Japanese investment company Metaplanet has continued its hostilities with Bitcoin, increasing its reserves by 103 BTC valued at about $11.8 million (1.736 billion yen). This brings the total under Metaplanet’s control to 18,991 BTC, worth more than $2.14 billion at prevailing market prices.
A Steady March Toward Massive Bitcoin Reserves
This acquisition follows just days after Metaplanet increased its stakes by 775 BTC, highlighting its aggressive accumulation strategy. The firm has even institutionalized a policy called Bitcoin Treasury Operations, where Bitcoin is made its first-reserve asset.
To finance these purchases, Metaplanet raises capital from stock issues and bond facilities, flowing proceeds directly to Bitcoin instead of maintaining fiat reserves.
Balancing Liabilities While Stacking Sats
As part of its Bitcoin acquisition, Metaplanet also redeemed approximately 3 billion yen ($20.4 million) of its 19th Series Ordinary Bonds. The action indicates a bid to simplify debt while maintaining its large-scale investment in digital currencies.
This two-pronged approach — debt reduction and Bitcoin reserve growth — has been likened to U.S.-based MicroStrategy, and market observers are frequently referring to Metaplanet as “Asia’s MicroStrategy.”
Share Issuances Fuel Growth
Recent filings reveal that Metaplanet has leaned on stock acquisition rights to raise additional funds. Earlier this month, over 4.9 million new shares were issued following warrant exercises, providing fresh capital for its Bitcoin purchases.
Rather than traditional monetary performance metrics, the company monitors value creation using distinct metrics like “BTC Yield” and “BTC Gain” — emphasizing per-share growth in Bitcoin. In the most recent quarter, Metaplanet disclosed a 29.1% BTC Yield, indicating that even with equity dilution, shareholders’ per-share exposure to Bitcoin has continued to rise.
Betting on Bitcoin Over Fiat
Metaplanet’s executives have always maintained that Bitcoin holds superior long-term value retention over fiat currency. At a time when Bitcoin recently traded at just above $113,000 after reaching highs this month, the company expects its treasury strategy to return more robust shareholder returns in the long run.
