Metaplanet Bitcoin holdings hits 20K: will it surpass Strategy?

Japanese Bitcoin firm Metplanet has invested another 6.48 billion Japanese yen (roughly $112 million) to fund its treasury, which brought its total holdings to 20,000 BTC. With the latest acquisition, the company is climbing the corporate treasury ladder, but will it be able to dethrone the Michael Saylor-led Strategy?

The Tokyo-headquartered company said on Monday that it had acquired 1009 BTC at an average price of roughly $111,094 per Bitcoin. Its total Bitcoin stash is now valued at over $2.14 billion, based on the latest BTC price of $107,360 as of press time.

As of Sep. 1, Metaplanet ranks as the sixth-largest corporate Bitcoin holder globally, as it is expected to surpass Bitcoin mining company Riot Platforms Inc., which held a Bitcoin stash of 19,239 BTC according to data from BitcoinTreasuries.

This recent purchase also brings it closer to its year-end target of holding at least 30,000 BTC in this treasury by the end of 2025. 

To be able to achieve that target, the company would need to pick up 2500 BTC on average over the next four months. Initially, the plan was to acquire 10,000 BTC within the same time frame, but the company had blown past its original goal months ahead of schedule.

Within the next two years, the company would be chasing an even more ambitious target of holding 1% of Bitcoin’s total supply, which would constitute 210,000 BTC, by 2027.

Even if that happens, Metaplanet would still be lagging behind Strategy, which holds a whopping 632,457 BTC as of Sep. 1.

Metaplanet CEO Simon Gerovich has disclosed on multiple occasions that the company’s Bitcoin accumulation strategy is inspired by Strategy’s corporate playbook. However, Strategy’s early entry, larger scale, and far more aggressive accumulation give it a strategic edge that Metaplanet may struggle to catch up to.

Nevertheless, Metaplanet’s pivot as a Bitcoin treasury firm, from a hotel operator, has paid off. 

Behind the headline numbers, Metaplanet continues to promote a unique metric called BTC Yield, a key performance indicator that measures the increase in Bitcoin holdings per fully diluted share over time. 

According to its latest filing, the company achieved a BTC Yield of 30.7% in the quarter-to-date period ending Sep. 1, building on the 129.4% yield from the previous quarter.

To bankroll these acquisitions, Metaplanet has leaned heavily on capital markets and has raised billions of yen by exercising multiple tranches of stock acquisition rights.

Between July 10 and Aug. 29, the company issued more than 80 million new shares, with most of the proceeds redirected toward early redemptions of bonds and new Bitcoin purchases.

Metaplanet to meet shareholders over fresh funding

The timing of the latest acquisition coincides with an important shareholder meeting that the company scheduled last month to review and seek approval for a notable international share offering proposal.

Last month, the company said it was considering another raise, which would provide $837 million in fresh capital against 555 million new shares. Its board has already given the plan a go, and the meeting would serve as the final step to secure shareholder consent before launching the overseas offering.

Notably, Eric Trump, who currently serves as a member of Metaplanet’s Strategic Board of Advisors, is expected to attend this meeting.

However, at the moment, shareholder sentiment has failed to match the company’s ambition. On Sep. 1, Metaplanet shares fell 3.87% during morning trading in Japan, as investors were likely weighing the dilution risks ahead of the shareholder meeting.

At the same time, Bitcoin (BTC) was down over 1% in the past 24 hours, changing hands at $107,664 when writing.

Still, the stock remains one of Japan’s most volatile and talked-about assets in 2025 and has returned over 136% year-to-date, buoyed mainly by its Bitcoin strategy and high-profile inclusions on benchmark indexes like the FTSE Japan Index.