Metaplanet
Compare Metaplanet…Japan-listed Strategy-mimic, third-largest corporate BTC holder. Accumulates BTC via convertible and zero-interest bond issuance.
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MetaplanetJapan-listed Strategy-mimic, third-largest corporate BTC holder. Accumulates BTC via convertible and zero-interest bond issuance.
| Announcement Date | BTC Purchased | Avg JPY/BTC | Avg USD/BTC | Running Total BTC | ||
|---|---|---|---|---|---|---|
| First purchase | 2024-04-25 | 117.7 | ¥10.05M | $65,000 | 117.7 | |
| Second purchase | 2024-05-22 | 20.2 | ¥10.79M | $70,000 | 138 | |
| Subsequent 2024-H2 tranches (5 purchases) | Jun-Dec 2024 | ~705 (cumulative new) | ¥11.5M weighted | $78,500 weighted | 844 | |
| Major 2024-Q4 acceleration | Oct-Dec 2024 | ~1,234 | ¥13.2M weighted | $87,000 weighted | 2,078 | |
| 2025-Q1 tranches (4 purchases) | Jan-Mar 2025 | ~1,712 | ¥12.8M weighted | $85,500 weighted | 3,790 | |
| 2025-Q2 (4 purchases) | Apr-Jun 2025 | ~5,210 | ¥14.5M weighted | $96,500 weighted | 9,000 | |
| 2025-Q3 (3 purchases; multiple per month) | Jul-Sep 2025 | ~12,200 | ¥11.8M weighted | $78,800 weighted | 21,200 | |
| 2025-Q4 (multiple per month) | Oct-Dec 2025 | ~11,300 | ¥13.5M weighted | $90,000 weighted | 32,500 | |
| 2026-Q1 (continued pace) | Jan-Mar 2026 | ~7,677 | ¥12.0M weighted | $80,000 weighted | 40,177 | |
| 2026-Q2 partial | Apr-May 2026 | ~2,000 | ¥12.5M weighted | $83,400 weighted | 42,200+ | |
| Stated target by EOY 2027 | Target end-2027 | 210,000 BTC stated long-term target | N/A | N/A | Target growth from current ~42K toward 210K | |
| Editorial. Why this matters | Strategic context | Metaplanet is the dominant Japan-listed BTC accumulator (~87% of all BTC held by Japanese-listed companies). The per-tranche purchase pattern is structurally different from MSTR's batch accumulations + makes the JPY denomination critical to understanding the cost basis. Marquee question: does Metaplanet's 210K BTC target by EOY 2027 hold credible as Japan-listed treasury competition emerges + as JPY funding mechanics scale? |
2024-Q2 (first purchases)-EOY 2027 target
| Company | TSE Ticker | BTC Holdings | Share of Japan-Listed Total | Notes | |
|---|---|---|---|---|---|
| Metaplanet | 3350.T | ~42,200 BTC (Q2 2026) | ~87% | First-mover Apr 2024 BTC pivot; aggressive 210K target by EOY 2027 | |
| Remixpoint | 3825.T | ~1,300 BTC | ~2.7% | 2024 BTC treasury start; smaller pace | |
| ANAP Holdings | 3189.T | ~810 BTC | ~1.7% | Late 2024 BTC pivot announcement | |
| Convano (medical-related) | 7383.T | ~590 BTC | ~1.2% | 2024-2025 BTC accumulation | |
| Sankei Real Estate (real estate) | 2972.T | ~280 BTC | ~0.6% | Modest accumulation | |
| Nexon (historical, paused) | 3659.T | 1,717 BTC (paused 2022) | ~3.5% | Original 2021 BTC purchase; no new accumulation | |
| Other Japan-listed accumulators (small) | Multiple | ~1,600 cumulative BTC | ~3.3% | Long tail of small accumulators | |
| Total Japan-listed corporate BTC ownership | ~10 companies tracked | ~48,500 BTC | 100% | Sum of all Japan-listed entities' BTC treasury holdings | |
| Editorial. Why this matters | Strategic context | Metaplanet's ~87% Japan-listed BTC share reflects (a) first-mover advantage in TSE BTC pivot 2024, (b) Japan ETF restrictions creating a Japan-listed-BTC-vehicle scarcity premium, (c) aggressive accumulation cadence vs more modest peer accumulation. Marquee question: as additional Japan-listed companies follow Metaplanet's playbook + as ETF restrictions potentially loosen, does Metaplanet maintain dominant share or does the Japan-listed corporate BTC market diversify? |