Japanese Firm Metaplanet Buys 696 Bitcoin for $67 Million After Stock Split
Japan-based Metaplanet has purchased 696 Bitcoin for 10.2 billion yen ($67 million), according to an April 1 announcement on X. This acquisition brings the company's total Bitcoin holdings to 4,046 BTC, worth more than $341 million at current prices.
The purchase follows Metaplanet's recent issuance of 2 billion Japanese yen ($13.3 million) in bonds specifically to buy more Bitcoin. The company has set an ambitious target to acquire 21,000 BTC by 2026 as part of its strategy to lead Bitcoin adoption efforts across Japan.
Metaplanet has shown steady commitment to its Bitcoin accumulation plan. In February, the firm bought 135 Bitcoin worth $12.9 million at an average price of 14.3 million yen per Bitcoin. This pushed its holdings to 2,235 BTC at that time, up significantly from the 141 BTC it owned in June 2024.
This latest investment comes shortly after Metaplanet completed a 10-to-1 reverse stock split. The company explained the need for this action in a February 18 filing, noting that its share price had risen so much that it created barriers for retail investors.
Before the split, the minimum amount needed to purchase Metaplanet shares exceeded 500,000 yen, which the company recognized as "a substantial financial burden for investors." The stock split was designed to lower the price per trading unit, improve market liquidity, and expand the company's investor base.
Metaplanet is often called "Asia's MicroStrategy" due to its Bitcoin-focused treasury strategy. MicroStrategy, an American software company, is known for converting much of its treasury into Bitcoin.
With its current holdings of 4,046 BTC, Metaplanet now ranks as the ninth-largest corporate Bitcoin holder globally, according to data from Bitbo. The company continues to execute its strategy despite Bitcoin's price volatility.
The firm's Bitcoin acquisition plan includes:
- Reaching 21,000 BTC by 2026
- Leading national Bitcoin adoption in Japan
- Expanding investor accessibility through stock splits
- Using bond issuances to fund Bitcoin purchases
