Metaplanet (JP:3350) is going all in on Bitcoin. The Tokyo-listed firm just snapped up another 696 BTC for $58.5 million. That pushes its total holdings past 4,000 BTC and moves it into the top 10 list of corporate holders. It now joins a growing cohort of companies stacking Bitcoin as a long-term treasury asset.
Bitcoin Bet Gets Bigger—and Smarter
Metaplanet said it made the purchases using a covered put option strategy during Q1, back when Bitcoin was flirting with new highs above $100,000. The move brought in 770.3 million yen in revenue, effectively lowering the company’s cost basis and boosting how much BTC it could stack per yen spent.
All in, Metaplanet has now spent 10.15 billion yen—roughly $67 million—for an average purchase price of about $86,500 per coin. The company’s shares closed 2% higher on Tuesday at 409 yen, outperforming Japan’s Nikkei 225 index, which ended the day flat.
Corporates Move to Bitcoin
Metaplanet’s aggressive strategy puts it ninth among the largest public Bitcoin holders, according to BitcoinTreasuries.net. It’s not alone in the race. Just last week, we covered MARA Holdings’ plan to raise $2 billion to buy more Bitcoin—mirroring the now-famous playbook used by Strategy (formerly MicroStrategy) and Michael Saylor.
That trio now forms a growing cohort of corporates looking to use Bitcoin not just as a hedge, but as a core treasury asset.
Institutional Momentum Keeps Building
This comes at a time when traditional finance is showing renewed appetite for digital assets. Spot Bitcoin ETFs in the U.S. continue to attract inflows. Japan’s regulatory stance has also softened, making it easier for listed firms like Metaplanet to engage with crypto assets directly.
For investors tracking this trend, it’s more than just a crypto story—it’s a shift in how public companies manage capital. And as more firms begin to follow the Saylor-MARA-Metaplanet model, it’s clear the Bitcoin-on-balance-sheet era isn’t just hype. It’s happening.
Metaplanet’s stock has skyrocketed more than 2,000% over the past year—a run that echoes the explosive trajectories of Strategy (MSTR) and MARA Holdings (MARA), both of which turned Bitcoin conviction into eye-watering market gains.
