Metaplanet Overtakes Tesla as Fifth Largest Corporate Bitcoin Holder

Metaplanet has surpassed Tesla to become the fifth largest corporate Bitcoin holder after acquiring an additional 1,234 BTC for approximately $132.7 million at an average price of $107,557 per Bitcoin.

The Japanese budget hotel company turned Bitcoin treasury firm now holds 12,345 BTC acquired for roughly $1.2 billion at an average price of $97,036 per Bitcoin, CEO Simon Gerovich said on Thursday in a post on X. The latest purchase has generated a Bitcoin yield of 315% year-to-date for 2025, highlighting the company's aggressive accumulation strategy.

The acquisition follows Metaplanet's massive $515 million equity raise on Wednesday, when the company issued 54 million new shares with backing from institutional investor EVO FUND. The ¥74.9 billion raise represents the largest single-day equity-based Bitcoin treasury event on record.

Metaplanet has outlined ambitious targets for Bitcoin accumulation, planning to acquire 30,000 BTC by the end of 2025, 100,000 BTC by 2026, and 210,000 BTC by 2027. The strategy positions the company as one of Asia's first major adopters of the Strategy playbook, using equity raises to fund Bitcoin purchases.

However, Metaplanet employs a more conservative approach than Strategy by avoiding debt financing for its Bitcoin acquisitions. This strategy reduces bankruptcy risk if Bitcoin prices decline significantly, though it has raised concerns about shareholder dilution as the company's total share count climbs toward 760 million.

The aggressive share issuance has attracted attention from hedge funds, with several building significant short positions against the company as they bet against the dilutive equity strategy.

Despite dilution concerns, Metaplanet's Bitcoin-focused transformation has delivered substantial returns for shareholders willing to embrace the volatility.