Average Bitcoin purchase prices at which Metaplanet invested.

Metaplanet Inc. (listed on the Tokyo Stock Exchange as 3350.T), a Japanese firm known for its aggressive Bitcoin accumulation strategy inspired by MicroStrategy, began purchasing BTC in April 2024. Since then, the company has consistently increased its holdings, financing most purchases through bond issuance and preferred-share offerings. As of November 17, 2025, Metaplanet holds 30,823 BTC, acquired for a total of approximately USD 3.33 billion, resulting in an average purchase price of USD 107,912 per BTC (or roughly ¥16.2 million at prevailing exchange rates).

Key Investment Milestones and Average Prices

The weighted average acquisition cost reflects all transactions and includes the premium from cash-secured put options, which the company uses to lower its effective cost basis. Below is a summary of how the average price evolved over time, based on public reports and company statements (data from CoinGecko, BitcoinTreasuries.net, and Metaplanet’s posts on X):

Date/Period BTC Purchased Average Price per BTC (USD) Total Cost (USD) Total Holdings (BTC) Running Weighted Average (USD/BTC)

April 2024 (start) ~100–200 ~65,000–70,000 ~10–15M ~200 ~68,000

July 2024 +20.38 ~63,000 (¥9.81M) ~1.3M ~246 ~66,000

October 2024 +108.79 ~59,000 (¥9.19M) ~6.4M ~640 ~63,000

February 2025 +68.59 ~96,335 ~6.6M 2,100 ~80,905

April 2025 +319 ~90,000 ~28.7M 4,525 ~90,194

May 2025 +1,004 ~103,873 ~104.3M 7,800 ~91,300

June 2025 (10,000 BTC milestone) +1,112 ~105,000 (¥13.9M) ~117M 10,000 ~96,400

June 2025 (12,345 BTC) +1,234 ~107,877 ~133M 12,345 ~98,303

June 2025 (8,888 BTC) +1,088 ~106,495 ~115.8M 8,888 ~93,354

July 2025 +2,205 ~101,000 (¥14.52M) ~213M 15,555 ~100,500 (approx.)

August 2025 +775 ~120,006 ~93M 18,888 ~102,653

September 2025 +1,009 ~111,110 ~112.1M 20,000 ~105,000

October 2025 +5,268 ~116,870 ~615.7M 30,823 107,912 (final average)

Early Purchases (2024): Average prices were relatively low (~USD 60–70k), enabling cost-effective accumulation during the post-halving pullback in April 2024.

2025 – Aggressive Expansion Phase: Purchase prices rose as BTC rallied above USD 100k, but the company consistently used put-option premiums to reduce its effective cost basis (typically lowering the cost by USD 1–2k per BTC).

Current Position (Nov 2025): With BTC trading around USD 100–102k, the company’s holdings are slightly underwater (an unrealized loss of roughly 5%, or USD 30–110M). Nevertheless, CEO Simon Gerovich emphasizes “absolute conviction” in the HODL strategy and plans further accumulation (target: 210,000 BTC by 2027), funded by BTC-backed loans (most recently USD 100M).

Strategy and Risks

Metaplanet finances purchases while minimizing shareholder dilution by using zero-coupon bonds and preferred shares with a 6% yield. The company’s BTC Yield metric (growth of BTC per share) reached 480% YTD in August 2025 but fell in October–November due to Bitcoin’s correction. Metaplanet is currently the 4th–7th largest corporate holder of BTC (after MicroStrategy, MARA, and Riot).

Risks: High leverage (~40%) and total debt of approx. USD 24.68M expose the company to downside risk. A sustained BTC drop below USD 95,000 could force asset sales or restructuring. MTPLF shares have fallen 80% from their July 2025 peak (from ~¥1,930 to ~¥387), trading below the book value of the company’s BTC holdings.

The data is based on company filings, CoinGecko, and BitcoinTreasuries.net. Metaplanet’s strategy is a long-term bet on BTC appreciation—historically effective, yielding 225% over the 12 months ending June 2025.

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