Metaplanet Buys $112M Bitcoin, Overtakes Riot Platforms

Metaplanet has scooped up 1,009 Bitcoin for about $112 million to overtake Riot Platforms as the sixth-largest corporate Bitcoin holder.

The Japan-based firm now holds 20,000 BTC on its balance sheet, with plans to expand that stash to 30,000 BTC by the end of the year, it said in a post on X today.

The latest purchase cost Metaplanet an average of $110,987 per Bitcoin, bringing its total Bitcoin holdings to an estimated $2.05 billion.

Its aggressive accumulation strategy has put it within striking distance of Bullish, the crypto exchange backed by former PayPal executive Peter Thiel, which currently ranks fifth with 24,000 BTC, according to data from BiTBO.

Metaplanet Shares Plunge As Bitcoin Buying Faces Fundraising Crunch

Metaplanet’s shares tumbled over 4% following the announcement of the latest Bitcoin buy, and its shares have tumbled more than 20% over the past 30 days, data from Google Finance shows. 

Metaplanet share price (Source: Google Finance) 

That means the company’s ability to exercise MS warrants issued to Evo Fund, its key investor, is no longer attractive for Evo, according to a Bloomberg report. Metaplanet’s liquidity could consequently dry up temporarily, bringing a pause to the company’s Bitcoin accumulation strategy. 

With that being the case, Metaplanet’s CEO, Simon Gerovich, who is also a former Goldman Sachs trader, is turning to alternative fundraising methods. 

Last week, Metaplanet unveiled plans to issue new shares overseas to raise between $880 to $884 million. 

海外募集による新株式発行に関するお知らせ pic.twitter.com/9d9w1un2c7

— Metaplanet Inc. (@Metaplanet_JP) August 27, 2025

Of that amount, about $835 million will be used for Bitcoin purchases during September to October this year. 

Bitcoin Price Drop Adds To Fundraising Pressure

Adding further stress to Metaplanet’s fundraising efforts is the continued drop in Bitcoin’s price. BTC’s price plummeted below $108K in the last 24 hours. 

During that period, the crypto market leader fell from an intraday high of $109,240.34 to a 24-hour low of $107,293.01. BTC has since recovered slightly to trade at $107,406.70 as of 1:00 a.m. EST, data from CoinMarketCap shows.

BTC is also down more than 3% on the weekly time frame and over 5% in the last 30 days.

Even though Metaplanet’s shares dropped and BTC continues to decline, potentially drying up funding for the time being, the company was recently upgraded from a small-cap to a mid-cap stock in FTSE Russell’s September 2025 Semi-Annual Review, bumping it up for inclusion in the flagship FTSE Japan Index.

Metaplanet’s inclusion in the FTSE Japan Index means it is automatically added to the FTSE All-World Index, which tracks the largest publicly-listed companies by market cap in each geographic region. 

With that inclusion, Metaplanet not only gives stock investors indirect exposure to Bitcoin, but is also able to tap the traditional financial markets for additional funding. 

The company had announced a series of fundraising initiatives this year to secure the necessary capital to fund more Bitcoin buys. 

Earlier this year, Metaplanet launched a zero-coupon bond issuance worth 2 billion yen, valued at approximately $13.3 million. Then, in June, the company announced its “555 million plan.” Under this plan, Metaplanet initiated an equity raise via moving strike warrants.

The goal behind that second initiative is to raise $5.4 billion, which the company will then use to acquire 210K BTC, or 1% of Bitcoin’s total supply, by 2027. Shareholders will vote on whether to approve or block this issuance later today. 

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