Metaplanet Continues Proactive
Bitcoin
Approach as ETF Market Expands
Japanese Bitcoin holding company Metaplanet Inc., frequently referred to as "Japan's MicroStrategy," has reiterated its commitment to an assertive Bitcoin purchasing plan, undeterred by market fluctuations and the growing presence of ETFs. The firm
announced its Q3 2025 performance
, revealing a current holding of 30,823 Bitcoin, worth about ¥489.87 billion, making it the world’s third-largest public Bitcoin holder. This growth supports Metaplanet’s ambition to accumulate 210,000 BTC by 2027, which would account for nearly 1% of all Bitcoin in circulation. To fund these acquisitions, the company
intends to raise capital
via perpetual preferred shares that offer up to 6% annual dividends, a strategy meant to protect common shareholders from dilution while tapping into Japan’s increasing interest in income-generating digital assets.
Meanwhile, U.S.-based Bitcoin treasury leader MicroStrategy (MSTR), which has adopted a similar approach to Metaplanet, continues to be scrutinized as its market capitalization remains below the value of its Bitcoin assets. As of November 16,
MSTR’s net asset value dropped
under 1, with its $59.92 billion market cap trailing the $61.7 billion value of its 649,870 BTC reserves. This gap highlights investor worries about the company’s debt and liquidity,
worsened by a $79.2 billion reduction
in equity premium since November 2024. Despite these challenges, CEO Michael Saylor remains optimistic,
stressing MSTR’s resilience
to extended downturns in Bitcoin prices and rejecting speculation about forced asset sales.
Recent reports indicate
MSTR
took advantage of price drops
, purchasing 8,178 BTC for $835.6 million between November 10–16—its largest acquisition since July. These purchases were
supported by funds from preferred share sales
, including a €620 million euro-denominated offering. Nevertheless, the company’s market-to-NAV (mNAV) ratio has
fallen to 0.93
, down from a high of 1.24 earlier in the year. Bernstein analysts and others believe this discount has sparked "unwarranted concerns" about liquidity,
pointing out that MSTR’s $8 billion debt
is well-secured by its Bitcoin assets and strong access to capital markets.
The landscape for Bitcoin treasuries is shifting as institutional involvement increases.
Rivals such as American Bitcoin
, which saw its gross margin rise by 7 percentage points to 56% in Q3 2025, demonstrate the effectiveness of asset-light mining operations. At the same time, platforms like RockToken are
serving investors seeking retirement and passive income
by providing structured, yield-focused Bitcoin investments backed by infrastructure contracts. These trends highlight a changing view of crypto, with digital assets increasingly regarded as long-term investments rather than mere speculation.
As ETFs become more popular—Canary’s XRP spot ETF, for example,
launched with $58 million in trading volume
—corporate Bitcoin strategies are under renewed examination. Still, the ongoing commitment from Metaplanet and MSTR reflects strong belief in Bitcoin’s future. With Japanese households holding ¥2,000 trillion in financial assets and looking for alternatives to low-yield bonds,
Metaplanet is positioning itself
to lead the Bitcoin-backed fixed-income sector. For now, the competition to accumulate Bitcoin continues, even as the market tests the resolve of corporate treasuries.
