This is the first time Metaplanet’s Bitcoin Treasury has surpassed the 3,000 BTC threshold. Often referred to as the “Asian MicroStrategy (now known as Strategy),” Metaplanet has been gradually stocking up on its Bitcoin investment since April 2024.

At press time, Bitcoin has gone up more than 2% in the past 24 hours of trading. However, it still has not recovered from its earlier slump, which dragged the price of Bitcoin down from its $90k high.

Bitcoin is currently trading hands at $81,665. The largest cryptocurrency by market cap has declined 6.4% in the past week and nearly 16% in the past month.

The company’s BTC Yield, which measures the amount of Bitcoin held per share, grew by 309.8% in Q4 2024. Meanwhile in the first quarter of 2025, calculated from Jan. 1 until March 12, Metaplanet has achieved a BTC Yield of 53.2%.

Since it started purchasing Bitcoin in April 2024, Metaplanet’s stock price has increased more than 3,000%, making it the best-performing stock in Japan. On March 12, Metaplanet’s stock went up by 8.6% or 290 points to $3,630. The firm currently holds a market cap of $141.8 billion, according to data from Yahoo Finance.

On the same day as the firm’s recent BTC purchase, Metaplanet announced that it has issued ¥2 billion ($13.3 million) through a zero-interest bond to increase its Bitcoin holdings. The bonds were approved on March 12 and will mature in September 2025.

Like Strategy (formerly MicroStrategy), which owns the biggest corporate Bitcoin treasuries, Metaplanet has been gradually growing its holdings since launching its Bitcoin Treasury Operations. 

The company’s BTC Yield, which measures the amount of Bitcoin held per share, grew by 309.8% in Q4 2024. It has however slowed down to 23.2% in early 2025 as Metaplanet increased the number of its shares.

Metaplanet continues to leverage capital market activities to finance its Bitcoin purchases. In January, Metaplanet offered 21 million stock acquisition rights to EVO FUND, managed by Evolution Capital Management, followed by early bond redemptions of 4 billion yen ($26.5 million) in February. 

Since it started purchasing Bitcoin in April 2024, Metaplanet’s stock price has increased by more than 3000%, making it the best-performing stock in Japan. On Feb. 18, the company announced a 10-to-1 stock split that would go into effect on Apr. 1, to make shares more accessible. 

The initiative comes after a prior reverse stock split in August 2024 that combined ten shares into one. Now that the stock price is above 6000 yen a share, the company is dividing shares once more to increase liquidity and draw in new investors.

Metaplanet’s strategy may provide a template for other businesses looking to incorporate Bitcoin into their balance sheets, given Japan’s progressive views on the cryptocurrency.

According to the company’s latest financial disclosure, Metaplanet’s total Bitcoin holdings now stand at 1,761.98 BTC, with an average purchase price of 11,846,002 yen (~$75,628) per Bitcoin. The company has spent 20.872 billion yen in total on Bitcoin acquisitions, the document reads.

The latest purchase is the largest so far for the Tokyo-headquartered company and comes just days after Metaplanet issued its 5th Series of Ordinary Bonds via private placement with EVO FUND, raising 5 billion yen (approximately $32 million).

The proceeds from this issuance, as disclosed earlier, were allocated specifically for purchasing Bitcoin. These bonds, set to mature in June 2025, carry no interest and allow for early redemption under specific conditions.

Metaplanet buys dip

The company also shared updates on its BTC Yield, a metric used to measure the growth of Bitcoin holdings relative to fully diluted shares. From Oct. 1 to Dec. 23, Metaplanet’s BTC Yield surged to 309.82%, up from 41.7% in the previous quarter.

Bitcoin itself has seen strong performance this year, climbing 120% and outperforming assets like the Nasdaq 100 and S&P 500 indices. However, it has recently pulled back from its all-time high of $108,427, trading at $97,000 after the Federal Reserve indicated only two interest rate cuts in 2025.

Despite the retreat, on-chain metrics indicate that Bitcoin is still undervalued based on its Market Value to Realized Value (MVRV-Z) score, which stands at 2.84 — below the threshold of 3.7 that historically signals an asset is overvalued.