Japanese listed company Metaplanet has made another massive Bitcoin purchase, buying 5,075 BTC for approximately $405 million at an average price of $79,822 per coin. The acquisition lifts its total treasury to 40,177 BTC, making it the third-largest corporate Bitcoin holder globally, behind only Michael Saylor's Strategy (formerly MicroStrategy, holding over 680,000 BTC).
A $405M Single Bet on Bitcoin
The deal, disclosed on July 22, 2026, was financed through Metaplanet's existing $500 million credit line and debt instruments. The company also generates extra yield by selling Bitcoin put options. CEO Simon Gerovich reiterated the firm's commitment to its Bitcoin accumulation roadmap, aiming for 100,000 BTC by end-2026 and a long-term target of 210,000 BTC (roughly 1% of Bitcoin's total supply) by 2027. Current holdings represent about 40% of the 2026 target.
From Hotel Operator to Crypto Heavyweight
Metaplanet launched its Bitcoin strategy in April 2024 when it was still a struggling hotel operator. In less than two years, it amassed over 40,000 BTC, and its stock price surged more than 4,800% within 12 months. Despite a subsequent 80% stock price rout and a 16% unrealized loss on its Bitcoin holdings earlier this year, the company did not waver. Now it surpasses many North American and European firms, becoming the third-largest corporate Bitcoin holder — a club once dominated solely by U.S.-based Strategy.
Leveraged Funding and Options Income Fuel Accumulation
Metaplanet's buying spree relies on equity raises and debt instruments. The company set up a $500 million credit facility and actively sells Bitcoin put options to generate premium income. Gerovich stressed that short-term market volatility will not alter the Bitcoin reserve strategy. This approach mirrors Strategy's playbook of issuing equity and debt to buy BTC, though Metaplanet operates at a smaller scale.
The corporate Bitcoin treasury ranking now has Strategy far ahead with over 680,000 BTC, while Metaplanet's 40,177 BTC places it third, signaling that the corporate Bitcoin accumulation trend is no longer confined to the United States. Analysts suggest Japan's crypto-friendly regulations and yen depreciation pressures are driving more local firms to consider Bitcoin as a treasury reserve asset.