Japanese investment firm Metaplanet has made a significant Bitcoin ($BTC) purchase, increasing its total holdings beyond 2,000 $BTC. On 17 February, the company announced that it had acquired 269 $BTC for ¥4 billion ($26 million).
This latest purchase brings Metaplanet’s total Bitcoin holdings to 2,031 $BTC, which is currently valued at around $195 million.
The company stated that it bought Bitcoin at an average price of ¥12,243,936 ($80,674) per $BTC. Following the purchase, Metaplanet CEO, Simon Gerovich, expressed the company’s commitment to increasing its Bitcoin reserves.
“We have completed the first Bitcoin purchase of 2025. We believe this year will be an important one for our company. After a long break, we are glad to resume acquiring Bitcoin”, said Gerovich.
Metaplanet has ambitious goals for the future. Earlier this year, it announced plans to hold at least 10,000 $BTC by the end of 2025 and 21,000 $BTC by the end of 2026.
To fund these purchases, the company aims to raise 116 billion yen ($745 million) by issuing 21 million shares. These shares will be available under a 0% discount moving strike warrant structure. This means investors can buy shares at a fixed price based on the previous day’s closing stock price.
Bitcoin yield and growing returns
Metaplanet’s Bitcoin investment strategy is already delivering strong returns. The company reported that its Bitcoin yield has reached 15.3% since the start of the year. It has set a quarterly target of 35%.
Bitcoin yield is a key measure that shows how much $BTC the company holds compared to its total shares. Gerovich explained why this metric is important.
“BTC Yield serves the same role as EPS (Earnings Per Share) for Bitcoin treasury companies. It’s the clearest indicator of how effectively we are increasing BPS (Bitcoin Per Share). Our goal is to accelerate Bitcoin accumulation through effective Bitcoin treasury management, maximize BPS using capital market strategies, and thereby enhance shareholder value”, he said.
Metaplanet’s average Bitcoin purchase price stands at $80,700 per $BTC. With Bitcoin currently trading around $96,200, the company’s investment has gained approximately 19%.
However, this is still lower than the 48% returns recorded by US-based MicroStrategy (now rebranded as Strategy), which has been accumulating Bitcoin at lower prices for a longer time.
Despite entering the Bitcoin market later than some firms, Metaplanet is now among the top 20 corporate Bitcoin holders worldwide. It currently ranks 16th on the global list and is the second-largest corporate Bitcoin holder in Asia.
The only company in the region with more Bitcoin is China’s Boyaa Interactive, which holds 3,183 $BTC.
Japan’s growing interest in Bitcoin
Metaplanet’s strategy is part of a larger trend in Japan, where more companies are beginning to see Bitcoin as a valuable asset.
Other firms, such as fintech company Remixpoint, have also started investing in Bitcoin. This shift is helping Japan establish itself as an important player in the institutional Bitcoin market.
Bitcoin’s market dominance has increased to about 60%, up by 5% over the past month and 12% over the past year. At the same time, altcoins such as Solana have experienced significant price fluctuations.
Analysts believe this shift is due to investors moving their money from riskier altcoins into Bitcoin, which is seen as a more stable investment.
“Bitcoin dominance is now over 60%, reflecting the increased consolidation of institutional sentiment and the growing role of professional investors in digital assets”, said the Sales Director at TP ICAP Digital Assets, Hina Sattar Joshi. She also noted that Solana has faced difficulties, now trading at around $185—a 4% drop over the past day.
While the broader cryptocurrency market remains volatile, Bitcoin has been relatively stable, trading within a range of $95,000 to $97,000. Analysts believe that Bitcoin’s price will likely remain steady unless a major event causes a shift.
“With no significant crypto-specific catalysts in sight, price action appears to be more macro-driven, particularly as the correlation between Bitcoin and equities remains largely intact,” analysts from QCP Capital stated.
They pointed out that factors such as institutional investments in spot Bitcoin ETFs and the lingering effects of the 2024 Bitcoin halving could push Bitcoin’s price past $100,000.
In the derivatives market, analysts have observed that Bitcoin’s implied volatility is decreasing.
“With Bitcoin comfortably back in the middle of the range, implied volatility continues to drift lower, which comes as no surprise given that seven-day realised volatility has dipped to 36v,” QCP Capital analysts reported.
Despite economic uncertainties such as inflation, tariffs, and global economic shifts, Bitcoin has remained relatively unaffected.
“Crypto implied volatility and the VIX are still trading at their lows. Bitcoin has proven to be relatively unfazed by the recent macro data,” QCP Capital noted. Currently, most trading activity is focused on short-term strategies rather than long-term investments.
“Instead, trading activity is predominantly focused on short-term volatility selling and range-bound strategies, rather than positioning for significant breakouts,” QCP Capital analysts explained. “This cautious approach suggests that market participants are waiting for concrete policy changes or catalysts before making bigger investment moves.”
Metaplanet’s aggressive Bitcoin investment strategy is set to continue throughout the year. Its plan to reach 10,000 $BTC by the end of 2025 highlights its belief in Bitcoin as a key financial asset.
As Japan’s corporate sector continues to adopt Bitcoin, Metaplanet’s approach will likely serve as an example for other companies looking to integrate Bitcoin into their financial strategies.
