Japanese Investment Firm Metaplanet Tops Tesla as 7th Largest Bitcoin Corporate Holder
Tokyo-based investment manager Metaplanet has officially unseated electric vehicle manufacturer Tesla as the seventh largest corporate holder of bitcoin (BTC), according to a comprehensive review of corporate holdings tracking.
With a recent acquisition of 1,234 BTC, Metaplanet now holds a total of 12,345 BTC valued at approximately $1.33 billion. This significant position places it well ahead of Tesla’s holdings of 11,509 BTC.
Financials of the Acquisition
The transaction cost Metaplanet around $132.7 million at an average price of approximately $107,557 per BTC. Cumulatively, the investment firm has expended roughly $1.2 billion to accumulate these 12,345 coins, yielding an average cost basis of $97,036 per bitcoin over time.
“We now hold 12,345 BTC and reaffirm our commitment to a bitcoin-focused strategy,” stated Metaplanet CEO Simon Gerovich. “Our aim remains delivering long-term shareholder value.”
Remarkably, in just two weeks following the initial purchase, Metaplanet elevated its global ranking from the 10th position, overtaking prominent cryptocurrency firms such as Coinbase (COIN), Block Inc. (formerly Square, SQ), and Hut 8.
Transformation and Strategy
Evolved from its origins as a budget hotel operator, Metaplanet has repositioned itself as an investment firm prioritizing bitcoin treasuries in its portfolio. This strategic pivot mirrors that of MicroStrategy (MSTR), the acknowledged leader in corporate bitcoin investment possessing over 590,000 BTC. However, unlike its more aggressive peer, CEO Gerovich emphasized a conservative methodology.
Metaplanet circumvented debt financing, electing instead to conduct a substantial equity offering. The company recently finalized a ¥74.9 billion ($515 million) capital raise transaction, distributing 54 million shares among institutional investors including EVO FUND.
Bold Future Targets
Projecting continued expansion, Metaplanet has established ambitious targets: accumulating 30,000 BTC by the end of 2025, expanding to 100,000 BTC in 2026, and achieving a half million BTC total by 2027. These goals form the cornerstone of their “555 Million Plan,” under which the company anticipates raising up to $5 billion specifically for pursuing additional BTC.
To date, Metaplanet has conducted two significant BTC acquisitions: 1,111 BTC on Algorithmic Day 2 and 1,234 BTC on Algorithmic Day 3 (ref: BitcoinTreasuries report), bringing its holdings nearly tenfold since January.
Market Response
The increased bitcoin commitment has yielded mixed results for Metaplanet’s stock performance. Following a 25% decline from its recent peak of 1,900 yen, the company’s shares have recently settled near 1,560 yen.
“Trading volume is the ‘lifeblood’ of our treasury firm,” Gerovich contended. “Just look at Metaplanet’s consistent $840 million daily turnover.” (Source: X)
Concurrent market attention includes hedge fund positioning. Fears over shareholder dilution from rapid equity issuance have drawn short positions from some funds. Conversely, the debt-averse strategy is interpreted by other market observers as prudent risk management.
Timeline Context
The accelerated accumulation occurs during a notable upswing in cryptocurrency markets broadly. Bitcoin reached recent pricing benchmarks of $107,000 (1.5% daily gain, 74% year-over-year high since late 2023). Industry analysts link this positive trajectory to pockets of strength introduced by geopolitical stability factors combined with Federal Reserve policy maintaining lower interest rates.
