With a significant acquisition of Bitcoin and ambitions to increase its treasury holdings significantly over the next several years, Tokyo-listed Metaplanet, which shifted from hotel operations to a Bitcoin treasury company, has once again grabbed headlines. This change reflects both its faith in Bitcoin as a reserve asset and its ambitious approach to becoming a big corporate holder in the crypto industry.
Big Move: Scale and Recent Acquisition
Metaplanet reported in early October 2025 that it had purchased **5,288 BTC** for roughly **$615.7 million**, increasing its total holdings to **30,823 BTC**. ([CoinDesk][1])
With this change, Metaplanet surpasses companies that previously held higher rankings to become the **fourth-largest corporate Bitcoin treasury** in the world. ([2] on Investing.com)
The average acquisition cost of Metaplanet, with this accumulation, is estimated to be approximately **$107,912 per BTC**. ([CryptoSlate][3]) The company’s “Bitcoin Income Generation” sector generated over ¥2.438 billion in revenue (~US$16.2 million) in the most recent quarter, which represents a **115.7% growth** from the previous quarter. ([CoinDesk][1])
Consequently, Metaplanet **doubled its full-year 2025 guidance**, predicting operating profit at around $31.97% and sales at approximately $46.26 million. ([CoinDesk][1])
Phase II and Capital Planning
Metaplanet has launched a “Phase II” approach to facilitate its ongoing accumulation without unduly diluting current shareholders. The business will use the funds to finance additional Bitcoin purchases by issuing **perpetual preferred shares** with a **6% dividend yield** ceiling. ([BeInCrypto][4])
In order for the company’s enterprise value to eventually profit from Bitcoin appreciating gains rather than being diluted away, this structure is intended to strike a balance between capital raising and protection for common equity investors. ([BeInCrypto][4])
Metaplanet has established lofty long-term targets in conjunction with the preferred share issuance: **100,000 BTC by end-2026** and **210,000 BTC by end-2027**. ([BeInCrypto][4])
To boost Bitcoin adoption and its reputation within Japan’s cryptocurrency infrastructure, the business also intends to grow its “Bitcoin.jp” ecosystem, which will integrate services, events, and education. ([BeInCrypto][4])
Hazards, Difficulties, and Wider Consequences
* **Dividend Burden & Volatility Risk**
The expense of preferred dividends may put a strain on finances if Bitcoin performs poorly or remains unchanged. Interest rate risk is also more noticeable because the shares are perpetual. ([BeInCrypto][4])
* **Transparency & Audit Issues**
When it comes to proof of reserves and wallet transparency, corporate Bitcoin treasuries are frequently the target of skepticism. Some firms, notably Metaplanet, have received concerns over whether their disclosures are sufficient. ([Times Financial][5])
* **Market Impact & Liquidity**
Large purchases may increase market volatility or put pressure on prices. Metaplanet needs to strike a balance between market conditions and accumulation pace.
* **Change in Corporate Strategy**
The shift of Metaplanet from hospitality to Bitcoin is striking. Its ability to keep investors’ trust in this purpose change is just as important to its success as the cryptocurrency markets. ([Times Financial][6])
What This Signifies for the Trend in Crypto Treasury
A recent trend of non-financial companies embracing Bitcoin as a primary reserve asset is typified by Metaplanet’s aggressive accumulation approach. It supports Bitcoin’s validity as institutional capital and reflects actions taken by American companies such as MicroStrategy (now Strategy Inc). ([2] on Investing.com)
If Metaplanet is successful, it might serve as a template for other Asian businesses thinking about exposing themselves to Bitcoin. The way that future businesses balance dilution and leverage in crypto strategies may also be impacted by the usage of preferred shares as capital tools.