows that Bitcoin reserves are more than the liabilities.
Since Metaplanet relies mostly on equity sales instead of debt, its BTC Rating is healthy and shows financial resilience.
BTC Gain
BTC Gain calculates the net Bitcoin growth based on Yield. For example, a 5% quarterly Yield increase on 10,000 BTC is equal to 500 BTC in added value. This measure shows how much Bitcoin the company is creating through accretive strategies, regardless of movements in market prices.
Debt, Capital, and Long-Term Vision
Unlike some peers that used debt financing, Metaplanet has opted for capital raises through preferred shares. This keeps leverage low and reduces the risk of being trapped by interest costs.
However, the model depends on maintaining strong stock performance. This means that a weaker share price could make new capital raises less effective.
Metaplanet is considering a long-term strategy and is setting itself up to thrive on a Bitcoin standard: Mostly by liquidating its old hotel operations and reinventing itself as a Bitcoin-first corporation.
