Metaplanet surpasses 1 trillion yen in market capitalization; corporate growth strategy = Storm Research

## “Bitcoin’s Flywheel”

On the 16th, the UK research firm Storm Research, specialized in the Japanese market, released a detailed report on Metaplanet. It described Metaplanet’s strategy, which aims for global expansion with a strong execution capability for rapid Bitcoin (BTC) accumulation and high transparency in KPI (Key Performance Indicators) disclosure, as the “Bitcoin flywheel.”

At the end of 2024, Metaplanet announced the “21 Million Plan” to acquire 10,000 BTC in 2025, raising 93.3 billion yen in just 60 business days. It added a 6.8% premium to the market price. The funding increased its BTC holdings to 8,888 BTC as of June 2, making Metaplanet the 10th largest Bitcoin holder in the world and the 1st largest in Asia.

On June 6, the company announced the “555 Million Plan,” a strategy aimed at expanding its Bitcoin holdings on a large scale. The company aims to raise up to 770 billion yen through the issuance of up to 555 million new shares, and has set a goal of holding 210,000 BTC, one of the largest in the world by 2027. On June 16 of this year, the company purchased an additional 1,112 BTC, bringing its Bitcoin holdings to 10,000 BTC.

The target for BTC holdings by year is as follows:

• 2025: Increase from 10,000 BTC to 30,000 BTC (+21,112 BTC)
• 2026: 100,000 BTC
• 2027: 210,000 BTC (1% of total BTC supply)

As of June 16, the total increase in BTC for the Metaplanet was 4,688 BTC, with an increase amounting to 72.1 billion yen when converted, and the year-to-date BTC yield reached 266.1%. Despite being diluted by more than 30% due to the issuance of 210 million shares, the number of Bitcoins per share increased, resulting in a capital increase effect.

Metaplanet has raised its Bitcoin yield target for the fiscal year ending December 2025 from 232% to over 600%, increasing the BTC increase amount from 4,369 BTC to 15,000 BTC, and setting the target increase amount in yen at 230 billion yen.

These goals are influenced by stock prices and the accompanying mNAV (market Net Asset Value: the market net asset value of a company). However, Metaplanet plans to raise funds only when the mNAV exceeds three times, and to suspend or curb issuance if it falls below this level. By adjusting the timing of stock issuance based on mNAV, it aims to minimize the dilution of existing shareholders and enhance the value per share.

Shareholder Base of Metaplanet

MetaPlanet’s shareholder base jumped nearly sixfold from 10,854 in December 2023 to about 64,000 in the first quarter of 2025.

This is being driven by enhanced international access through the U.S. OTC market OTCQX and Frankfurt. Additionally, the tokenized stock CMTPL of Metaplanet, which can be traded 24/7 using Bitcoin on the asset tokenization platform Stokr.io, is expanding exposure to the company’s shares.

In May 2025, the daily average trading volume reached 74 million shares, and the peak trading volume exceeded 200 billion yen. Metaplanet has become one of the most liquid stocks in Japan, and this high liquidity has supported the company’s fundraising.

The expanded 210 million plan from the original 21 million plan limited new share issuance to only 7.5% of the total market volume, resulting in a limited impact on price and allowing for smooth absorption.

With a combination of high liquidity, global access, and disciplined execution, Metaplanet is strengthening its position as Japan’s leading capital-efficient publicly listed Bitcoin treasury company.

market capitalization exceeds 1 trillion yen

The market capitalization of Metaplanet has exceeded 1 trillion yen, surpassing large companies such as Yamaha Motor, semiconductor manufacturer Kioxia Holdings, and Tokyo Metro.

As a backdrop, Metaplanet is the only publicly listed Bitcoin treasury company in Japan, providing exposure to Bitcoin on a stock basis. It is included in various domestic and international exchange-traded funds (ETFs) and is also eligible for NISA, making it accessible to individual investors.

In addition, it addresses custody and compliance issues, and is gaining attention as an effective alternative for institutional investors who find it difficult to hold Bitcoin directly.

Furthermore, Metaplanet appointed Eric Trump, the second son of U.S. President Trump, as the first member of its Strategic Advisory Committee in March this year to strengthen its global position as a leader in the Bitcoin economy. The company expects that Eric’s background in U.S. business and political networks will support cross-border communication and positioning.