Metaplanet Crosses 20,000 BTC as Treasury Firms Face Pressure

Japanese investment firm, Metaplanet, has strengthened its position among the world’s top Bitcoin-holding companies, announcing this week that it has officially passed the 20,000 BTC milestone.

The Tokyo-listed company confirmed the acquisition of 136 Bitcoin at a value of approximately $15.2 million. The purchase reflects the company’s aggressive approach to building a major corporate crypto treasury.

Company CEO, Simon Gerovich, revealed via X that the Bitcoin was bought at an average price of $111,666 per coin. Metaplanet has now invested roughly $2.08 billion across all its Bitcoin acquisitions, with an average purchase cost of around $103,000 per coin.

“The company uses BTC Yield to assess the performance of its Bitcoin acquisition strategy, which is intended to be accretive to shareholders”, it stated.

This latest move pushes Metaplanet into sixth place among publicly traded firms with the largest Bitcoin reserves, according to BitcoinTreasuries data.

It now trails only companies such as Michael Saylor’s Strategy, which remains the top corporate holder with an astonishing 636,505 BTC.

The timing of the acquisition comes as Bitcoin stabilizes above $111,000, with modest gains of 0.5% in the last 24 hours.

Market analysts view Metaplanet’s continuous accumulation as a strong signal of long-term confidence in Bitcoin, even as both the cryptocurrency and Metaplanet’s own stock experience short-term fluctuations.

Despite its expanding Bitcoin reserves, Metaplanet’s share price has come under pressure. The company’s stock fell 1.2% on the Tokyo Stock Exchange on Monday, deepening a 30% slide over the past month.

Still, year-to-date performance remains positive, with the stock up more than 100% since January. According to Yahoo Finance, the shares are now trading near a four-month low, down 63% from this year’s peak.

Technical indicators suggest that more pain could be ahead. The share price broke below a key support level of ¥723, while the Relative Strength Index (RSI) signals bearish momentum.

A so-called “death cross” formation has emerged, often viewed as a warning of further downside. Nonetheless, Metaplanet continues to ramp up its Bitcoin strategy.

From late June to early September, the company grew its holdings from around 12,000 BTC to over 20,000. This translates into a massive 487% BTC yield year-to-date, with a 30.8% yield recorded between July 1 and September 8 alone.

In June, Gerovich outlined an ambitious goal: to acquire a total of 210,000 BTC by 2027. If achieved, this would make Metaplanet the second-largest Bitcoin-holding company after Strategy.

The firm also plans to raise $880 million through a public share offering in international markets, aimed at supporting its capital-raising strategy, which has recently faced strain due to share price volatility.

El Salvador and Strategy Signal Continued Confidence in Bitcoin

Alongside Metaplanet, El Salvador also marked a fresh Bitcoin purchase this week. The government added 21 BTC to its national reserves to celebrate the third anniversary of “Bitcoin Day”, which commemorates the country’s adoption of Bitcoin as legal tender in September 2021.

President Nayib Bukele confirmed the purchase, bringing El Salvador’s total holdings to 6,313 BTC. The timing of El Salvador’s acquisition is noteworthy, given a July report from the International Monetary Fund (IMF).

The report claimed that the country had ceased Bitcoin purchases after securing a $1.4 billion loan agreement in December 2024, which included conditions that discouraged further buying.

The latest move suggests the country may be quietly resuming its crypto accumulation, albeit on a smaller scale. Meanwhile, Strategy’s Michael Saylor hinted at another possible buy.

On Sunday, the executive chairman posted a screenshot of the company’s Bitcoin portfolio on X, adding the caption “needs more orange”, a phrase he often uses before announcing new acquisitions. The post has led to speculation that the company may soon reveal another major purchase.

Strategy remains far ahead of any corporate competitor with its 636,505 BTC, which represents more than three-quarters of all Bitcoin held by public companies.

Despite a turbulent August for Strategy’s stock (MSTR), which lost much of its earlier gains, the share has recently bounced back by 2.5%, closing at $335.87. It remains up nearly 12% for the year.

The broader market appears to be stabilizing. The Crypto Fear & Greed Index returned to a neutral reading of 51 after spending several days in “fear” territory. Bitcoin itself is trading flat around $111,343, down over 10% from its mid-August peak of $124,000.

However, technical indicators such as the RSI are showing improving momentum, suggesting that bearish sentiment may be fading.

Ethereum, the second-largest cryptocurrency, is also showing signs of stabilization. It has traded in a narrow range between $4,232 and $4,488 over the past nine days and was last seen near $4,300.

A breakout above the $4,488 level could potentially set the stage for a rally toward its record high of $4,956, provided support at the lower boundary continues to hold.

Treasury Firms Under Scrutiny as Premiums Compress

While corporate Bitcoin holdings continue to grow, there is increasing concern about the sustainability of the digital asset treasury model. Analysts warn that shrinking premiums and declining stock valuations are making investors wary.

The global head of research at New York Digital Investment Group, Greg Cipolaro, noted that the gap between share prices and the net asset value (NAV) of companies like Metaplanet and Strategy is tightening, even as Bitcoin remains elevated.

He attributes the trend to a mix of investor concerns, including upcoming supply unlocks, changes in company strategies, increased share issuance, profit-taking, and the general lack of uniqueness across treasury firms.

“There’s a bumpy ride ahead”, Cipolaro cautioned, pointing to the fact that many of these firms are preparing for mergers or public listings. Once shares become tradable, he warned, a surge in selling pressure could follow.

Some companies, such as KindlyMD and Twenty One Capital, are already trading at or below the value of their latest fundraising rounds, further fueling investor anxiety.

To address these issues, Cipolaro suggested that firms consider launching stock buyback programs. “Buybacks could help lift share prices by reducing the float and boosting investor confidence”, he said.

He advised companies to reserve capital specifically for this purpose, especially in times of increased volatility. This concern isn’t limited to new entrants. 

Even established players like Strategy are seeing slower growth in Bitcoin holdings. Strategy’s average monthly accumulation rate dropped to just 5% in August, compared to 44% at the end of 2024.

Other firms reported similarly steep slowdowns, with aggregate growth dipping to 8% in recent months, down from 163% in March.

The slowdown coincides with Bitcoin’s own cooling momentum. Despite improving market sentiment, prices remain well below recent highs, and treasury firms are adjusting their strategies accordingly.

Thomas Fecker-Boxler, interim CEO of the Web3 Foundation, highlighted the potential risks of aggressive crypto treasury strategies.

“The sustainability of corporate crypto treasuries will depend less on short-term enthusiasm and more on the leverage and balance sheet structures behind them – especially where convertibles and convexity are involved”, he noted.

Still, corporate interest in Bitcoin remains strong. Total Bitcoin held by publicly traded companies has reached 840,000 BTC in 2025, a new high.

While the pace may be slowing, firms like Metaplanet, Strategy, and even nation-states such as El Salvador are continuing to treat Bitcoin as a strategic reserve asset.

For now, it remains to be seen how long these firms can sustain their strategies amid increasing volatility, tighter investor scrutiny, and shifting macroeconomic conditions.

What’s clear is that Bitcoin’s role on corporate balance sheets is no longer a novelty, it’s becoming a key component of long-term financial planning for some of the world’s most forward-looking institutions.