Metaplanet crosses 10,000 BTC threshold, overtakes Coinbase
Japanese investment firm Metaplanet has acquired another 1,112 BTC for 16.88 billion yen, equivalent to approximately $117 million, bringing its total Bitcoin holdings to 10,000 BTC. The purchase, confirmed via the company’s recent disclosures and reported by Cointelegraph, pushes Metaplanet past Coinbase’s treasury of 9,267 BTC according to data from Bitbo, placing the Tokyo-listed firm among the largest publicly traded corporate holders of Bitcoin in the world.
The acquisition is the latest in a series of increasingly large buys that have defined Metaplanet’s treasury strategy over the past year. The firm stated that its average purchase price across the full 10,000 BTC stack sits at roughly 13.9 million yen per coin, or approximately $96,400. That figure is notable in itself. It suggests the company has been buying aggressively across a range of market conditions rather than waiting for pullbacks, and that its cost basis remains below prevailing spot prices at the time of the most recent purchase.
Overtaking Coinbase on the Bitbo leaderboard carries symbolic weight. Coinbase is one of the largest and most visible crypto-native companies in the world, operating a major United States exchange and holding Bitcoin as part of its corporate treasury. For a Japanese investment firm that only began its Bitcoin accumulation strategy relatively recently to surpass that holding underscores how quickly corporate treasury allocations can scale when a company commits to a disciplined buying programme and pairs it with aggressive capital raising.
The 10,000 BTC milestone also places Metaplanet in rare company. Only a handful of publicly traded firms hold Bitcoin in five-figure quantities on their balance sheets. The firm’s trajectory suggests it has no intention of stopping at this level.
Zero-interest bonds: financing the next wave of accumulation
Alongside the purchase announcement, Metaplanet’s board resolved to issue $210 million in no-interest bonds, with proceeds explicitly earmarked for additional Bitcoin purchases. The decision to raise debt at zero coupon and deploy the proceeds into Bitcoin is a striking expression of confidence in the asset’s long-term trajectory. It also reflects a broader trend among Bitcoin-focused companies of using innovative financing structures to fund accumulation without diluting existing shareholders through equity issuance.
Zero-interest bonds, also referred to as zero-coupon bonds, do not pay periodic interest to investors. Instead, they are typically issued at a discount to face value and redeemed at par upon maturity. For Metaplanet, the structure allows the firm to raise substantial capital now and direct it into Bitcoin, betting that the appreciation of the asset will more than compensate for the redemption obligation when the bonds mature. The strategy is not without risk. If Bitcoin prices decline significantly or remain stagnant over the bond’s life, the company would need to service the redemption from other resources, potentially including the Bitcoin itself.
The $210 million figure is meaningful in the context of Metaplanet’s existing programme. The firm’s most recent purchase of 1,112 BTC cost approximately $117 million. A $210 million raise, if deployed at similar prices, could add roughly 2,000 BTC to the treasury in a single tranche. That would bring total holdings to around 12,000 BTC before any additional purchases, further widening the gap between Metaplanet and firms like Coinbase.
The bond issuance also signals that institutional and private investors are willing to provide capital to a Bitcoin-accumulation strategy on terms that are highly favourable to the issuer. The fact that buyers are accepting zero interest suggests strong demand for exposure to Metaplanet’s Bitcoin thesis, whether through the bonds themselves or through the equity that the strategy has propelled higher. For more on how companies are structuring their Bitcoin treasuries, see our Bitcoin coverage.
Equity market rewards the strategy with 417% year-to-date gain
The Tokyo Stock Exchange responded emphatically to the accumulation and financing news. Metaplanet’s stock rallied more than 22% to a peak of 1,860 yen, and the share price is now up more than 417% year-to-date. That performance places the firm among the best-performing stocks on the Japanese market in 2025, a remarkable outcome for a company whose primary strategic pivot has been the acquisition of a digital asset.
The equity rally illustrates a dynamic that has become central to the corporate Bitcoin treasury model. When a company buys Bitcoin and its share price rises in response, the firm’s market capitalisation increases, which in turn can make it easier to raise additional capital through debt or equity. That capital is then deployed into more Bitcoin, which can drive further appreciation in the underlying treasury and, by extension, the share price. This feedback loop has been a defining feature of the most aggressive Bitcoin-accumulating companies.
