Japanese bitcoin treasury firm Metaplanet purchased 775 BTC for $93 million

Metaplanet, the Japanese bitcoin treasury firm, has bought another 775 BTC for about $93 million, pressing ahead with a bullish stance after a session where BTC was down 2.39%.

President Simon Gerovich said on X on Monday that Metaplanet purchased the additional 775 BTC at an average price of $120,006 each. The purchase lifts holdings to 18,888 BTC, acquired for $1.94 billion at an average cost of $102,653 per bitcoin. “18,888 BTC. Onward and upward,” Gerovich wrote.

Metaplanet began its bitcoin accumulation plan in April 2024 and now ranks seventh globally in bitcoin holdings, according to Bitcointreasuries.

The company reported strong second-quarter results last week. Total revenue reached 1.2 billion yen ($8.4 million), up 41% quarter-on-quarter, the report said. Net income swung to 11.1 billion yen ($75.1 million), from a loss of 5 billion yen ($34.2 million) in the first quarter.

“We continue to project full-year revenue of 3.4 billion yen and operating profit of 2.5 billion yen, supported by recurring cash-secured-put premiums and operational performance,” the company said in the second-quarter filing.

Metaplant introduced BTC-backed yield curve plan

In its Q2 earnings presentation, Metaplanet also unveiled “Metaplanet Prefs” and an aim to build a BTC-backed yield curve in Japan. “As Japan’s largest public holder of Bitcoin, we aim to set a new standard in the Japanese fixed income market by introducing BTC-backed credit through Perpetual Preferred Equity,” the company said.

It noted that issuing different preferred equity instruments can approximate a yield curve using each instrument’s Macaulay duration. Metaplanet recently filed a ¥555 billion shelf registration for two series of perpetual preferred shares, each yielding 6%. The move mirrors what Strategy (MSTR) has done over the course of this year.

Metaplanet’s shares fell 8.6% to close at 866 yen on Friday in Japan, according to Yahoo Finance. The stock was up 0.6% around midday Monday with the market still open.

“I hear the disappointment in the recent pullback,” Gerovich said on Sunday. “It’s natural to feel that way. But what gives us conviction is the foundation we are building.”

He added that the firm’s bitcoin income-generation business has grown for three straight quarters. “This recurring income adds resilience and supports further accumulation,” he said. “This also gives us flexibility to service potential future financing to enhance our treasury operations.”

Bitcoin slips to $115k after July surge

Bitcoin was down 2.1% in the past 24 hours, trading at $115,305 as of 12:10 a.m. ET Monday.

Cryptopolitan’s analysts linked the rise in July to post-halving trends and say this cycle could peak around September 2025. They see attempts to hold an average near $105,000, with pushes toward at least $118,000 if selling eases, or a bearish rejection and consolidation around $101,000.

Spot bitcoin ETFs, a higher term premium, and possible U.S. rate cuts are seen as drivers, with 2025 ranges suggested as a high near $160,000 and a low around $68,000.

If you're reading this, you’re already ahead. Stay there with our newsletter.