Japanese Bitcoin treasury firm Metaplanet has purchased another 775 BTC worth around $93 million. The firm is pressing ahead with its bullish stance, which is coming after Bitcoin dropped by 2.39%. The purchase was announced by President Simon Gerovich, who mentioned that Metaplanet purchased the additional BTC at an average price of $120,006 each.
The purchase takes the company’s total holdings to 18,888 BTC, acquired for $1.94 billion at an average cost of $102,653 per BTC. “18,888 BTC. Onward and upward,” Gerovich wrote. Metaplanet kickstarted its bitcoin accumulation plan in April 2024 and now ranks seventh globally in bitcoin holdings, according to Bitcointreasuries. The company saw a strong second-quarter result last week, with its total revenue climbing to $8.4 million, up 41% quarter-on-quarter, the report said.
In addition, the company’s net income rose to $75.1 million, coming from a loss of about $34.2 million recorded 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.
Metaplanet unveils BTC-backed yield curve plan
During its Q2 earnings presentation, Metaplanet also announced the launch of “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.
The company added that using different preferred equity instruments can approximate a yield curve using each instrument’s Macauley duration. The company 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 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 income-generation business has been growing 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.” Meanwhile, 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.
