Japan-based Metaplanet has made headlines by adding $118 million worth of Bitcoin (BTC) to its portfolio, pushing its total holdings to more than $1 billion. The company now owns approximately 11,111 BTC, solidifying its position as one of the largest institutional holders of Bitcoin in the market.

This latest purchase came amid a recent dip in Bitcoin’s price, which Metaplanet took advantage of to expand its stake. The funds for this acquisition were raised through a bond issuance, demonstrating the company’s commitment to aggressively growing its Bitcoin treasury despite volatile market conditions.

According to Metaplanet’s recent disclosure documents, the company issued its 18th series of zero-coupon, non-interest-bearing ordinary bonds to EVO FUND on June 16, 2025, raising $210 million in total. A significant portion of this capital was earmarked specifically for acquiring Bitcoin. This strategy of using debt instruments to finance cryptocurrency purchases is reminiscent of the approach famously adopted by Michael Saylor’s MicroStrategy, which has used stock sales and debt to steadily accumulate Bitcoin.

Metaplanet’s ambition for its Bitcoin holdings does not stop here. Initially, the company had set a goal to hold 10,000 BTC by the end of 2025. However, this target has recently been raised to 30,000 BTC, meaning that about two-thirds of the goal is still unmet. Achieving the full 30,000 BTC would require an estimated $2 billion in capital at current Bitcoin prices.

Looking further ahead, Metaplanet has even more aggressive plans. By 2026, the company aims to hold 100,000 BTC, and by 2027, it hopes to scale its holdings to an astounding 210,000 BTC. These goals align with the timeline leading up to Bitcoin’s next halving event in 2028, a moment typically associated with price surges and increased market activity.

Meeting the 210,000 BTC target within the next two years would require Metaplanet to invest over $20 billion based on present Bitcoin valuations. To help fund these ambitious purchases, Metaplanet currently holds a sizable capital reserve. The company has an outstanding issuance of 600 million shares, which could generate approximately $7.2 billion at current share prices. In addition to this, Metaplanet carries $293 million in outstanding debt from its bond issuances, a figure that is significant but still considerably less than MicroStrategy’s $8 billion debt load.

One key valuation metric that investors watch closely for Bitcoin-holding firms like Metaplanet is the modified Net Asset Value (mNAV). This indicator provides insight into how the market values the company’s Bitcoin treasury. Recently, Metaplanet’s mNAV eased slightly to 6.15, down from above 7 when Bitcoin was trading above $110,000. While this decline suggests some cooling in investor enthusiasm, a reading above 1 still reflects strong confidence in the company’s Bitcoin accumulation strategy. A drop below 1 would be more concerning, indicating the market believes the company’s Bitcoin holdings are overvalued relative to its stock price.

Interestingly, Metaplanet’s stock price has shown resilience during recent market turbulence. Over the past five days, while Bitcoin’s price declined by about 3%, falling to roughly $101,000, Metaplanet’s stock rose by 12%. This outperformance suggests that investors have faith not just in Bitcoin itself, but also in Metaplanet’s ability to navigate challenging market conditions and continue expanding its Bitcoin holdings.

Overall, Metaplanet’s recent $118 million Bitcoin purchase highlights the company’s ongoing commitment to scaling its position in the cryptocurrency. With ambitious targets for 2025 and beyond, combined with a strategic use of bond financing and equity issuance, Metaplanet is positioning itself as a major player in the institutional Bitcoin investment space. The company’s performance and valuation metrics will be closely watched by investors as it works to meet its aggressive accumulation goals.