Metaplanet is not easing into Bitcoin. It is moving fast.
The Japan-based Bitcoin and Ethereum treasury company just bought 5,268 BTC for about $623 million, pushing its total holdings to 30,823 Bitcoin. That puts Metaplanet in the position of the fourth-largest publicly traded Bitcoin holder in the world.
Only Strategy, MARA Holdings, and XXI now hold more.
CEO Simon Gerovich confirmed the ranking and said the latest purchase was made at an average price of 17.4 million yen per Bitcoin, or roughly $118,328 per coin.
This was not a one-time move.
On September 21, Metaplanet announced a $632 million Bitcoin purchase, its largest single buy so far. Since then, the company has continued adding BTC throughout 2025, clearly committing to a long-term treasury strategy. The signal is straightforward. Metaplanet wants Bitcoin on its balance sheet, and it wants a lot of it.
The buying spree is backed by improving business numbers.
Metaplanet reported Q3 revenue of 2.438 billion yen, or about $16.5 million, marking a 115.7% increase from Q2. Gerovich said the results show the company can scale its operations while strengthening the financial base needed for future plans, including a preferred share issuance tied to its Bitcoin and Ethereum treasury strategy.
The company is also preparing to raise more capital.
Last month, Metaplanet said it plans to raise $1.4 billion by issuing 385 million new shares. The purpose is clear. The funds are earmarked specifically for buying more Bitcoin, doubling down as institutional accumulation continues to pick up globally.
Metaplanet is also expanding beyond simply holding crypto.
Its board recently approved a new U.S. subsidiary called Metaplanet Income Corp. The unit will focus on generating income from Bitcoin through derivatives and related strategies, aiming to extract yield rather than just holding assets on the balance sheet.
Markets, however, are still divided.
In Japan, Metaplanet shares fell 10.26% after the announcement. The stock is down 38% over the past month, though it remains up 48.3% year to date, reflecting the volatility tied to aggressive Bitcoin treasury strategies.
In the U.S., investors reacted more positively. Shares trading under the ticker MTPLF jumped 8.86%, closing at $3.96. The mixed response highlights ongoing uncertainty around how sustainable Bitcoin-heavy balance sheets will be over the long run.
Bitcoin is currently trading at $114,488, up 0.44% in the past 24 hours, while Ethereum continues to consolidate near recent highs.
As more companies adopt strategies similar to Metaplanet’s, institutional accumulation is becoming harder to ignore. Whether this approach proves smart or risky will depend largely on how long the current crypto cycle holds.
For now, Metaplanet is making its bet very clear.
