Japanese firm now holds over 25,000 BTC, surpassing Bullish despite share price struggles
Metaplanet (3350) has overtaken Bullish (BLSH) to become the fifth largest corporate Bitcoin holder after acquiring 5,419 BTC for $632.53 million. The purchase, made at an average price of $116,724 per coin, brings the company’s total holdings to 25,555 BTC, now valued at approximately $2.71 billion.
The move follows Metaplanet’s aggressive expansion into digital assets. With an average cost basis of $106,065 per BTC, the firm’s strategy has already contributed to a year-to-date Bitcoin yield of nearly 395% in 2025.
“This acquisition is just the first tranche,” said Dylan LeClair, Metaplanet’s head of Bitcoin strategy, noting that the company recently raised $1.4 billion to further scale its Bitcoin reserves.
Capital B Joins the Accumulation Trend
In parallel, Capital B (ALCPB) also expanded its exposure by acquiring 551 BTC for $64.29 million, at an average price of $116,672. This brings its total reserves to 2,800 BTC, highlighting the growing corporate race to accumulate Bitcoin amid heightened institutional interest.
Market Reaction and Price Pressure
Despite the scale of these purchases, both companies’ positions are currently underwater as Bitcoin briefly dipped to $111,700 before rebounding to just under $113,000.
Shares of both firms struggled in response. Metaplanet closed 3% lower at 589 yen, extending a longer-term downtrend that has left the stock 73% below its all-time high. Similarly, ALCPB fell 1% in European trading to €1.14, a staggering 81% decline from peak levels.
Analysts suggest that while near-term market volatility has pressured valuations, Metaplanet’s aggressive Bitcoin strategy signals strong conviction in long-term adoption. If Bitcoin maintains its momentum as a corporate reserve asset, the firm’s $2.7 billion holdings could position it as one of the sector’s dominant players.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.