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.
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.
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.
