Metaplanet Expands Bitcoin Treasury by 775 BTC, Assets Outweigh Debt 18-Fold

Tokyo-listed Metaplanet Inc (3350) has acquired an additional 775 bitcoin (BTC) for 13.73 billion yen (about $94 million), according to its most recent filing.

The purchase, made at an average price of 17.72 million yen ($120,500) per bitcoin, lifts the company’s total holdings to 18,888 BTC, worth roughly 284.1 billion yen ($1.95 billion). This purchase keeps them as the seventh largest bitcoin treasury company.

Across all purchases, Metaplanet’s average acquisition cost now stands at 15.04 million yen per BTC ($102,100).

The company reported a Bitcoin Yield of 29.3% for the latest period, down from 129.4% in Q2. Its multiple to net asset value remains near 2, the lowest since it began its BTC accumulation.

The company carries $117 million in outstanding debt, Metaplanet’s leverage is minimal compared to its bitcoin reserves. “Metaplanet now hold $2.18 billion in BTC against just $120 million of outstanding 0% ordinary bonds,” said Dylan LeClair, director of bitcoin strategy.

“Our 19th Series Ordinary Bonds are 18.67x over-collateralized by our BTC position, and currently represent the sole liability within our capital structure.”

Shares of Metaplanet rose 4% to close at 900 yen on Monday, even as bitcoin slipped to $115,500, reflecting investor confidence in the firm’s balance sheet strategy.