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Japanese company Metaplanet has officially joined the ranks of the top 5 public bitcoin holding companies globally.
After a series of big buys in 2025, the Tokyo-listed company now holds 30,823 BTC worth more than $3.6 billion, making it the 4th largest publicly traded bitcoin treasury company in the world.
The milestone was reached on October 1, 2025 when Metaplanet bought 5,268 BTC at an average price of $116,870 per coin, spending more than $615 million in the process. This latest buy pushed the company past its 2025 fiscal year goal of 30,000 BTC, well ahead of schedule.
“Q3 results demonstrate operational scalability and strengthen the financial foundation for our planned Metaplanet preferred share issuance, which supports our broader Bitcoin Treasury strategy,” said Simon Gerovich, the firm’s president and CEO.
Metaplanet’s transformation is one of the most remarkable corporate turnarounds in recent years. Once a small hospitality company, it has rebranded itself as “Asia’s Bitcoin Rocketship”.
Since adopting a bitcoin strategy in 2024, Metaplanet has grown rapidly using international share offerings, derivatives trading, and reinvested revenue to fund its buys.
The company has raised more than ¥500 billion ($3.34 billion) through equity offerings, convertible bonds and other financing mechanisms to fund its buying spree.
With an average entry price of about $107,912 per BTC, Metaplanet has achieved a 497.1% year-to-date bitcoin return in 2025, far outperforming corporate returns.
The company’s treasury strategy has been matched by strong operational performance.
In Q3 2025, the Japanese company’s Bitcoin Income Generation business (options trading and proprietary strategies) generated ¥2.44 billion ($16.5 million) in revenue. That’s a 115.7% increase from Q2.
As a result, management has doubled full-year revenue guidance to ¥6.8 billion ($46 million) and operating profit guidance to ¥4.7 billion ($32 million).
The options trading segment has also been growing. Q4 2024 was $4.6 million, Q1 2025 was $5.1 million, Q2 2025 was $7.5 million and Q3 was again higher. Metaplanet has added 4,412 BTC through its treasury operations this year.
Despite all this, the company’s stock price has been volatile.
On October 1, when the big bitcoin buy was announced, the stock on the Tokyo Stock Exchange dropped more than 10% to 516 yen. Over the past month, the stock has fallen 37% creating short-term bearish sentiment among retail traders.
But institutional investors are not concerned. U.S.-based Capital Group which manages $2.6 trillion in assets, has become Metaplanet’s largest shareholder with an 11.45% stake worth nearly $500 million.
Other major institutions, including Vanguard, JPMorgan, Citigroup, and State Street, have also taken positions.
Benchmark Equity Research has reportedly reaffirmed its “Buy” rating and set a target price of 2,400 yen by 2026, as the company continues to accumulate bitcoin.
Metaplanet’s strategy goes beyond just stacking bitcoin. The company is building a vertically integrated Bitcoin platform with multiple new business lines to generate revenue, while keeping long-term holdings untouched.
In 2025, they announced two new subsidiaries:
- Metaplanet Income Corp. (U.S.): focused on derivatives trading and income generation.
- Metaplanet Japan subsidiary: focused on Bitcoin-related media, events and community services.
They also launched Bitcoin.jp, an online hub positioned as Japan’s “home for everything Bitcoin”. The platform will cover media, education, conferences, and financial services, including the upcoming Bitcoin Japan 2027 conference.
Looking forward, Metaplanet will roll out Project NOVA in 2026, which CEO Gerovich has described as the “gateway to everything BTC in Japan.”
Project NOVA has been marked as “classified” in the documents the company has released, pending further clarification on its details.
Unlock the Secrets of Ethical Hacking!
Ready to dive into the world of offensive security? This course gives you the Black Hat hacker’s perspective, teaching you attack techniques to defend against malicious activity. Learn to hack Android and Windows systems, create undetectable malware and ransomware, and even master spoofing techniques. Start your first hack in just one hour!
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