Metaplanet expands its Bitcoin treasury to 15,555 BTC
Metaplanet Inc. disclosed that it purchased an additional 2,205 BTC, lifting its total Bitcoin holdings to 15,555 BTC. The latest purchase was valued at JPY 34.487 billion, implying an average acquisition price of JPY 15.64 million per Bitcoin. On a cumulative basis, the company said its total cost basis has now reached JPY 225.818 billion, with an overall average purchase price of JPY 14.52 million per coin.
The announcement reinforces Metaplanet’s positioning as one of the more aggressive publicly listed corporate Bitcoin accumulators. Rather than treating Bitcoin as a small reserve allocation, the company is continuing to scale its treasury exposure through a deliberate capital markets strategy. For investors, the key takeaway is not just the size of this latest buy, but the speed and consistency with which the company is increasing its BTC holdings.
The “555 Million Plan” replaces the previous accumulation target
This latest purchase is part of Metaplanet’s newly launched “555 Million Plan”. Under this strategy, the company is targeting the accumulation of 210,000 BTC by the end of 2027. That amount would represent 1% of Bitcoin’s total supply, a highly symbolic milestone given Bitcoin’s fixed maximum issuance of 21 million coins.
The new framework replaces the earlier “21 Million Plan”, which had targeted 21,000 BTC by 2026. The shift from 21,000 BTC to 210,000 BTC marks a dramatic increase in ambition. It signals that Metaplanet is no longer pursuing a limited treasury hedge, but is instead building a long-term strategy aimed at becoming a major corporate holder within the global Bitcoin landscape.
BTC Yield remains a core performance metric
Metaplanet also highlighted the continued strength of BTC Yield, its proprietary key performance indicator. The metric measures Bitcoin per fully diluted share and is designed to show whether the company is increasing Bitcoin exposure efficiently even as its share count changes. This matters because companies funding BTC purchases through equity-linked instruments are often evaluated not only by gross holdings, but also by how much Bitcoin exposure accrues on a per-share basis.
According to the company, quarter-to-date BTC Yield increased by 15.1%. That performance translated into a BTC Gain of 2,017 and a corresponding BTC JPY Gain of JPY 31.78 billion. In Metaplanet’s framing, these figures demonstrate continued success in using capital efficiently to expand Bitcoin exposure while enhancing shareholder value. In practical terms, the company is arguing that its financing activity is not merely dilutive, but accretive in Bitcoin terms.
New shares issued and part of the EVO FUND bond redeemed early
Metaplanet further disclosed that between July 1 and July 4, 2025, it issued 8.1 million new shares through the exercise of its 20th Series of Stock Acquisition Rights. This indicates that the company’s equity-linked financing machinery remains active and continues to convert into fresh capital and outstanding shares.
The proceeds from those exercises were used to fund a partial early redemption of debt. Specifically, the company stated that it executed an early repayment of JPY 6 billion on July 4, 2025, from its 19th Series of Ordinary Bonds. Those bonds had originally been issued on June 30, 2025 in an aggregate amount of JPY 30 billion to EVO FUND. The disclosure document explicitly stated that the company carried out a partial early redemption of JPY 6 billion from that JPY 30 billion issuance.
June capital actions show active use of the 20th Series rights
In addition to the July update, Metaplanet released results from its June capital actions. Beginning on June 24, 2025, a total of 54 million shares were delivered through the exercise of 540,000 units of the 20th Series Stock Acquisition Rights. That amount represented 29.19% of the total 1.85 million rights issued in the series, showing that a significant portion of the instrument has already been utilized.
The company added that the overall exercise ratio stood at 8.99%, remaining within Tokyo Stock Exchange compliance limits. The 20th Series was initially exercised at a price of JPY 1,388 on June 24, 2025, with further adjustments to be made according to the company’s pricing methodology. Taken together, these details show that Metaplanet’s Bitcoin strategy is tightly connected to its broader capital structure management. Its accumulation model is not based on isolated spot purchases alone, but on an integrated framework involving equity issuance, bond financing, repayment management, and ongoing treasury expansion.