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- Metaplanet added over 1,000 Bitcoin to its treasury, raising total holdings to 20,000.
- Strong BTC Yield results show how the company’s strategy drives shareholder value.
- Ongoing capital market moves fund acquisitions while managing debt obligations.
According to the filing, Metaplanet Inc. continued its aggressive Bitcoin acquisition strategy by purchasing 1,009 Bitcoin at an average price of 16.3 million yen each. The transaction cost 16.47 billion yen, bringing total holdings to 20,000 Bitcoin. The company has spent 302.31 billion yen to build this treasury, with an average purchase price of 15.1 million yen per coin.
.The company has Bitcoin as a strategic reserve and a business pillar. Since Bitcoin Treasury Operations was established formally in December 2024, the company has utilized both market financing and operating income to increase exposure on the balance sheet. Each of the acquisitions makes it one of the largest corporate Bitcoin holders of Japan.
The firm applies Bitcoin per Fully Diluted Share to convert acquisitions into shareholder value. It separates Bitcoin holdings by issuable shares and convertible instruments and reports them per 1,000 shares. This informs the investor of their relative entitlement to Bitcoin and the impact of treasury growth on it.
Metaplanet Uses New Metrics to Track Bitcoin Strategy
It has three reporting measures showing the impact of its approach: BTC Yield, BTC Gain, and BTC ¥ Gain. BTC Yield measures the change of Bitcoin percentage per share within a period after adjusting dilution.
BTC Gain is the increase of Bitcoin holdings due to treasury operations and BTC ¥ Gain is its representation at market prices prevailing at yen terms. From mid-2024 up to September 2025, the company registered fluctuating yet strong BTC Yield numbers. BTC yield once surpassed 300 percent once within a quarter.
Recently it was 30.7 percent at September 1, 2025. These changes are due to the company’s capital raising, the issuing of shares, and the date of Bitcoin acquisitions that influence results per share.
These are not typical measures of financial performance. Instead, the company aims to give shareholders insights about Bitcoin accretion against the background of potential dilution. Using constant formulas and reference prices, the company makes it easier to compare quarter to quarter.
Metaplanet Redeems Debt and Issues Equity for Bitcoin
Metaplanet also undertook significant redemptions of bonds and issues of shares to fund its Bitcoin program. It redeemed a portion of a series of 30 billion yen bonds from the funds of exercised rights used to buy stocks in July 2025.
Up to August, the company issued multiple tranches of new shares and used them to pay redemptions and fund other Bitcoin acquisitions. The company uses equity issuances to offset debt repayment, which lessens financial pressure but leaves liquidity available for future acquisitions. It is the company’s contention that the system is consistent with capital market custom, and especially U.S. practice when it comes to at-the-market facilities.
Metaplanet Bitcoin dedication in a core reserve framework is clear. Through the overlap of active treasury management, multi-purpose funds sources, and clear performance metrics, the company further anchors itself at the frontier of corporate Bitcoin adoption.
Related Reading: Metaplanet Targets 210,000 BTC with Bold $1.2B Fundraising Plan
