Can Metaplanet Outpace Strategy in the Bitcoin Race?

Metaplanet is making some serious Bitcoin moves again, and we’re here for it. Based on the current BTC price, the Tokyo-based company has added a solid 1009 BTC to its stash, which currently stands at $2.14 billion.

Can Metaplanet Surpass Strategy?

But here's the real question: Can Metaplanet surpass the mighty Strategy? As of Sept. 1, Metaplanet ranks as the sixth-largest corporate Bitcoin holder globally. It’s only a matter of time before it leaves Riot Platforms Inc. behind, with the mining company holding 20,000 BTC, according to BitcoinTreasuries data.

This new acquisition is a step closer to Metaplanet's ambitious goal of holding 30,000 BTC by the end of 2025. To make it happen, they'll need to scoop up about 2500 BTC on average over the next few months. Not bad at all, considering they beat their original goal of acquiring 10,000 BTC ahead of schedule.

But they’re still a far cry from Strategy, who’s holding a massive 632,457 BTC. Simon Gerovich, Metaplanet’s CEO, has said their strategy is inspired by Strategy’s playbook, but let’s face it, Strategy’s early entry and much more aggressive approach give it a huge edge.

Pivoting from Hotels to Bitcoin

Still, Metaplanet's pivot from hotel operator to Bitcoin powerhouse is paying off. Their unique BTC Yield metric shows a 30.7% increase in Bitcoin per share for the quarter ending Sept. 1, up from a stellar 129.4% last quarter.

To fuel their Bitcoin binge, Metaplanet has raised billions of yen through stock acquisitions. Between July 10 and Aug. 29, they issued over 80 million new shares, with most of the funds going towards bond redemptions and more BTC purchases.

Shareholder Meeting and Stock Volatility

Metaplanet is also prepping for a shareholder meeting to approve an international share offering proposal, aiming to raise $837 million through 555 million new shares. The board’s already on board, and this meeting is the final step before going full throttle.

But not everyone’s convinced. On Sept. 1, Metaplanet’s stock dipped 3.87%, likely due to investor concerns about share dilution. Still, the stock has made a huge splash in 2025, with a 136% return year-to-date, largely thanks to its Bitcoin strategy.

So, will Metaplanet make it to the top of the Bitcoin leaderboard? Only time will tell, but one thing’s for sure: they’re on a roll.

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