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By James Van Straten|Edited by Parikshit Mishra
Aug 18, 2025, 9:34 a.m.
- Shares closed 4% higher at 900 yen Monday, even as bitcoin dipped to $115,500.
- $2.18B BTC stack over-collateralizes $117M in 0% bonds by 18.67x, the company’s sole liability
Tokyo-listed Metaplanet Inc (3350) has acquired an additional 775 bitcoin
for 13.73 billion yen(about $94 million), according to its most recent filing.
The purchase, made at an average price of 17.72 million yen ($120,500) per bitcoin, lifts the company’s total holdings to 18,888 BTC, worth roughly 284.1 billion yen ($1.95 billion). This purchase keeps them as the seventh largest bitcoin treasury company.
STORY CONTINUES BELOW
Across all purchases, Metaplanet’s average acquisition cost now stands at 15.04 million yen per BTC ($102,100).
The company reported a Bitcoin Yield of 29.3% for the latest period, down from 129.4% in Q2. Its multiple to net asset value remains near 2, the lowest since it began its BTC accumulation.
The company carries $117 million in outstanding debt, Metaplanet’s leverage is minimal compared to its bitcoin reserves. “Metaplanet now hold $2.18 billion in BTC against just $120 million of outstanding 0% ordinary bonds,” said Dylan LeClair, director of bitcoin strategy.
“Our 19th Series Ordinary Bonds are 18.67x over-collateralized by our BTC position, and currently represent the sole liability within our capital structure.”
Shares of Metaplanet rose 4% to close at 900 yen on Monday, even as bitcoin slipped to $115,500, reflecting investor confidence in the firm’s balance sheet strategy.
James Van Straten is a Senior Analyst at CoinDesk, specializing in Bitcoin and its interplay with the macroeconomic environment. Previously, James worked as a Research Analyst at Saidler & Co., a Swiss hedge fund, where he developed expertise in on-chain analytics. His work focuses on monitoring flows to analyze Bitcoin’s role within the broader financial system.
In addition to his professional endeavors, James serves as an advisor to Coinsilium, a UK publicly traded company, where he provides guidance on their Bitcoin treasury strategy. He also holds investments in Bitcoin and Strategy (MSTR).
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