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Key Points
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Metaplanet is the fifth-largest bitcoin holder after a $632 million bitcoin purchase.
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The company now owns 25,555 BTC valued at $2.71 billion.
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Capital B also grew its bitcoin reserve with a $64 million acquisition.
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Shares of both companies remain far below past highs.
Metaplanet is the fifth-largest bitcoin holder after a $632 million bitcoin purchase in 2025.
The Tokyo-listed company acquired 5,419 BTC at an average cost of $116,724 per coin. With this move, Metaplanet now holds 25,555 BTC, worth approximately $2.71 billion, at an average cost basis of $106,065. This positions the company ahead of Bullish in the global ranking of corporate holders of Bitcoin.
Metaplanet strengthens its bitcoin reserve
This purchase marks a bold step in Metaplanet’s bitcoin reserve strategy. Dylan LeClair, the head of bitcoin strategy, described the move as “just the first tranche.” The company recently raised $1.4 billion to expand its Bitcoin position further. From my standpoint, this signals that Metaplanet wants to establish itself as a central corporate force in Bitcoin. By securing large holdings, the company is betting on long-term appreciation and greater adoption of digital assets.
The decision came during a volatile trading week for Bitcoin. The asset dipped to $111,700 shortly after the acquisitions, before recovering to nearly $113,000. Despite the short-term drawdown, Metaplanet’s total year-to-date bitcoin yield stands at an impressive 395.1% for 2025.
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Capital B expands its bitcoin reserve
Alongside Metaplanet, Capital B also increased its bitcoin reserve with a $64.29 million bitcoin purchase. The company acquired 551 BTC at an average price of $116,672, taking its total holdings to 2,800 BTC. Capital B, like Metaplanet, is operating in red territory on this most recent transaction due to the small price drop. Yet the move demonstrates continued corporate demand for Bitcoin.
Both Metaplanet and Capital B reflect a growing pattern where listed firms consider Bitcoin a strategic treasury asset. Investors see the digital currency as a hedge and as a potential long-term store of value. The companies now manage significant reserves, but their stocks have yet to reflect the same optimism.
Market response remains muted
Metaplanet shares closed 3% lower at 589 yen after the announcement. The stock remains 73% below its all-time peak. Meanwhile, Capital B’s stock slipped 1% to 1.14 euros, sitting 81% down from historical highs. This disconnect between bitcoin reserve expansion and equity market performance highlights investor caution. The volatility of Bitcoin continues to weigh on investor sentiment for listed firms exposed to the asset.
The larger question remains: will these companies reap long-term rewards from their aggressive bitcoin purchase strategies, or will shareholder patience wear thin? My analysis indicates that while shares remain weak, building a strong bitcoin reserve may prove beneficial as institutional adoption grows.
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Metaplanet is the fifth-largest bitcoin holder
Metaplanet’s new position as the fifth-largest corporate bitcoin holder solidifies its reputation as a pioneer in corporate Bitcoin adoption. With over $2.7 billion in reserves, it signals that Bitcoin is no longer only a speculative asset. It is becoming a treasury staple for some forward-looking companies. The market may not yet fully recognize this strategy, but history suggests that bold moves often separate leaders from laggards.
From my perspective, Metaplanet’s aggressive approach shows confidence in Bitcoin’s long-term trajectory. The company is not only building reserves but also setting the stage for broader corporate participation in digital assets. As more firms like Metaplanet and Capital B continue to commit capital, the narrative of Bitcoin as a reserve asset strengthens.
