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- Metaplanet strengthens its Bitcoin treasury with a large purchase.
- Company uses new performance measures to track Bitcoin growth.
- Capital markets activities continue to support acquisitions.
Metaplanet Inc. has added 775 Bitcoin to its treasury. The company disclosed the purchase at an average price of 17.72 million yen per coin, for a total of 13.7 billion yen. This latest move brings the company’s holdings to 18,888 Bitcoin.
Its average cost price now stands at 15.04 million yen per coin, and it has spent a total of 284 billion yen on it. That is in line with the strategy of having Bitcoin as one of its base treasury assets. It has been, since December 2024, one of its business lines, buying Bitcoin.
Management continues to fund these purchases with proceeds from capital markets and operating income. The strategy seeks to strengthen long-term shareholder value. By securing more Bitcoin during market cycles, the company aims to increase exposure to what it sees as a strategic reserve asset.
Metaplanet Uses BTC Yield to Track Growth
Metaplanet measures performance through three key metrics. BTC Yield indicates on-chain growth of Bitcoin per fully diluted share over time. It allows investors to view how much Bitcoin the company collects based on its equity base.
Since July 2024 through August 2025, BTC Yield has been extremely strong. It posted 41.7% in Q3 2024, reached 309.8% in Q4, reached 95.6% in Q1 2025, and rose 129.4% in Q2. From July 1 through August 18, 2025, it posted 29.3
BTC Gain calculates the theoretical gain on Bitcoin if shares were not newly issued. BTC ¥ Gain converts it into yen terms, presenting local currency effects. These metrics reflect how treasury activity causes accretion without distortion due to share dilution.
The firm emphasizes that they are not conventional measures of profit or cash flow. They offer, rather, a lens through which one can look at how purchases of Bitcoin impact shareholder value. They also take into consideration share structures, such as stock options and convertible instruments.
Company Raises Funds Through Share Exercises
In addition to acquisitions, Metaplanet has been busy in capital markets. During July, the company redeemed more than 12 billion yen of bonds prematurely. The redemptions were made with proceeds from exercised stock acquisition rights.
Sizable pieces of new shares were also utilized up through August, in accordance with earlier announcements. The move gave the company cash to make further purchases of Bitcoin. By using equity proceeds, Metaplanet positioned itself to purchase holdings and square up against debt obligations.
Until mid-August, it is also clear what its strategy is. It will build up more Bitcoin reserves, monitor progress through the BTC Yield and related measures, and employ the capital markets with flexibility. Its investors will be highly interested in monitoring how such strategies hold up if such market scenarios change over the months forward.
Related Reading: Bitcoin’s Future in the US: Bessent Details Treasury’s Budget-Neutral Plan
