Metaplanet Expands Bitcoin Treasury to 20,000 BTC Despite 54% Stock Decline

Tokyo-based investment firm Metaplanet has reinforced its reputation as one of the world’s largest corporate Bitcoin holders after acquiring an additional 1,009 BTC worth approximately $112 million.

This latest purchase brings its total holdings to 20,000 BTC, valued at over $2.1 billion at current market prices. The company has now overtaken Riot Platforms to become the sixth-largest publicly traded Bitcoin treasury globally, according to Bitcoin Treasuries data.

The acquisition marks yet another milestone in Metaplanet’s ambitious drive to position Bitcoin as its primary reserve asset. Earlier this year, the company revised its year-end target from 10,000 BTC to 30,000 BTC, a goal that now looks increasingly within reach given its accelerated buying spree.

Ambitious Expansion Plans Amid Stock Challenges

Despite the aggressive accumulation, Metaplanet’s share price has faced significant headwinds. Since mid-June, the stock has plunged by 54%, squeezing liquidity and raising concerns about the sustainability of its capital-raising “flywheel” strategy.

The approach, which relied on leveraging rising share prices to secure funding through MS warrants from its investor Evo Fund, has become less effective due to the stock decline.

As of September 1, Metaplanet’s shares closed at 831 yen, down nearly 4% on the day, even as Bitcoin itself has seen modest gains. Analysts caution that the company’s market value, once trading at a premium over its Bitcoin holdings, has compressed significantly, potentially making fundraising more difficult.

Nonetheless, Metaplanet CEO Simon Gerovich remains steadfast in his expansion vision. The firm has outlined ambitious long-term goals of holding 100,000 BTC by 2026 and 210,000 BTC by 2027, equivalent to about 1% of Bitcoin’s total supply.

New Funding Avenues and Market Outlook

To counter the pressure, Metaplanet is turning to alternative funding methods. The company has announced plans to raise 130 billion yen ($880 million) through an international share offering, with most of the proceeds earmarked for further Bitcoin acquisitions.

Additionally, shareholders are set to vote on the issuance of 555 million preferred shares, which could generate as much as 555 billion yen ($3.7 billion).

These preferred shares, offering up to 6% annual dividends, are designed to attract yield-seeking investors in Japan’s low-interest environment while limiting dilution for common shareholders. Market watchers believe this could provide a fresh lifeline for the company’s ambitious Bitcoin strategy.

Despite short-term volatility, Metaplanet’s rapid accumulation highlights the growing trend of corporations adopting Bitcoin as a strategic treasury asset. With its inclusion in the FTSE Japan Index and year-to-date stock gains of over 130%, the company continues to play a pivotal role in shaping Asia’s corporate Bitcoin landscape.