Metaplanet Overtakes Strategy as Third-Largest Public Company Holder of Bitcoin

Metaplanet's acquisition of Bitcoin has been on the rise, surpassing Strategy as the third-largest public company holder of Bitcoin globally. The company purchased 2,823 BTC in Q2 for $170.7 million, bringing its total holdings to 43,000 BTC valued at $2.6 billion. This purchase was financed through yen debt and ordinary bonds, a strategy that allows Metaplanet to exploit a weak currency.

Metaplanet's plan to issue new common shares and warrants aims to fund further Bitcoin accumulation while reducing its outstanding debt load of $280 million. The capital raise targets 21 billion yen and includes the issuance of 15.94 million potential additional shares through warrants, which could dilute common shareholders.

Strategy, on the other hand, sold 3,588 BTC for $216 million to meet a preferred stock dividend obligation, creating a different risk profile than Metaplanet's fixed maturity dates. While Strategy holds 843,775 BTC, its need to liquidate assets for cash flow poses a recurring cash drain.

Metaplanet's strategy relies on yen-denominated borrowing and aims to provide Bitcoin-related yield products to investors across Japan through options and lending. The company's revenue from Bitcoin-based strategies grew with a quarterly compounded rate of 57% throughout 2025, expanding from roughly $4.3 million in Q4 2024 to about $26.5 million in Q4 2025.