Tokyo-listed Metaplanet passed Tesla at the Bitcoin League table for public companies after revealing a new purchase of 1,234 BTC, which increased the Ministry of Finance to 12,345 BTC. The move was stated in the application dated June 26, 2025, adding that the company “announces additional BTC acquisitions as part of its ongoing Bitcoin financing operations,” and the latest tranche was acquired for an average of 15.62 million yen, totaling 1.927 billion yen. This disclosure will bring the group's cumulative cost base to ¥1756.8 billion, or approximately $11.1 billion at current exchange rates.
Metaplanet surpasses Tesla in Bitcoin rankings
With a spot price of about $107,400 on bitcointreasuries.net, Metaplanet's stack is valued at nearly $1.333 billion, putting the company in seventh place in the publicly released real-time holder rankings. Before that, I'll sit at CleanSpark (12,502 BTC), Galaxy Digital (12,830 BTC), Riot Platforms (19,225 BTC), XXI (37,230 BTC), Marathon Digital (49,678 BTC), and the sector's Runaway Leader MicroStragey (592,345 BTC). Tesla, whose last reported balance is 11,509 BTC, is in eighth place.
Metaplanet's accumulation curve was steep. The Ministry of Finance held 398 BTC on September 30, 2024, 1,762 BTC at the end of the year, 4,046 BTC on March 31, 2025, and 10,000 BTC by mid-June. Yesterday's purchase brings the numbers even higher. Importantly, the company sketches a much more ambitious perspective. Recent investor documents say, “The purpose of accumulating up to 210,000 BTC – aims to accumulate 1% of the maximum supply by the end of 2027,” meaning the need to exceed 200,000 bTC over the next 30 months.
Funding continues to be aggressive. Since January, the company has issued a rolling series of zero coupon Yen and dollar-tug bonds and a 0% discount “moving” warrant, redeeming each tranche early and repeatedly with the following revenues. This revolving door structure, known as the “210 million plan,” has already recycled more than 35 billion yen into spot Bitcoin, limiting interest expenses.
Management highlights a Ministry of Finance metric called “BTC Yield,” defined as the rate of change in BTC per fully diluted share. Each quarter, yields reached 112.2%. “BTC Gain highlights Net Bitcoin accretion purely driven by the company's Bitcoin financial services,” the latest document states.
Meanwhile, Tesla has not purchased Bitcoin since February 2021. Tesla's balance has been frozen since liquidating about 75% of its first $1.5 billion position in the second quarter of 2022.
In the case of Metaplanet, overtaking Tesla is more than an iconic milestone. At 12,345 btc, the company currently just over 0.058% of Bitcoin's 21 million coin supply, reversely leading Tesla's 0.054%, and is the first issuer to break into the top 7, the first issuer based in Asia.
At the time of pressing, BTC was traded for $107,180.
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