However, the correlation cuts both ways. A sharp decline in Bitcoin’s price could exert downward pressure on Metaplanet’s shares, potentially constraining its ability to raise capital on favourable terms. The 417% year-to-date gain reflects investor enthusiasm, but it also embeds significant expectations about future Bitcoin performance and the company’s ability to execute its buying programme. Any disappointment on either front could lead to a pronounced repricing.
The Tokyo Stock Exchange’s reception also matters from a regional perspective. Japan has historically maintained a measured regulatory approach to digital assets, with clear frameworks for custody, taxation, and trading. Metaplanet’s success on a major regulated exchange demonstrates that Bitcoin-focused corporate strategies can gain traction in established Asian capital markets, not just in the United States or Europe. Other Japanese and Asian firms may take note.
The 210,000 BTC ambition: scale, feasibility, and implications
Perhaps the most striking element of Metaplanet’s announcement is its stated target of holding 210,000 BTC by the end of 2027. With 10,000 BTC already in hand, the company needs to acquire approximately 200,000 BTC over the next 18 months to reach that goal. That is an extraordinary figure by any measure.
To contextualise the scale, 200,000 BTC represents roughly 1% of Bitcoin’s total fixed supply of 21 million coins. At a price of approximately $96,400 per coin, the average price Metaplanet reports paying so far, acquiring 200,000 BTC would require capital on the order of $19 billion. Even if the firm benefits from lower average prices or staggered purchases over time, the capital requirements are immense relative to Metaplanet’s current market capitalisation and financing capacity.
The 210,000 target also echoes the figure associated with Satoshi Nakamoto’s estimated holdings, a detail that may be intentional or coincidental but certainly adds a layer of symbolism. Whether Metaplanet can realistically reach this target depends on several variables: its ability to continue raising zero-interest or low-cost debt, the willingness of investors to keep funding the strategy, Bitcoin’s price trajectory, and the firm’s operational capacity to execute large over-the-counter or market purchases without excessive slippage.
If Metaplanet were to approach even a fraction of the 210,000 target, the implications for Bitcoin’s liquidity dynamics would be significant. Large, sustained corporate buying programmes reduce the available float of Bitcoin on exchanges and over-the-counter markets, potentially contributing to supply scarcity. This is particularly relevant given that Bitcoin’s block reward continues to decline following each halving event, and that a growing share of supply is held by long-term investors and institutions.
The target also raises competitive dynamics among corporate Bitcoin holders. If Metaplanet continues to accumulate at this pace, it could challenge the holdings of firms that have long dominated the corporate Bitcoin treasury rankings. The fact that it has already surpassed Coinbase suggests the competitive landscape is more fluid than many assumed.
What this signals for corporate Bitcoin adoption
Metaplanet’s latest moves confirm that the corporate Bitcoin treasury model is evolving beyond its early phase. What began as a niche strategy adopted by a handful of pioneering firms has become a structured, capital-markets-backed approach to balance sheet management. The use of zero-interest bonds, the setting of explicit multi-year accumulation targets, and the tight linkage between Bitcoin holdings and equity performance all point to a maturing playbook.
The regulatory implications are worth watching. As more companies issue debt specifically to buy Bitcoin, regulators in Japan and elsewhere may examine whether existing disclosure and risk-management frameworks adequately capture the unique risks of financing digital asset purchases through corporate debt. The Tokyo Stock Exchange’s apparent comfort with Metaplanet’s strategy suggests no immediate regulatory friction, but that could change if the strategy scales further or if Bitcoin prices experience a sharp reversal.
For the broader market, Metaplanet’s accumulation is a reminder that demand for Bitcoin as a treasury reserve asset remains robust despite price volatility and macroeconomic uncertainty. The firm’s willingness to buy at an average price near $96,400, and to raise hundreds of millions of dollars to buy more, signals conviction that Bitcoin’s long-term value proposition outweighs short-term price risk. Whether that conviction is ultimately rewarded will depend on factors well beyond Metaplanet’s control, but for now the market is voting with both its capital and its share price.
