Metaplanet adds 1,111 Bitcoin, now holding 11,111 BTC

Metaplanet Inc. has announced the purchase of 1,111 additional Bitcoin, bringing its total holdings to 11,111 BTC.

The Tokyo-listed firm disclosed the acquisition in a June 23 filing, noting a total spend of 17.26 billion yen, about $108 million. The latest purchase was made at approximately 15.54 yen, or roughly $97,000, per Bitcoin (BTC).

The acquisition deepens the firm’s aggressive treasury strategy, which aims to accumulate 210,000 BTC, equivalent to 1% of Bitcoin’s total supply, by the end of 2027. This purchase comes just a week after surpassing its 2025 target of 10,000 BTC, reflecting a sharp acceleration in purchasing activity.

Metaplanet’s Bitcoin-to-share ratio, measured using a custom performance indicator called BTC Yield, has more than doubled this quarter alone. The company reported a quarter-to-date Bitcoin Yield of 107.9% as of June 23, up from 95.6% in Q1.

The metric tracks Bitcoin growth relative to fully diluted shares, isolating the accretive impact of Bitcoin accumulation even amid equity issuance.

Originally launched as the “21 Million Plan”, a nod to Bitcoin’s capped supply, Metaplanet’s strategy was revised upward in June 2025. The company now targets 30,000 BTC by the end of 2025 and 100,000 by the end of 2026. CEO Simon Gerovich has described Bitcoin as a core strategic asset and sees Metaplanet as a tax-advantaged vehicle for Japanese investors to gain BTC exposure.

The company has funded its Bitcoin acquisitions primarily through convertible bonds and stock warrants. On the same day as the BTC purchase announcement, it revealed that it had completed a 558.7 million yen allotment to EVO FUND through new stock acquisition rights.

While Metaplanet’s strategy has drawn comparisons to Strategy, it has outpaced the U.S. firm in stock performance. Its shares are up over 1,600 % in the past year. That surge, however, comes with risks.

Metaplanet now trades at an implied Bitcoin price of ¥93 to ¥118 million, roughly $596,000 to $759,000 per coin, meaning investors are paying a steep premium over market value for access to its BTC treasury. 

Some analysts warn that the quick rise of “Saylor copycats”, now totaling more than 220 publicly traded companies, could pose systemic risks. In a recent report, Coinbase called the trend a “attack of the clones” and warned that aggressive capital raises to purchase Bitcoin could put pressure on both markets and investor trust.