Metaplanet adds another 1,004 BTC to its corporate treasury
Metaplanet, known in the market as Japan’s leading Bitcoin treasury company, announced that it acquired 1,004 Bitcoin for approximately $104.3 million. The average purchase price was about $103,873 per BTC. Following this latest transaction, the company’s total Bitcoin holdings rose to 7,800 BTC. The announcement reinforces the company’s identity as a publicly visible corporate vehicle built around long-term Bitcoin accumulation rather than occasional tactical purchases.
This is important because the scale of the acquisition shows that Metaplanet is no longer in an experimental phase. The company is clearly executing a structured treasury strategy in which Bitcoin sits at the center of capital allocation decisions. Instead of treating BTC as a side asset or inflation hedge, it is using Bitcoin as a balance-sheet anchor and a core part of its public-market narrative.
From 98 BTC in April 2024 to 7,800 BTC by May 2025
Metaplanet began accumulating Bitcoin in April 2024, when it held about 98 BTC acquired at a cost of roughly ¥1 billion. By the end of 2024, the company had expanded its holdings to nearly 1,762 BTC, with a cost basis of around ¥20.9 billion. A major turning point came on December 18, 2024, when Metaplanet officially launched its Bitcoin Treasury Operations, formalizing Bitcoin as the centerpiece of its treasury model.
After that launch, expansion accelerated sharply. By May 19, 2025, the company had reached a total of 7,800 BTC. According to the disclosed figures, this growth was funded through a combination of capital market activities and operating income. As purchases continued, the company’s total cost basis climbed to more than ¥105 billion. That progression suggests an integrated strategy rather than isolated buying: fundraising, treasury management, and business performance are all being used to support BTC accumulation.
On a year-to-date basis, Metaplanet said its BTC holdings have expanded by 3.9x, with more than 5,000 BTC added in 2025 alone. For a company explicitly positioning itself as a Bitcoin treasury business, that is an aggressive pace. It also places Metaplanet among the most notable examples of listed companies increasing direct Bitcoin exposure through repeated, large-scale acquisitions.
How the Bitcoin strategy translated into shareholder-focused metrics
Metaplanet said that since pivoting to a Bitcoin-focused strategy, its BTC net asset value has increased by 103.1x, while its market capitalization has expanded by 138.1x. Those figures indicate that the market is not simply valuing the company based on conventional operating performance. Instead, investors increasingly appear to view Metaplanet as a listed proxy for Bitcoin exposure, with the company’s valuation tied closely to the scale and performance of its BTC treasury.
The company also disclosed that it added 3,275 BTC in the last 30 days alone, highlighting just how aggressively it has been building its Bitcoin reserves. It reported a year-to-date Bitcoin yield of 189.1%. In addition, quarter-to-date BTC Yield reached 47.8%. Looking at the longer quarterly track record since July 2024, the firm reported BTC Yields of 41.7%, 309.8%, 95.6%, and 47.8%.
These numbers matter because they are meant to show more than raw coin accumulation. Metaplanet is framing performance in terms of Bitcoin-linked value delivered to shareholders, even while conducting capital market activity and dealing with dilution from share issuances. In other words, the company’s message is not only that it owns more BTC, but that its financing strategy has still produced strong Bitcoin-based outcomes for equity holders.
Record Q1 FY2025 results despite mark-to-market volatility
Metaplanet also reported what it described as its best quarter so far. In Q1 FY2025, revenue reached ¥877 million, up 8% quarter over quarter. Operating profit rose to a record ¥593 million, up 11%. At the balance-sheet level, total assets jumped 81% to ¥55.0 billion, while net assets surged 197% to ¥50.4 billion. These results suggest that the Bitcoin treasury model was accompanied by a dramatic expansion in overall financial scale.
At the same time, the company’s results show how sensitive reported numbers can be to Bitcoin price movements. A decline in BTC price at the end of March led to a valuation loss of about ¥7.4 billion. However, the rebound came quickly. As of May 12, Metaplanet reported ¥13.5 billion in unrealized gains as the market recovered. Net income for the quarter came in at ¥5.0 billion, while the company said its core operations remained strong. That combination illustrates both sides of the treasury strategy: material mark-to-market swings, but also fast balance-sheet recovery when Bitcoin prices move higher.
Management says Metaplanet is building Japan’s first dedicated Bitcoin treasury company
In its Q1 earnings presentation, management stated: “Guided by this conviction, we pivoted in 2024 to become Japan’s first dedicated Bitcoin Treasury Company.” That statement captures the company’s broader positioning. Metaplanet is not presenting Bitcoin as a minor reserve diversification tool. It is presenting itself as a company whose corporate identity is now fundamentally tied to Bitcoin treasury accumulation.
Management also said that in Q1 2025 it launched a two-year, ¥116 billion moving-strike warrant program, and had already executed 87% of it. According to the company, this was the largest and lowest-cost equity financing of its kind ever placed in Japan. In practical terms, that financing program appears to be one of the key engines behind Metaplanet’s rapid Bitcoin purchases. It helps explain how the company was able to scale from early-stage accumulation in 2024 to a treasury of 7,800 BTC within a relatively short period.