TLDR
- Metaplanet now holds 30,823 Bitcoin, positioning it as the third-largest public holder.
- The company’s Bitcoin income generation strategy drives over 95% of its revenue.
- Metaplanet plans to raise $20 billion to acquire 210,000 BTC by 2027.
- Preferred share offerings will fund Bitcoin acquisitions without diluting common shareholders.
Metaplanet Inc. continues to grow rapidly in the Bitcoin space, announcing strong third-quarter results for 2025. The Tokyo-based company, which has adopted the Bitcoin Standard, reported a major expansion in its Bitcoin treasury and outlined an ambitious plan to further increase its holdings in the coming years. The firm is positioning itself as a key player in Japan’s digital asset market, with a strategy focused on long-term Bitcoin accumulation and innovative funding mechanisms.
Strong Bitcoin Treasury Growth
Metaplanet’s Bitcoin holdings grew significantly in Q3 2025. The company now holds 30,823 Bitcoin, which were acquired at an average price of ¥15.89 million per BTC. This places Metaplanet as the third-largest public Bitcoin holder globally, behind MicroStrategy and Marathon Digital Holdings.
According to the company’s earnings report, the Bitcoin Income Generation strategy, launched in late 2024, has become the primary driver of the firm’s revenue. This strategy has resulted in a year-over-year BTC yield of 459%, reflecting the company’s ability to increase its Bitcoin exposure efficiently.
The firm has focused on growing its Bitcoin holdings per share, instead of relying solely on traditional business operations. This shift has led to impressive performance in key metrics, including the BTC Spread, which measures the efficiency of capital deployment in Bitcoin acquisition.
Metaplanet’s growth in its Bitcoin treasury is a clear indication of its commitment to its long-term accumulation model, positioning the company for continued success in the digital asset market.
Preferred Shares to Finance BTC Growth
To fund its continued Bitcoin acquisitions, Metaplanet plans to issue perpetual preferred shares. These shares are designed to raise capital without diluting common shareholders. The company received approval in September 2025 to issue two classes of preferred shares, Class A and Class B, each offering up to 6% annual dividends. These preferred shares may eventually be listed publicly, although discussions with the Tokyo Stock Exchange are still in early stages.
The company’s leadership believes that this funding model, described as “permanent leverage without refinancing risk,” will allow Metaplanet to continue its Bitcoin accumulation strategy while offering investors exposure to Bitcoin-backed yields.
CEO Simon Gerovich emphasized the importance of this model in meeting Japan’s increasing demand for yield-bearing digital assets. By offering preferred equity instead of debt, Metaplanet can provide investors with stable income while also maintaining its long-term treasury objectives.
Metaplanet’s Long-Term BTC Acquisition Target
Looking ahead, Metaplanet aims to acquire 210,000 Bitcoin by 2027. This target would represent approximately 1% of Bitcoin’s total supply, an ambitious goal that would require about $20 billion in funding. To achieve this, the company plans to rely on the capital raised from its preferred share offering, combined with its Bitcoin income generation strategy.
Metaplanet’s focus on Bitcoin-backed financial products is part of a broader vision to become the leading issuer of Bitcoin-backed fixed income products in Japan. The company sees significant potential in Japan’s multi-trillion-dollar fixed income market and aims to leverage its Bitcoin strategy to meet the growing demand for alternative, yield-bearing assets.
Strong Growth in Shareholder Base
Metaplanet’s growth has extended beyond its Bitcoin treasury. Since adopting the Bitcoin Standard in April 2024, the company has seen its shareholder base increase by over 400% year-over-year. As of Q3 2025, Metaplanet has more than 212,000 investors.
Additionally, the firm has raised ¥555 billion in preferred capital since the adoption of its Bitcoin strategy, reinforcing its ability to attract investment in its ambitious plan.
With strong financial results and an expanding investor base, Metaplanet continues to make strides as a key player in Japan’s digital asset market. Its commitment to growing its Bitcoin holdings and issuing Bitcoin-backed fixed income products positions it as a company to watch in the coming years.
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