Metaplanet buys Bitcoin dip, adding 463 BTC to its treasury

Japanese investment firm Metaplanet has added 463 Bitcoin to its treasury following a weekend market dip, advancing its long-term accumulation strategy.

Metaplanet announced the latest purchase on August 4, marking the first public corporate acquisition of Bitcoin in August.

The Bitcoin was acquired for approximately ¥7.995 billion ($55.17 million), with the firm paying an average price of ¥17.27 million ($119,163) per Bitcoin.

The transaction brings Metaplanet’s total holdings to 17,595 BTC, currently valued at over ¥261.28 billion ($1.80 billion).

After Bitcoin slid 5% over the weekend amid mounting macro pressures, Metaplanet moved quickly, becoming one of the first institutional players to capitalise on the dip and mirroring the opportunistic playbook of Strategy (formerly MicroStrategy), the firm it models its accumulation strategy after.

This latest addition pushed Metaplanet’s year-to-date BTC yield to 170%, with the most recent quarter-to-date yield reaching 24.6%. 

Metaplanet uses BTC yield as a key metric to evaluate shareholder value growth, tracking increases in Bitcoin per fully diluted share over time.

As of August 4, that figure stood at 0.0201 BTC per share, a steep rise from just 0.00088 BTC a year earlier.

Metaplanet’s accumulation strategy

The company funded its latest Bitcoin acquisition through proceeds from equity issuance and debt financing. 

Since June 30, Metaplanet has acquired more than 4,200 BTC, primarily through the exercise of stock acquisition rights.

In July, it redeemed ¥12.75 billion ($88.99 million) in bonds, financed largely through similar methods.

More recently, it announced a ¥3.73 billion ($25.74 million) preferred share offering, announced on August 2, is expected to support future Bitcoin purchases. 

The perpetual preferred stock promises up to a 6% annual dividend, depending on market conditions.

This structure allows the firm to raise long-term capital without diluting its common stock or increasing debt, just like Strategy.

Metaplanet wants to accumulate 30,000 BTC by the end of 2025 and reach 100,000 BTC by 2026.

Its ultimate goal is to hold 210,000 BTC — 1% of Bitcoin’s total supply — by the close of 2027. As of now, the company has achieved 8.4% of that target.

To support this aggressive roadmap, Metaplanet filed plans on August 1 to raise ¥555 billion ($3.8 billion) through the issuance of two classes of Bitcoin-backed preferred shares over the next two years. 

These include Class A non-convertible and Class B convertible perpetual preferred shares, each worth ¥277.5 billion.

The shelf registration gives the company flexibility to issue these shares through August 2027, pending shareholder approval.

Even as Metaplanet strengthens its position as a corporate Bitcoin holder, its stock has moved in the opposite direction.

Shares have fallen over 36% in the past month and now trade more than 40% below their 12-month high.

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