Japanese bitcoin treasury company Metaplanet has taken another major step in its accumulation strategy, purchasing an additional 775 BTC for about $93 million. The firm confirmed that the coins were acquired at an average price of roughly $120,000 each, lifting its total holdings to 18,888 BTC.
The aggregate cost of its bitcoin reserves now stands close to $1.94 billion, with an overall average purchase price of $102,653. President Simon Gerovich marked the milestone on X, underscoring the company’s commitment to its long-term strategy.
Strong Earnings Provide Tailwind for Bitcoin Strategy
Metaplanet’s decision to double down on bitcoin comes at a time of robust financial performance. The company reported second-quarter revenue of 1.2 billion yen, approximately $8.4 million, which represented a 41 percent increase from the prior quarter. Net income also turned positive, coming in at 11.1 billion yen, or about $75 million, compared with a loss of 5 billion yen three months earlier.
The firm reaffirmed its full-year outlook of 3.4 billion yen in revenue and 2.5 billion yen in operating profit, pointing to recurring income from cash-secured put premiums and operational gains as key drivers.
The company’s balance sheet has expanded dramatically alongside these results. Total assets reached 238.2 billion yen in the second quarter, a rise of more than 300 percent from the previous period. Net assets also grew sharply, strengthening the company’s financial position as it pursues further bitcoin acquisitions.
Stock Volatility and Market Sentiment
Despite the upbeat earnings and larger bitcoin position, Metaplanet’s share price has faced volatility. The stock dropped 8.6 percent to 866 yen in Friday trading in Japan, before clawing back a modest gain of 0.6 percent during Monday’s session.
Gerovich acknowledged investor concerns about the short-term pullback but emphasized that recurring bitcoin-related income has supported growth for three consecutive quarters. He stressed that the firm’s core strategy remains intact and that its balance sheet resilience provides room to continue accumulating digital assets while managing future financing requirements.
A Bold Roadmap for Expansion
Since launching its bitcoin-focused strategy in April 2024, Metaplanet has climbed to seventh place globally in terms of corporate holdings, according to Bitcointreasuries data. The company’s ambitions stretch far beyond its current position. Gerovich has outlined a two-stage plan in which the initial phase focuses on building an expansive bitcoin reserve.
The second phase, he explained, will involve using bitcoin holdings as collateral to finance acquisitions of cash-generating businesses, such as fintech firms and digital banks.
The roadmap is aggressive: Metaplanet aims to secure 210,000 BTC by 2027, or roughly one percent of the total supply. To advance toward this goal, the company has already raised 74.9 billion yen through the issuance of stock acquisition rights, representing the first step of its larger 555 billion yen capital plan.
Shaping a New Corporate Treasury Model
Metaplanet’s transformation from a hotel operator into one of the world’s most prominent bitcoin treasuries highlights how digital assets are reshaping corporate strategy. The company has become a case study in how aggressive capital deployment and recurring income models can reinforce each other. Despite near-term share price swings, its continued expansion demonstrates how bitcoin is evolving from a speculative investment into a cornerstone of corporate balance sheets.
