Tokyo-listed Metaplanet Inc. has slipped past Tesla in the public-company Bitcoin league table after revealing a fresh purchase of 1,234 BTC that lifts its treasury to 12,345 BTC. The move is set out in a filing dated 26 June 2025, in which the company “announces the acquisition of additional BTC as part of its ongoing Bitcoin Treasury Operations,” adding that the latest tranche was acquired at an average ¥15.62 million per coin for an aggregate ¥19.27 billion outlay. The disclosure places the group’s cumulative cost basis at ¥175.68 billion, or roughly $1.11 billion at current exchange rates.
Metaplanet Surpasses Tesla In Bitcoin Ranking
Using BitcoinTreasuries.net’s spot price of about $107,400, Metaplanet’s stack is now valued near $1.33 billion, slotting the company into seventh place on the site’s real-time ranking of publicly traded holders. Ahead of it sit CleanSpark (12,502 BTC), Galaxy Digital (12,830 BTC), Riot Platforms (19,225 BTC), XXI (37,230 BTC), Marathon Digital (49,678 BTC) and the sector’s runaway leader MicroStrategy (592,345 BTC). Tesla, whose last reported balance stands at 11,509 BTC, falls to eighth.
Metaplanet’s accumulation curve has been steep. The treasury held 398 BTC on 30 September 2024, 1,762 BTC at year-end, 4,046 BTC on 31 March 2025 and 10,000 BTC by mid-June; yesterday’s purchase pushes the figure still higher. Crucially, the company has sketched far more ambitious horizons: in recent investor materials it reiterated an “objective to accumulate up to 210,000 BTC—around one per cent of the maximum supply—by the end of 2027,” implying the need to add more than 200,000 BTC over the next 30 months.
Financing remains aggressive. Since January the firm has issued a rolling series of zero-coupon yen- and dollar-denominated bonds as well as 0 %-discount “moving-strike” warrants, repeatedly redeeming each tranche early with proceeds from the next. This revolving-door structure, dubbed the “210 Million Plan,” has already recycled more than ¥35 billion into spot Bitcoin while limiting interest expense.
Management highlights a treasury metric it calls “BTC Yield,” defined as the percentage change in BTC per fully diluted share outstanding; on a quarter-to-date basis the yield has reached 112.2 percent. “By isolating the impact of dilution, BTC Gain highlights the net Bitcoin accretion driven purely by the Company’s Bitcoin Treasury Operations,” the latest document states.
Tesla, meanwhile, has not bought Bitcoin since February 2021. Tesla’s balance has been frozen since it liquidated roughly 75% of its initial $1.5 billion position in the second quarter of 2022.
For Metaplanet, overtaking Tesla is more than a symbolic milestone. At 12,345 BTC the company now holds a little over 0.058 percent of Bitcoin’s 21 million-coin supply—fractionally ahead of Tesla’s 0.054 percent—and is the first Asia-based issuer to break into the top seven.
At press time, BTC traded at $107,180.
Featured image created with DALL.E, chart from TradingView.com
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