Okay, here’s the jaw-dropper that had me almost choke on my morning coffee: Metaplanet now holds 11,111 Bitcoin—worth north of $1 billion—even after last week’s dip. Yup, the same Tokyo-listed outfit that used to run hotels is suddenly swimming in more BTC than most crypto exchanges keep in hot wallets.
Wait, They Paid How Much Per Coin?
Let’s get the sticker shock out of the way. Monday’s haul was 1,111 BTC at an average price of about $106,408. For context, Bitcoin’s been wobbling around $101k–$103k since the weekend, down roughly 5% in seven days. So Metaplanet basically bought the top of the short-term range. Brave? Reckless? A bit of both? I’m leaning ‘both’—but more on that in a sec.
Here’s What Actually Happened
According to the filing that dropped early Monday in Tokyo, the company spent ¥18.8 billion (roughly $118.2 million) on that single bite. That pushes its corporate balance sheet to 11,111 BTC total, acquired at an all-in cost basis of $95,869 per coin.
If you’re doing the back-of-the-napkin math, their book value sits around $1.07 billion today—even after BTC’s little swoon. Not too shabby, but also not exactly ‘Michael Saylor 2021’ levels of cushion.
Capital Raising: The 210 Million Plan (Because Apparently 200 Million Wasn’t Catchy Enough)
To bankroll these buys, Metaplanet has been tapping pretty much every funding spigot it can find: zero-coupon bonds, fresh equity, and something it cutely nicknamed the “210 Million Plan.” The gist? Issue up to 210 million new shares whenever the market will swallow them. As of June 23, they’d already pushed out over 210 million in less than six months. That’s aggressive dilution even by crypto-obsessed standards.
The main buyer of those bonds and rights? Evo Fund, a Hong Kong outfit known for hunting asymmetric bets. Translation: they’ll gladly ride shotgun as long as BTC keeps trending up. If it tanks, well, good luck reading those covenant clauses.
Why This Matters for Your Portfolio (Even if You Don’t Own a Single Metaplanet Share)
I know, most of us aren’t rushing to open Japanese brokerage accounts. But read between the lines: traditional companies are still hungry for Bitcoin exposure, and they’re willing to lever up to get it. When you see a smaller-cap firm with hotel DNA pivot into a—let’s call it what it is—mini MicroStrategy, you realize the corporate FOMO wave hasn’t crested yet.
Metaplanet’s quarter-to-date BTC yield is sitting at 108%. That figure, by the way, isn’t revenue growth or EPS. It’s the metric they invented: Bitcoin per fully diluted share. Basically, “how many sats do you get if you owned every possible share that could ever exist?” It was 96% in Q1 and a wild 310% in Q4 2024. Trend line still looks good, but dilution is the obvious buzz-kill.
The 210,000 BTC Moonshot
Here’s where I audibly said “whoa” at my screen: Metaplanet wants to hit 210,000 BTC by the end of 2027. That’s ten-times growth in just over two years. If they keep raising at today’s pace—about $300 million raised from May to June alone—they’d need roughly $1.8 billion more just to double their stash. Multiply that by ten and you see the problem: dilution will turn existing shareholders into rounding errors unless BTC pulls a 2020-style rip.
The Risk Nobody Wants to Talk About
Let’s be real: zero-coupon bonds aren’t free money; they’re deferred pain. If rates spike or BTC crater, refinancing could get messy. And every new share issued nudges the Bitcoin-per-share ratio lower. I’ve seen this movie before with over-levered mining firms in 2018—spoiler alert: it ends in boardroom drama.
On the flip side, if Bitcoin rips back through $120k and beyond, Metaplanet looks like the genius who bought beachfront property before it got trendy. High beta, high upside, brutal downside. Pick your adventure.
So, Am I Buying?
I’ll confess: I’m tempted, but I’m also scarred by past dilution horror stories (looking at you, Riot Blockchain circa 2019). For now, I’d rather own spot BTC or, if I’m feeling spicy, call options on a cleaner balance sheet name like MicroStrategy. Metaplanet is definitely on my watchlist, though, because if they do manage to scale without self-destructing, the upside could be ridiculous.
Quick Tangent: Dogecoin and Peter Schiff Walk Into a Bar…
While Metaplanet was making it rain sats, Dogecoin quietly broke a descending trendline, and one analyst on Crypto-Twitter is calling for a 60% pop. Meanwhile, gold bug Peter Schiff can’t stop pitching gold-backed stablecoins. I mention this because the broader market still can’t agree on what ‘sound money’ even means in 2025. Bitcoin, memecoins, or shiny metal tokens—take your pick.
Bottom Line
Metaplanet is either writing the playbook for the next wave of corporate Bitcoin treasuries or digging a dilution pit it can’t climb out of. If you’re bullish long-term BTC, their conviction is hard to hate. If you’re worried about funding risk during the next macro shakedown, maybe watch from the sidelines—and keep popcorn handy.
As always, not financial advice. I’m just a guy on the internet who finds balance sheets way more exciting than most Netflix shows.
