Metaplanet’s $632M Bitcoin Bet Shakes Wall Street, Challenges MicroStrategy

Metaplanet Expands Bitcoin Holdings, Surpasses Bullish, Emerges as MicroStrategy’s Closest Rival

Japanese investment firm Metaplanet has once again shaken up the global crypto market, announcing another aggressive purchase of Bitcoin valued at $632 million. The move increases its total Bitcoin reserves to 25,555 BTC, firmly placing the Tokyo-listed company as the world’s fifth-largest corporate holder of Bitcoin. With this milestone, Metaplanet has overtaken exchange operator Bullish and is now positioning itself as the most serious contender to MicroStrategy’s long-standing dominance in the corporate Bitcoin treasury race.

A Landmark Purchase

The latest acquisition of 5,419 BTC at an average price of $116,724 per coin is among the company’s most ambitious purchases to date. The newly acquired tokens boosted Metaplanet’s corporate treasury to nearly $3 billion, even as Bitcoin faced a slight 2% decline, trading around $112,456 at the time of the announcement.

Source: X

Despite short-term market fluctuations, the firm’s performance has been impressive. On a quarter-to-date basis, Metaplanet’s Bitcoin portfolio has delivered a 10.3% yield, reinforcing the company’s reputation as one of the most aggressive institutional accumulators of digital assets. Its average cost basis now stands at $106,065 per BTC, leaving it with an unrealized profit margin of nearly $290 million.

Metaplanet’s CEO Simon Gerovich celebrated the milestone on X (formerly Twitter), highlighting the fact that the company’s accelerated buying strategy has already generated a staggering 395.1% year-to-date return in 2025. The achievement, he emphasized, is proof to both shareholders and institutions that the company’s long-term conviction in Bitcoin remains unshaken.

Closing the Gap with Global Leaders

While Metaplanet’s rapid accumulation has propelled it into the top five, it still trails behind four larger corporate Bitcoin treasuries. According to industry data:

• Bitcoin Standard Treasury currently holds 30,021 BTC, leaving Metaplanet needing another 4,467 BTC to catch up.

• XXI (CEP Holdings) maintains 43,514 BTC, requiring Metaplanet to close a gap of 17,960 BTC.

• Marathon Digital stands at 52,477 BTC, a gap of 26,923 BTC.

• MicroStrategy remains in a league of its own with a staggering 638,985 BTC.

To surpass MicroStrategy, Metaplanet would need to acquire approximately 613,431 additional Bitcoin—an investment of nearly $69 billion at current market levels. While the target may seem monumental, analysts note that Metaplanet’s bold pace of acquisitions positions it as the only credible challenger to MicroStrategy’s crown.

Source: CMC

“Metaplanet has rewritten the rules of corporate treasury management,” said market strategist David Lang of Global Crypto Research. “Its relentless buying spree shows a conviction we have not seen from any other Asian-listed company. It’s not just competing with crypto-native firms—it’s aiming to rival the very institutions that defined this trend.”

Market Reaction and Stock Struggles

Paradoxically, Metaplanet’s stock has not mirrored the meteoric rise of its Bitcoin holdings. On Monday, shares of MTPLF slid by 1.32% to 600 JPY, extending a month-long decline of more than 27%.

Much of the downward pressure has been attributed to short positions from heavyweight financial institutions such as Morgan Stanley, Jefferies, and UBS, who appear unconvinced about the sustainability of the company’s aggressive Bitcoin strategy.

Source: Yahoo Finance 

Yet, investor enthusiasm has not vanished entirely. Just days earlier, Metaplanet’s stock closed at $4.09 on the U.S. over-the-counter (OTC) market, marking a 3.80% daily gain and extending its year-to-date rally to nearly 75%. This volatility underscores the divergence between traditional equity investors wary of overexposure to Bitcoin and crypto-enthusiasts who view Metaplanet as a trailblazer.

“While the stock is struggling in the short term, the company’s Bitcoin position has created long-term confidence among crypto-native investors,” said Clara Reeves, equity analyst at Nomura Securities. “Metaplanet is carving out a reputation as Asia’s MicroStrategy—willing to bet big when others hesitate.”

The Bigger Picture: Bitcoin in Corporate Treasuries

Metaplanet’s bold accumulation strategy reflects a larger trend: the normalization of Bitcoin as a corporate treasury asset. Once dismissed as a speculative gamble, Bitcoin is increasingly being used as a hedge against inflation, fiat devaluation, and macroeconomic instability.

MicroStrategy, led by Michael Saylor, pioneered this approach, turning Bitcoin from an alternative asset into a centerpiece of its financial identity. Metaplanet’s emergence signals that global competitors are ready to challenge U.S.-centric dominance in corporate Bitcoin holdings.

Japan, where Metaplanet is headquartered, has also provided a unique regulatory backdrop. Unlike many jurisdictions, Japan has gradually developed clearer frameworks for crypto ownership and taxation. This environment has enabled firms like Metaplanet to pursue aggressive strategies without facing the same regulatory bottlenecks that often slow down U.S.-based institutions.

Challenges Ahead

Despite its rapid ascent, Metaplanet faces significant hurdles. The sheer scale required to rival MicroStrategy presents a daunting financial challenge, one that may necessitate complex financing structures, partnerships, or even government-level collaboration.

Furthermore, the company’s equity investors remain divided. While crypto advocates hail Metaplanet as a visionary, skeptics argue that the firm is overexposed to Bitcoin’s volatility. A sustained downturn in Bitcoin’s price could erase billions in market value and severely impact shareholder returns.

There is also the question of sustainability. Marathon Digital, XXI Holdings, and others have diversified operations such as Bitcoin mining or infrastructure services. In contrast, Metaplanet’s core strategy is overwhelmingly dependent on accumulation—a model that could prove fragile if market conditions turn sharply negative.

Why Metaplanet Matters

Despite these risks, Metaplanet’s rise is significant for the global crypto market. It signals a shift in corporate Bitcoin adoption from West to East, highlighting Asia’s growing role in shaping the digital asset economy.

“This isn’t just about one company buying Bitcoin,” said blockchain economist Hiroshi Nakamura. “It’s about Japan showing the world that it can compete on the global stage of corporate treasury innovation. The implications go beyond finance—they touch on national competitiveness in the digital era.”

Conclusion

Metaplanet’s aggressive Bitcoin strategy is redefining corporate treasury management in Asia and beyond. With 25,555 BTC valued near $3 billion, the firm has become a formidable player, overtaking Bullish and establishing itself as a challenger to MicroStrategy’s throne.

Although its stock price struggles under pressure from institutional short-sellers, its conviction in Bitcoin remains steadfast. Whether Metaplanet can close the gap with giants like MicroStrategy remains uncertain, but its relentless accumulation has already reshaped perceptions of what is possible.

For now, Metaplanet stands as proof that bold conviction in Bitcoin can catapult a company into the global spotlight, rewriting the rules of corporate finance and pushing the boundaries of what was once thought possible.

Writer @Erlin

Erlin is an experienced crypto writer who loves to explore the intersection of blockchain technology and financial markets. She regularly provides insights into the latest trends and innovations in the digital currency space.

 

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