Crypto Reporter
Shalini Nagarajan
Crypto Reporter
Shalini Nagarajan
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Metaplanet, the Tokyo-listed firm rapidly evolving into one of Asia’s most aggressive corporate Bitcoin holders, added another 780 Bitcoin to its treasury on July 28.
The latest acquisition brings its total holdings to 17,132 BTC, marking a sharp climb from the 13,350 reported just a month ago.
The company disclosed the purchase in a filing on Monday, noting it paid an average of 17.52m yen (US$119,136) per Bitcoin, amounting to a total investment of 13.67b yen ($92.93m).
Since launching its Bitcoin Treasury Operations in Dec. 2024, Metaplanet has steadily accumulated Bitcoin using proceeds from capital market activities and operating income.
Metaplanet Trading Volume Doubles in Crypto-Fueled Frenzy
The new purchase comes as the firm’s share trading activity on the Tokyo Stock Exchange has surged. Trading volume in Metaplanet stock hit 1.86 trillion yen ($12.65b) in June, nearly doubling the 997.6b yen ($6.78b) recorded in May, according to TSE data.
The sharp rise reflects growing investor interest as the company leans further into its digital asset strategy.
In the past three months alone, Metaplanet’s Bitcoin holdings have grown by over 13,000 BTC.
This expansion has been financed through multiple rounds of share issuances and bond redemptions. On July 4 and again on July 14, the company redeemed a combined 12.75b yen ($86.7m) from its 19th series of bonds, using funds raised through the exercise of stock acquisition rights.
Those rights have translated into rapid share dilution. Between June 30 and July 28, the company issued tens of millions of new shares through its 20th to 22nd series of stock acquisition programs. Fully diluted shares outstanding now stand at nearly 866m.
Metaplanet’s Q2 BTC Yield Surges to 129.4%
To evaluate whether this aggressive capital strategy benefits shareholders, Metaplanet tracks several custom metrics like BTC Yield, BTC Gain and BTC ¥ Gain.
These indicators aim to measure how much Bitcoin the company has accumulated relative to its expanding share base and to estimate the hypothetical accretion had no new shares been issued.
From July 1 to July 28 alone, Metaplanet’s BTC Yield stood at 22.5%. In yen terms, that gain equates to more than 52.5b yen ($357m). Previous quarters have seen even stronger growth, with a 129.4% BTC Yield in Q2 2025 and an eye-popping 309.8% in Q4 2024.
The average purchase price across all 17,132 Bitcoin now sits at roughly 14.78m yen ($100,504) per coin. That number has steadily risen alongside Metaplanet’s appetite for the asset, up from 12.94m yen ($87,992) at the end of March.
Crypto Metrics Not a Substitute for Cash Flow, Metaplanet Says
The company acknowledges that these metrics are not substitutes for traditional financial indicators such as cash flow or net income. However, it argues they reflect the success of its strategy to grow Bitcoin per share. It believes this metric will become increasingly valuable to long-term investors.
Metaplanet has not declared any dividends so far. Instead, it has reminded shareholders that owning its stock does not mean direct ownership of the underlying Bitcoin. Additionally, the company has cautioned that its custom KPIs do not account for debt obligations or preferred stock. As a result, these metrics may overstate gains if taken outside the broader financial context.
Still, Metaplanet’s move stands out in Japan, where few listed companies have embraced Bitcoin on this scale.
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