Metaplanet: the Bitcoin accumulation engine

Core business model

Metaplanet has transformed from a Japanese hotel chain into what may be the most aggressive Bitcoin treasury company relative to its size. With a market cap of approximately 179 billion yen (about $1.25 billion USD), this modest 500 million float company is building what could become one of the most significant Bitcoin treasuries on Earth.

The business model is straightforward: the corporate treasury is now the product. Since April 2024, every major financing Metaplanet has executed—whether equity raises, warrant exercises, or zero coupon bond issuances—has flowed directly into Bitcoin purchases. Not some Bitcoin, not portions of the proceeds, but virtually all of it.

Currently, Metaplanet holds 6,796 BTC with a blended cost basis of USD 89,492. This positions them 10th among all publicly traded companies globally in terms of Bitcoin holdings—remarkable for a company of this size.

Growth advantage: The small stack effect

Metaplanet’s most significant advantage over other Bitcoin treasury companies like Strategy is the scalability of Bitcoin per share (BPS). Strategy, with over 555,000 Bitcoin, requires massive incremental Bitcoin purchases to meaningfully increase its BPS. A 1,000 Bitcoin purchase for Strategy barely moves the needle.

In contrast, that same 1,000 Bitcoin purchase for Metaplanet would increase Bitcoin per share by approximately 20%. Their smaller treasury base gives them exponential Bitcoin per share torque.

The numbers are staggering: Metaplanet’s Bitcoin per share grew 25-fold in its first 12 months of implementing this strategy. That’s 2,500% growth—not 25%. For comparison, Strategy, the previous gold standard for Bitcoin per share growth, grew by only 46% during the same period.

Funding sources for Bitcoin acquisition

Moving strike stock acquisition rights

The primary fuel for Metaplanet’s Bitcoin acquisition is an innovative mechanism called moving strike stock acquisition rights (SARs). This system allows Metaplanet to raise capital continuously without breaking Japan’s rigid financial laws.

The process works in four steps:

1. EVO Fund (Metaplanet’s financing partner) shorts the stock at 9:00 a.m. Tokyo time
2. EVO immediately exercises the SARs issued the night before at the prior day’s closing price
3. The freshly minted shares are delivered to close out EVO’s short positions, and cash hits Metaplanet’s account by day’s end
4. By afternoon, Metaplanet’s treasury team executes Bitcoin purchases through trading desks and transfers coins to multi-signature cold wallets

The entire process completes in a single trading day. In February 2025, they executed a production round of 21 million shares with zero discount, resetting the strike price every day to the prior close. Japanese investors eagerly participated because these deals typically come with an 8-10% discount, but Metaplanet offered none.

On January 25, 2025, Metaplanet launched what may be the most aggressive equity mechanism in Tokyo Stock Exchange history: 210,000 warrant units, each converting into 100 shares—over 21 million new shares, representing more than half the entire float at that time.

The initial strike price was 555 yen, with a daily reset to the previous day’s closing price. If fully executed at 555 yen, this mechanism could raise 116 billion yen (approximately $745 million), all earmarked for Bitcoin purchases.

Zero coupon yen bonds

Metaplanet has aggressively issued zero coupon yen bonds—debt with no interest payments—to fund Bitcoin purchases. This strategy leverages Japan’s unique monetary environment.

Recent zero coupon bond issuances include:

• November 18, 2024: 1.75 billion yen, maturing April 2026
• May 2, 2025: 3.6 billion yen (approximately $24 million), maturing October 2025
• May 7-13, 2025: Another 25 million yen through the 13th series
• May 9-14, 2025: 21.25 million more through the 14th series

In total, Metaplanet raised 12 billion yen through zero coupon bonds in just one week in May 2025, immediately converting all proceeds to Bitcoin.

Additional funding mechanisms

Beyond moving strike warrants and zero coupon bonds, Metaplanet employs several other funding mechanisms:

• Rights issues: In August 2024, Metaplanet gave existing shareholders the right to purchase additional shares at 555 yen when the market price was 600 yen. This raised over 8 billion yen, adding 1,000 Bitcoin to their treasury.

• Shareholder loans: On August 8, 2024, Metaplanet secured a 1 billion yen loan from MMXX Ventures at just 0.1% interest, immediately converting it to 100 Bitcoin.

• US-based financing: On May 1, 2025, Metaplanet established Metaplanet Treasury Corporation in Florida with $10 million in capital. This US entity will allow them to:

  • Issue US convertible bonds
  • Execute dollar-denominated Bitcoin purchases while Asian markets are closed
  • Prepare legal frameworks for future Bitcoin-backed debt in global markets

Management has announced plans to raise up to $250 million through US instruments once regulatory approvals are secured.

Key metrics for investors

Bitcoin per share (BPS)

Bitcoin per share is Metaplanet’s north star key performance indicator—the figure that appears first in every board meeting and that management obsesses over.

After adjusting for last year’s 10-for-1 split, Metaplanet started with merely 41 Satoshis per share. Twelve months later, that figure stands at 1,034 Satoshis per share—a 25-fold increase in just one year.

The growth pace is accelerating:

• Q4 2024: 310% quarterly growth in BPS
• Q1 2025: Additional 96% growth

At their current acquisition pace, Metaplanet is effectively absorbing almost 19% of the global monthly miner issuance—a company valued at just over a billion dollars is purchasing nearly 1/15th of all new Bitcoin entering the market.

Net asset value multiple (MNAV)

The market currently values Metaplanet at approximately 3.25 times its net asset value. This premium reflects investors’ belief in the company’s strategy and creates the flywheel that powers everything else.

Every time Metaplanet increases Bitcoin per share, it justifies a higher premium to net asset value. The equity markets are rewarding Bitcoin proxies, amplifying each additional Satoshi on the balance sheet.

