Metaplanet, a Tokyo-based investment firm, is making a massive bet on Bitcoin. They’ve just added another 1,111 Bitcoin to their holdings, bringing their total to a whopping 11,111 BTC!
A Billion-Dollar Bitcoin Stash
This latest purchase, costing around $118.2 million (at an average price of $106,408 per Bitcoin), pushes Metaplanet’s total Bitcoin holdings to over $1.07 billion. That’s a pretty significant investment! Their average cost per Bitcoin is around $95,869.
Impressive Returns, But at What Cost?
Metaplanet’s Bitcoin strategy is paying off… at least so far. Their quarter-to-date return on Bitcoin, calculated per fully diluted share, is a staggering 108%! This follows a 96% return in Q1 and a massive 310% in Q4 2024. However, this impressive performance comes with some caveats.
Funding the Frenzy: Bonds, Shares, and Dilution
To fuel this Bitcoin buying spree, Metaplanet has been raising cash through zero-coupon bonds and equity rights. Their “210 Million Plan” has seen them issue over 210 million shares, many of which were snapped up by Evo Fund. Between May and June 2025, they raised over $300 million, all earmarked for more Bitcoin.
This aggressive fundraising, however, has led to significant dilution for existing shareholders. The fully diluted share count is now close to 760 million. While this fuels their Bitcoin buying, it also means each existing share represents a smaller piece of the pie.
Aiming for the Moon (or 210,000 BTC)
Metaplanet isn’t stopping anytime soon. They’ve set an ambitious goal of owning 210,000 Bitcoin by the end of 2027 – a tenfold increase from their current holdings. To achieve this, they’ll need to continue raising capital, a strategy that carries inherent risks.
The Risks of a High-Stakes Bitcoin Gamble
The biggest risk? Bitcoin’s price. If the price drops significantly, the cost of raising more money could outweigh any profits from their Bitcoin holdings. The recent 5% drop in Bitcoin’s price over the past week might be a cause for concern for some investors, reflected in the 3.5% dip in Metaplanet’s share price on the day of the announcement.
Metaplanet’s strategy is undeniably bold. While the potential rewards are huge if Bitcoin’s price continues to rise, the risks are equally substantial. Only time will tell if this high-stakes gamble pays off.
