Metaplanet Surpasses MicroStrategy in Bitcoin Treasury Growth
Metaplanet's Bitcoin treasury has outperformed MicroStrategy's model, boasting an aggressive growth rate and local financing edge. Metaplanet holds a significant 43,000 BTC worth $2.6 billion, dwarfed by Strategy's massive holdings of 845,050 BTC valued at $65.7 billion.
The company's momentum-based approach has allowed it to add coins in large tranches, recently buying 2,823 BTC for $170 million, exceeding Strategy's growth rate. Metaplanet operates in Japan, where the weak yen provides a tailwind for companies buying dollar-priced assets.
Metaplanet uses different tools to fund its Bitcoin stack, including convertible bonds and perpetual preferred shares with a 4.9% fixed dividend. The company generated $55 million in revenue from Bitcoin options in fiscal year 2025 through covered calls, lending protocols, and carry trades.