Metaplanet Hits 13,350 BTC, Ranks 5th-Largest Holder
Metaplanet’s Bitcoin treasury surged from 3,350 BTC to 13,350 BTC in three months, overtaking Tesla and Coinbase to become the world’s fifth-largest corporate Bitcoin holder. To fund further accumulation, the company plans to raise up to ¥770 billion via its “555 Million Plan” moving-strike warrants and has also issued ¥30 billion in zero-coupon bonds. Benchmark analyst Mark Palmer initiated coverage with a buy rating and a ¥2,400 price target—implying over 50% upside—while Metaplanet’s stock has soared 7,742% since pivoting from a hotel operator, trading at a 5.1× premium to NAV. The aggressive strategy delivered a 129.4% BTC yield in Q2 and 348.8% year-to-date, underscoring strong corporate conviction in Bitcoin’s long-term value.
Bullish
Metaplanet’s rapid buildup of 13,350 BTC and ongoing fundraisings via warrants and zero-coupon bonds indicate sustained corporate demand, which tightens available supply and can drive short-term price rallies. The strong yields achieved and a positive analyst rating with a 50% upside target further reinforce market confidence. In the long term, large-scale treasury accumulation by a public company signals institutional trust in Bitcoin’s store-of-value narrative, supporting a bullish outlook.