Metaplanet, a Tokyo-listed company that has quickly grown into one of Asia’s most active corporate Bitcoin holders, added another 780 Bitcoins to its coffers on July 28.

The acquisition brings its total holdings to 17,132 BTC, a significant increase from the 13,350 BTC reported a month ago.

The company disclosed the purchase in a filing on Monday, noting that it paid an average of 17.52 million yen ($119,136) per Bitcoin, for a total investment of 13.67 billion yen ($92.93 million).

Since launching Bitcoin Finance Operations in December 2024, Metaplanet has steadily accumulated Bitcoin using proceeds from capital market activities and operating income.

Metaplanet Trading Volume Doubles Amid Crypto Boom

The acquisition comes amid a surge in trading activity for the company’s shares on the Tokyo Stock Exchange. Data from the Tokyo Stock Exchange shows that Metaplanet stock trading volume reached 1.86 trillion yen ($12.65 billion) in June, nearly double the 997.6 billion yen ($6.78 billion) in May.

Its sharp rise reflects growing investor interest as the company leans further into its digital asset strategy.

In the past three months alone, Metaplanet's Bitcoin holdings have grown by more than 13,000 BTC.

The expansion was funded by multiple rounds of stock issuance and bond redemptions. On July 4 and July 14, the company redeemed its 19th bond for a total of 12.75 billion yen (about $86.7 million) using funds raised through the exercise of stock subscription rights.

These rights led to a rapid dilution of the company's shares. Between June 30 and July 28, the company issued tens of millions of new shares through the 20th to 22nd stock purchase program. Currently, the fully diluted outstanding shares are close to 866 million shares.

Metaplanet's Q2 BTC Yield Soars to 129.4%

To assess whether this aggressive capital strategy is beneficial to shareholders, Metaplanet tracks several custom metrics such as BTC Yield, BTC Gains, and BTC ¥ Gains.

These metrics are designed to measure how much Bitcoin the company has accumulated relative to its expanding share base and estimate hypothetical appreciation if no new shares were issued.

From July 1 to July 28 alone, Metaplanet's BTC yield was as high as 22.5%. In yen terms, this increase is equivalent to more than 52.5 billion yen ($357 million). The growth in previous quarters was even stronger, with BTC yields reaching 129.4% in the second quarter of 2025 and a staggering 309.8% in the fourth quarter of 2024.

The average purchase price for all 17,132 Bitcoins is currently about 14.78 million yen ($100,504) per coin. The figure has risen steadily from 12.94 million yen ($87,992) at the end of March as Metaplanet's interest in the asset has grown.

Metaplanet says crypto metrics are not a substitute for cash flow

The company acknowledges that the metrics are not a substitute for traditional financial metrics such as cash flow or net income. However, the company argues that the metrics reflect the success of its strategy to increase the value of each Bitcoin share. The company believes that this metric will become increasingly valuable to long-term investors.

Metaplanet has not declared any dividends to date. Instead, the company reminds shareholders that holding its shares does not mean directly owning the underlying Bitcoin. In addition, the company warns that its customized KPIs do not take into account debt or preferred shares. Therefore, these metrics may exaggerate earnings if viewed out of a broader financial context.

Nevertheless, Metaplanet's move is notable in Japan, where few public companies have embraced Bitcoin on such a large scale.