This latest purchase solidifies Metaplanet as the largest corporate bitcoin holder outside the U.S. and 7th globally, according to BitcoinTreasuries.net.

The Tokyo-listed company announced the purchase on Monday and said it paid an average price of ¥17.52 million (around $118,622) per bitcoin. CEO Simon Gerovich tweeted that the company’s average cost across all BTC holdings is now $101,030 per coin.

“As of 7/28/2025, we hold 17,132 $BTC acquired for ~$1.73 billion at ~$101,030 per bitcoin,” he said. He added that the company had achieved a BTC Yield of 449.7% YTD, which is the gain in bitcoin relative to share dilution.

Metaplanet has been building its bitcoin treasury since launching this strategy in December 2024, using proceeds from share issuances, bond redemptions and operating income to buy BTC.

Earlier this year, Metaplanet updated its long-term goal: to hold 210,000 BTC by the end of 2027, which would give it control of about 1% of the total supply. This would make it one of the largest institutional holders globally, behind Strategy which holds over 607,000 BTC.

But Gerovich says this is not about copying others.

He told Forbes Japan that the company isn’t just mimicking Strategy’s approach, but is instead “building a Japan-native model, (that is) tailored to local regulation, taxation, and capital markets.”

After the announcement, Metaplanet’s stock rose 5% and is trading at around ¥1,240 ($8.36). But the stock has been volatile – down 16% in the last month and 40% from its YTD high, despite being up 250% YTD overall.

Analysts say the stock is down due to market caution.

While bitcoin’s price is now 20% more than Metaplanet’s average purchase price, equity investors are still skeptical. Concerns include valuation pressure, share dilution and uncertainty over the company’s ability to balance bitcoin with traditional business.

The company admits bitcoin-related metrics can’t replace traditional metrics like cash flow, but said metrics like BTC Yield show the success of its strategy to grow bitcoin per share.

Over the last 3 months, Metaplanet has added more than 13,000 BTC, growing its stash from 3,800 BTC in April to 17,000 BTC in July. This rapid growth has been funded by multiple rounds of share issuance and bond redemption.

Between June 30 and July 28, Metaplanet issued tens of millions of new shares, bringing the fully diluted shares outstanding to 866 million. While this has enabled fast bitcoin accumulation, it has also raised concerns about dilution.

To help investors track the impact of its strategy, Metaplanet introduced new metrics like BTC Yield, BTC Gain and BTC ¥ Gain. For July 1-28, the BTC Yield was 22.5%, for Q2 2025 it was 129.4%, and for Q4 2024 it was 309.8%.

Investor interest in Metaplanet stock has gone through the roof.

In June alone, trading volume was 1.86 trillion yen ($12.65 billion), almost double May’s volume. The company also reported strong numbers, 1.1 billion yen ($7.6 million) in revenue for Q2, up 42.4% year over year.