Months to MNAV cover (MMC)

A critical metric for evaluating Bitcoin treasury companies is the “Months to MNAV cover” (MMC)—essentially a stopwatch measuring how quickly a company can earn back its premium through Bitcoin accumulation.

The formula is: MMC = (MNAV multiple ÷ Bitcoin yield multiple) × period length in months

Metaplanet trades at approximately 3.3x MNAV and doubled its Bitcoin per share over the last quarter (a 2x yield in three months). This gives an MMC of about 5 months (3.3 ÷ 2 × 3 = 4.95).

For comparison, Strategy carries an MNAV of 2.16 but has an MMC of approximately 19 months due to its slower accumulation pace. This means Metaplanet covers its premium about 3.8 times faster than Strategy does.

Understanding the MMC metric

The MMC is fundamentally about how quickly a Bitcoin treasury company like Metaplanet can “earn back” or “cover” the premium that investors are paying for its shares.

When you buy shares of Metaplanet, you’re paying more than just the value of the Bitcoin they hold. Currently, Metaplanet trades at about 3.3x their net asset value, meaning for every $1 of Bitcoin they own, the market values their shares at $3.30. This extra $2.30 is the “premium.”

The MMC measures how long it would take for the company to add enough new Bitcoin per share to justify that premium, based on their current rate of Bitcoin acquisition. It effectively converts a price multiple into a time-based metric that’s intuitive to understand.

What makes this metric particularly powerful for investors:

• It combines both the premium (MNAV) and the growth rate into one number
• It helps compare different Bitcoin treasury companies (as seen in the Metaplanet vs. Strategy comparison)
• It signals when a company might be overvalued or undervalued relative to its Bitcoin acquisition pace

The shorter this timeframe, the more efficiently the company is converting capital into Bitcoin per share. Metaplanet’s 5-month MMC is remarkably fast compared to Strategy’s 19 months, suggesting Metaplanet is much more efficient at growing Bitcoin per share relative to its premium.

Some analysts track this metric over time, showing how many days (rather than months) it would take Metaplanet to cover its premium, with a downward trend (shorter time to cover) being a positive indicator for the company’s efficiency.

Financial structure

The premium-to-NAV strategy

Metaplanet’s financial alchemy works because the market values each share at roughly three times its book value. For every yen they raise, they can purchase three yen equivalent of Bitcoin.

The flywheel works in four steps:

1. Metaplanet shares trade at a persistent premium to NAV due to scarcity value and yen debasement
2. The company issues new equity or executes warrants at that premium price
3. Proceeds convert to spot Bitcoin within 72 hours
4. Fresh Bitcoin lifts the net asset value per share, the market reprices accordingly, and the cycle resets at a higher level

Dilution as a weapon

Counter-intuitively, dilution benefits Metaplanet shareholders as long as they continue to buy more Bitcoin per share than the current BPS. Every raise is accretive because the denominator (share count) grows slower than the numerator (Bitcoin holdings).

For example, Metaplanet’s plan to reach 21,000 Bitcoin by the end of 2026 assumes approximately 38% dilution from current levels, putting projected shares at around 715 million. This would result in 0.00002937 Bitcoin per share—a 2.74x increase from today’s levels despite the dilution.

Japanese financial advantages

Metaplanet’s strategy works particularly well in Japan for several reasons:

• Equity issuance regulations: The Financial Instruments and Exchange Act requires pre-registration of equity sales, leading Metaplanet to create their moving strike warrant mechanism.
• Tax advantages: Direct Bitcoin ownership in Japan is taxed at up to 55%, while Metaplanet stock ownership is taxed at a flat 20%. This creates structural demand for Bitcoin exposure through equity.
• Yen weakness: As the Japanese currency weakens, domestic investors flee to hard assets, widening Metaplanet’s NAV premium.

Future growth plans

Metaplanet has set ambitious but clear milestones:

• 10,000 Bitcoin by the end of 2025 (doubling current holdings in less than 8 months)
• 21,000 Bitcoin by the close of 2026 (a reference to Bitcoin’s 21 million hard cap)

Even if their fully diluted share count doubled, meeting the 21,000 Bitcoin target would quadruple today’s Bitcoin per share.

Several catalysts could accelerate this trajectory:

• Metaplanet Treasury Corp’s planned $250 million shelf offering, opening US capital markets to their accumulation strategy
• Continued yen weakness driving domestic investors to hard assets
• Pending Tokyo stock market reforms potentially allowing inclusion in passive indices
• Increased institutional credibility with advisory hires like David Bailey

Investment thesis

For investors considering Metaplanet, the value proposition is clear:

• BPS growth: Metaplanet can grow Bitcoin per share faster than any other public company due to its smaller size and efficient capital structure.
• Torque potential: A $100,000 investment at current prices could turn into $300,000 if Bitcoin reaches $120,000 with no change to the MNAV multiple, or $640,000 if Bitcoin reaches $150,000 with a 5x MNAV.
• Capital efficiency: With its moving strike warrants and zero coupon bonds, Metaplanet is effectively a “synthetic Bitcoin miner with no operating costs” that can continue to increase BPS even when Bitcoin prices move sideways.
• Asymmetric upside: Metaplanet offers investors “side door Bitcoin at a discount” with leverage amplified by market psychology.

At its core, Metaplanet represents a financial mechanism designed to manufacture Bitcoin scarcity per share faster than any other public market option, offering asymmetric upside for investors who believe in Bitcoin’s long-term value proposition.

With year-to-date Bitcoin yield of +169.96% and a return since Bitcoin adoption of +3,021%, Metaplanet demonstrates that in the world of Bitcoin treasury strategies, it’s not just the size of your holdings that matters—it’s how fast you can grow them.