Metaplanet Surpasses El Salvador in Bitcoin Holdings After Acquiring 1,241 BTC

Metaplanet, a Japan-based investment firm, has acquired 1,241 Bitcoin (BTC) for approximately $126.7 million.

Metaplanet, a Japan-based investment firm, has acquired 1,241 Bitcoin (BTC) for approximately $126.7 million. This latest purchase brings the company’s total BTC holdings to 6,796, surpassing El Salvador’s national reserves.

The firm bought the units at an average price of about $102,119 (14,848,061 yen) per coin. It also disclosed that its BTC Yield—a metric tracking the growth in Bitcoin holdings per fully diluted share—is 170.0% year-to-date (YTD) in 2025. For the current quarter (April 1 to May 12, 2025), the BTC Yield stands at 38.0%.

According to a report by Bloomberg, this signals strong investor confidence in Metaplanet’s Bitcoin-focused strategy. A recent analysis by an analyst at Deutsche Bank suggested that Metaplanet's stock might offer even greater upside relative to Bitcoin's price growth.

In an email interview, the analyst, who preferred to remain anonymous, explained that they were using an "averaging model" to assess the potential gains in the stock market. According to their calculations, at a BTC price of $120,000, Metaplanet shares (3350.T) could double (2.0x), while Strategy (NASDAQ:MSTR) might rise 1.6x.

However, at $150,000, Metaplanet could see a 4.5x surge compared to Strategy’s 3.0x gain. This “asymmetric upside” is due to Metaplanet being in the initial stages of its Bitcoin strategy, delivering outsized equity returns relative to its risk, positioning itself as a high-beta proxy for Bitcoin exposure.

The analyst further noted that both companies' stocks would move in tandem with the price of Bitcoin, which is currently trading above $104,000.

As Metaplanet pivots towards Bitcoin, its shares have surged 15x since the start of the year and Monday saw them rise 3.8%. This compares to a 4x increase in the TOPIX index over the same period, highlighting the massive gains from Metaplanet's strategy.

The company's stock price movement is also noteworthy given that it began the year at 999 yen, which is less than $7 at the time.

In another post on X, formerly Twitter, Gerovich highlighted the company's growing commitment to Bitcoin, revealing a cumulative investment of approximately $608.2 million.

At the current BTC price of $104,003, Metaplanet's holdings are now worth around $706.8 million, which is triple the company's market cap. This also represents a 16.2% unrealized profit.

Moreover, the firm has achieved a BTC Yield of 170.0% year-to-date (YTD) in 2025, a metric that tracks the growth in Bitcoin holdings per fully diluted share. For the current quarter—April 1 to May 12, 2025—the BTC Yield stands at 38.0%, reflecting continued shareholder value creation through its treasury strategy.

The company's stock is also benefiting from its Bitcoin pivot. Following today's announcement, Metaplanet shares (3350.T) rose 3.8% in Monday trading.

Furthermore, BeInCrypto reported that the stock's value has surged 15x since it began accumulating BTC. This signaled investor confidence in the firm's Bitcoin-focused strategy.

The firm's approach mirrors that of US-based Strategy (formerly MicroStrategy), a first mover in corporate Bitcoin accumulation. However, an analyst recently suggested that Metaplanet may offer even greater upside relative to Bitcoin's price growth.

In a ballistic acceleration model, the analyst projected that at a $120,000 BTC price, Metaplanet stock could double (2.0x), while Strategy's might rise 1.6x. At $150,000, Metaplanet could see a 4.5x surge compared to Strategy's 3.0x gain.

As the analyst described, this "asymmetric upside" highlights how Metaplanet—still in the early stages of its Bitcoin strategy—could deliver outsized equity returns relative to its risk, positioning itself as a high-beta proxy for Bitcoin exposure.