TLDR
- Metaplanet purchased 1,088 Bitcoin for $117.3 million, bringing total holdings to 8,888 BTC worth $900 million
- The Japanese firm’s stock price jumped 2.62% following the announcement and is up 155% in one month
- Company has achieved 88.9% of its 10,000 BTC acquisition goal for 2025
- Metaplanet stockholders are paying a premium of nearly $600,000 per Bitcoin compared to spot prices
- The firm funded recent purchases through $50 million in zero-coupon bonds and plans to buy 21,000 BTC by 2026
Japanese investment firm Metaplanet announced the purchase of 1,088 Bitcoin valued at $117.3 million on June 2, 2025. The company now holds 8,888 BTC worth approximately $900 million.
*Metaplanet Acquires Additional 1,088 $BTC, Total Holdings Reach 8,888 BTC* pic.twitter.com/X2clAIKNbR
— Metaplanet Inc. (@Metaplanet_JP) June 2, 2025
CEO Simon Gerovich revealed the firm acquired the Bitcoin at an average price of $107,771 per coin. This purchase generated a 225.4% year-to-date return on investment.
The company’s total Bitcoin holdings were acquired for $829.7 million at an average cost of $93,354 per Bitcoin. This latest purchase brings Metaplanet to 88.9% of its 10,000 BTC acquisition goal for 2025.
Following the announcement, Metaplanet’s stock price rose 2.62% to 1,095 yen. The stock has surged over 155% in one month and nearly 214% year-to-date according to Yahoo Finance data.
Funding Strategy and Market Position
Metaplanet funded recent purchases through a $50 million zero-coupon bond offering. The company also announced an additional $21 million in no-interest bonds as part of its Bitcoin buying strategy.
The firm has experienced varying BTC yields across quarters. Returns showed 41.7% in Q3 2024, 309.8% in Q4 2024, 95.6% in Q1 2025, and 66.3% so far in Q2 2025.
Metaplanet ranks as Asia’s largest and the world’s 10th-largest corporate Bitcoin holder. The company holds over 7,800 BTC representing 0.037% of Bitcoin’s total supply according to Bitbo data.
The firm has set an ambitious target to purchase 21,000 BTC by 2026. This expanded timeline extends beyond the current 2025 goals.
Premium Pricing Concerns
Research firm 10x Research published a report highlighting Metaplanet’s extreme premium pricing. Stockholders are paying nearly $600,000 per Bitcoin compared to current spot prices around $105,000.
This represents more than a fivefold premium on Bitcoin when investing in the Japanese company. The report warns investors may be “dramatically overpaying for their Bitcoin exposure.”
The premium stems from the company’s net asset value calculations. NAV represents the per-unit price calculated by dividing total assets minus liabilities by outstanding shares.
Despite high premiums, Bitcoin treasury firms are gaining importance for mass adoption. Blockstream CEO Adam Back describes these entities as front-running “global hyperbitcoinization.”
$MSTR and other treasury companies are an arbitrage of the dislocation between the bitcoin future and todays fiat world. a sustainable and scalable $100-$200 trillion trade front-running hyperbitcoinization. scalable enough for most big listed companies to move to btc treasury.
— Adam Back (@adam3us) April 26, 2025
Retail investors are increasingly turning to proxy stocks as Bitcoin’s high price discourages direct participation. Research shows retail comprises only 7% of the Bitcoin market, peaking in December 2023.
MicroStrategy also trades at premiums, with an implied Bitcoin price of $174,100. The company uses share issuances to fund additional Bitcoin purchases while pocketing premium differences.
Bitcoin currently trades at $104,968, up 0.41% daily and 8% over the past month with trading volume at $37.45 billion.
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