 
 
Tokyo-listed Bitcoin treasury firm Metaplanet has expanded its investment in the premier cryptocurrency by nearly $633 million, bringing its BTC stockpile above that of Bullish.
Metaplanet announced on Monday that it had purchased 5,419 Bitcoin for roughly $632.5 million, marking the company’s largest BTC buy to date. The Japanese investment firm acquired the coins at an average price of $116,724 per Bitcoin, pushing its total holdings to 25,555 BTC — worth roughly $2.71 billion. Metaplanet paid an average price of $106,065 per Bitcoin.
The purchase lifts Metaplanet above Peter Thiel-backed Bullish to grab the fifth spot among corporate Bitcoin holders, behind only Strategy, Mara, XXI, and Bitcoin Standard Treasury Company, data from Bitcoin Treasuries shows. Michael Saylor’s Strategy — once known as MicroStrategy — devised the corporate Bitcoin treasury strategy and currently has the largest BTC holdings of any public company.
“Please note this purchase is just the first tranche!” Dylan LeClair, director of Bitcoin Strategy at Metaplanet, stated. Earlier this month, the company revealed that it would raise $1.4 billion to continue its aggressive Bitcoin accumulation strategy.
Earlier this month, Metaplanet announced that it would raise $1.4 billion by issuing 385 million new shares, with the proceeds earmarked for additional Bitcoin acquisitions, treating the digital asset as an inflation hedge and core treasury holding.
 
The latest buy has helped Metaplanet reach approximately 85% of its year-end 2025 target of 30,000 BTC, though it is still a long way from its long-term goal of acquiring 210,000 coins by 2027.
Last week, Metaplanet’s board approved the establishment of a new Miami-based subsidiary, dubbed Metaplanet Income Corp., to scale an expanding “Bitcoin income generation” line focused on derivatives and separate from treasury operations.
Metaplanet achieved a BTC Yield of 95.6% in Q1 2025, followed by 129.4% in the second quarter of this year. For the current quarter, from July 1 to September 22, 2025, the top Japanese Bitcoin treasury reported a BTC Yield of 10.3%, per the Monday announcement.