Metaplanet has expanded its bitcoin holdings to 6,796 BTC as of May 12, 2025, surpassing El Salvador’s 6,174 BTC.

The company acquired 1,241 BTC for US$126.7 million, bringing its total bitcoin investment to US$608.2 million at an average price of US$89,492 per BTC.

CEO Simon Gerovich reported that Metaplanet’s holdings are now worth about US$706.7 million at current market value.

The firm began accumulating bitcoin in April 2024 and targets 10,000 BTC by end-2025, funding purchases through bond issuances including a recent US$21.25 million sale.

🔗 Source: The Block

🧠 Food for thought

1️⃣ Corporate bitcoin treasuries have become a significant financial phenomenon

Metaplanet’s aggressive acquisition strategy reflects a broader corporate trend that has accelerated since 2020. While still far behind MicroStrategy’s dominant position of 531,644 BTC (worth approximately $45 billion), Metaplanet has quickly established itself as Asia’s largest corporate holder 1.

The scale of corporate Bitcoin holdings has grown dramatically, with 80 public companies collectively holding 632,381 BTC worth approximately $55.89 billion as of February 2025 2.

This trend represents a fundamental shift in corporate treasury management, with companies like MicroStrategy, Marathon Digital, and Riot Platforms allocating billions of dollars to Bitcoin rather than traditional cash reserves or securities 3.

Metaplanet’s goal of reaching 10,000 BTC by the end of 2025 would significantly strengthen its position among global corporate holders, though it would still rank well behind the top five companies that each hold over 11,000 BTC 4.

2️⃣ Bond-financed bitcoin acquisitions create a new financial instrument class

Metaplanet’s 14 bond issuances to finance Bitcoin purchases demonstrate an innovative financing strategy pioneered by MicroStrategy, which raised substantial capital through convertible bonds specifically for Bitcoin acquisition 5.

This approach effectively creates leveraged exposure to Bitcoin, with the bonds themselves becoming financial instruments whose performance correlates with Bitcoin’s price movements 5.

The strategy has proven effective during Bitcoin’s price increases, as seen in late 2024 when MicroStrategy’s convertible bonds significantly appreciated in value, contributing positively to overall convertible bond index performance 5.

This financing method is creating broader interest in Bitcoin-linked debt instruments, with concepts like “Bit Bonds” being proposed as vehicles that could offer investors both the stability of fixed-income securities and exposure to Bitcoin’s potential appreciation 6.

Recent Metaplanet developments