Metaplanet Overtakes CleanSpark to Become the Fifth Largest Corporate Bitcoin Holder
Japanese Company Increases Bitcoin Reserves
Tokyo, June 30, 2025 — The Japanese investment firm Metaplanet has strengthened its position in the cryptocurrency market, surpassing the mining company CleanSpark and becoming the fifth largest corporate bitcoin holder. The latest purchase of 1,005 BTC for $108 million, made on June 30, 2025, brought the company's total bitcoin reserves to 13,350 BTC, acquired for $1.31 billion at an average price of $97,832 per coin. At current market prices, Metaplanet's treasury is valued at $1.45 billion.
CEO Simon Gerovich stated that the average purchase price was $107,601 per bitcoin, and the company's BTC investment return since the start of 2025 has reached an impressive 348.8%. This underscores the success of the company's strategy to accumulate bitcoins as a key reserve asset.
Refinancing Strategy and Bond Issuance
The purchase coincided with Metaplanet's announcement to issue ordinary bonds worth 30 billion yen ($208 million) at a zero interest rate through the EVO fund. The proceeds from the issuance will be directed towards further increasing bitcoin reserves. Additionally, the company will repurchase and cancel third-series bonds worth 1.75 billion yen ($12 million) with an annual rate of 0.36%, optimizing its financial structure and providing interest-free capital for cryptocurrency investments.
This refinancing strategy demonstrates Metaplanet's commitment to effectively utilizing debt instruments to fund its ambitious goal of accumulating 100,000 BTC by the end of 2026 and 210,000 BTC by 2027. If successful, this will make the company the second-largest corporate bitcoin holder after MicroStrategy.
Market Reaction and Stock Growth
The announcement of new purchases and plans to increase reserves elicited a positive response in the stock market. On Monday, June 30, Metaplanet's shares on the Tokyo Stock Exchange rose by 9%. Their value has increased by over 350% since the beginning of 2025, reflecting a high level of investor confidence in the company's strategy.
Metaplanet's stock growth contrasts with the inherent volatility of the cryptocurrency market and highlights the attractiveness of bitcoin as a corporate asset in an environment of economic instability and a weakening yen. The company positions itself as the “Asian MicroStrategy,” following the model of the American firm, which under Michael Saylor's leadership has accumulated 592,345 BTC.
Competition in the Corporate Holder Market
Metaplanet has surpassed major players like Tesla, Hut 8, Coinbase, and Block Inc., now trailing only MicroStrategy, Marathon Digital, Twenty One Capital, and Riot Platforms in bitcoin reserves. For comparison, CleanSpark holds 12,502 BTC, which is 848 coins less than Metaplanet.
Meanwhile, Michael Saylor, chairman of MicroStrategy, hinted at another potential bitcoin purchase, which could increase competition among corporate holders. In a social media post, he emphasized the long-term potential of bitcoin, stating: “In 21 years, you will regret not buying more.” In response, Gerovich noted that Metaplanet buys bitcoins daily but aims to accelerate its accumulation pace.
Prospects and Risks
Metaplanet's strategy of aggressive bitcoin accumulation reflects a growing trend among public companies viewing cryptocurrency as a hedge against inflation and economic risks. However, analysts like Matthew Sigel from VanEck caution that bitcoin's high volatility could pose a threat to companies' financial stability, especially in the event of a sharp price drop.
Despite risks, Metaplanet continues to strengthen its position, leveraging advanced financial infrastructure, including its US subsidiary Metaplanet Treasury Corp, to optimize purchases. Plans to raise $5.4 billion to purchase 210,000 BTC by 2027 reflect the company's long-term confidence in bitcoin's potential as a key asset.
Conclusion
Metaplanet demonstrates an ambitious approach to integrating bitcoin into its corporate strategy, outpacing competitors and attracting investor attention. The company's success in the stock market and the growth of its bitcoin reserves emphasize the significance of cryptocurrencies in the modern financial ecosystem. However, further development will depend on market conditions and Metaplanet's ability to effectively manage risks associated with cryptocurrency volatility.