Metaplanet Adds 136 BTC To Treasury, Total Holdings Now Top $2.2 Billion

Publicly traded Japanese hotel operator and real estate company Metaplanet announced on Monday that it purchased an additional 136 BTC for approximately $15.2 million, at an average cost of $103,196 per coin, for its ever-expanding Bitcoin treasury. 

According to CEO Simon Gerovich, the latest acquisition takes the hotelier’s total holdings to 20,136 BTC, worth over $2.2 billion at the current market rate, with a cumulative purchase amount of $2.8 billion. Metaplanet is now the sixth-largest corporate holder of the alpha cryptocurrency.

Metaplanet Nearly 70% the Way to its 2025 Bitcoin Goal after Adding 136 BTC to Treasury

This purchase comes a week after the Tokyo Stock Exchange-listed firm bought 1,009 BTC, which lifted its total stash above 20,000 BTC. Metaplanet has undergone a strategic transformation over the past year to become a leading Bitcoin treasury firm, positioning itself as the first public company in Japan to hold BTC on its balance sheet and one of the largest corporate holders of the “digital gold” globally.

Metaplanet has been aggressively accumulating Bitcoin throughout 2025, with its stack growing from 12,000 BTC at the end of June to 20,136 BTC as of September 8. The digital asset treasury firm has achieved a BTC yield of 487% year-to-date.

The company’s core business now centers on the strategic acquisition and management of Bitcoin as a core corporate asset, using capital market instruments such as zero-interest bonds and options strategies to fund BTC purchases and enhance shareholder value. They also provide consulting services to help other businesses adopt Bitcoin, manage a hotel in Japan, and hold an exclusive license for Bitcoin Magazine in the country.

In a press release, the hotelier noted that it uses BTC Yield to assess the performance of its Bitcoin acquisition strategy, which is intended to be “accretive” to shareholders. From July 1 to September 8, Metaplanet reported a yield of 30.8% on its Bitcoin holdings, reflecting the merits of its accumulation program.

Metaplanet Risks Failing Its Bitcoin Accumulation Strategy as Stock Price Plummets to Four-Month Low

The company is aiming for a 30,000 BTC stack by the end of 2025, and 100,000 BTC by 2027. Its current holdings account for 67% of this year’s target, and 20% of its goal for next year. The 100,000 BTC number is a massive leap from its original target, which was to hold 10,000 BTC by 2025 and 21,000 BTC by 2026.

Bitcoin treasury companies have now accumulated over 1 million BTC, which amounts to approximately 5% of Bitcoin’s circulating supply of 19.91 million coins. Pranav Agarwal, director of Jetking, India’s first listed bitcoin treasury company, noted that this trend will continue to grow and provide a “very strong buying base” for the asset. He highlighted that the only thing that could slow the momentum would be the market price of these companies compressing very close to their BTC net asset value (NAV).

On the positive side, Agarwal said that if Bitcoin’s selling pressure reduces, then it could lead to large price increases for the shares over a short period, but those will typically get sold into with new supply. He argued that Metaplanet is managing its risk well through structured debt obligations by being very low compared to its total exposure and BTC NAV.

Also Read: The Role of FUD in the Crypto Market: An In-Depth Guide 

Shareholders Approve $884 Million Capital Raise to Address Financial Challenges

Recently, Metaplanet secured shareholder approval for an $884 million capital raising proposal to address its financing challenges, which was triggered by its TYO:3350 stock plummeting 54% since mid-June. The proposal allows the Japanese real estate giant to sell up to 500 million new shares overseas alongside issuing preferred stock.

Its financing scramble threatens to derail CEO Simon Gerovich’s Bitcoin accumulation strategy, which has faced its own challenges following the firm’s stock-dependent “flywheel” financing mechanism slowing down, according to former Jeffries analyst Mark Chadwick.

Speaking to crypto media outlet Decrypt, Ray Youssef, CEO of NoOnes, said that the divergence between Bitcoin trading near $110,000 and Metaplanet’s declining stock price proves that when BTC is mixed in corporate equity with elements like leverage, warrants, and other financial instruments, then it opens the door to a level of fragility that the crypto asset does not possess by itself.

He added that while the preferred shares proposal could buy more time for Metaplanet, the market could view it as a “desperate move”. The declining stock price has allegedly damaged Metaplanet’s “flywheel” financing arrangement with EvoFund, which relied on rising prices to trigger warrant exercises that funded Bitcoin purchases. The firm’s holdings have grown less than 50% since June, compared to a 160% surge between April and May 2025.

Eric Trump, the son of U.S. President Donald Trump, who joined Metaplanet as a strategic adviser in March, was in attendance at the shareholder meeting held in Tokyo’s Shibuya district, where he compared Gerovich to Strategy (formerly MicroStrategy) co-founder and Bitcoin treasury pioneer Michael Saylor. The company also introduced a new credit theory for the Japanese market, where financial instruments backed by over-collateralized and scarce digital assets will be created.

Expert Warns Metaplanet Could be Another Leveraged Bitcoin Play that Failed to Deliver on Its Promise

However, Youssef warned that Metaplanet’s runway to owning 210,000 BTC by 2027 is running short, and if they fail to raise capital, then they can forget about their 100,000 BTC goal for 2026. At that point, the company would become just another leveraged play that promised and failed to deliver, he added.

Metaplanet has increased its percentage of Bitcoin per share by 2,278% over the past year, compared to Strategy’s 86% increase. The company’s stock was upgraded to mid-cap status in FTSE Russel’s September review, earning it inclusion in major global indices.

The latest Bitcoin acquisition hasn’t helped the stock’s price, which was down 2.3% during Tokyo trading hours on Monday, while extending a nearly 20% weekly rout. TYO:3350 sits near a four-month low, marking a 63% decline from this year’s peak.

Thomas Fecker-Boxler, CEO of the Web3 Foundation, said that the sustainability of crypto treasury companies will depend less on short-term enthusiasts and more on the leverage and balance sheet structures behind them, especially where convertibles and convexity are involved.

At the time of writing, Bitcoin (BTC) is trading at $111,958, up 0.86% in the last 24 hours.