Japanese investment firm Metaplanet has officially reached its ambitious 2025 goal of acquiring 10,000 Bitcoin (BTC), following a recent $117.2 million BTC purchase and a $210 million bond issuance.

Metaplanet, known for its aggressive Bitcoin accumulation strategy, reveal on Monday that it has added 1,112 BTC to its holdings. The acquisition brought the firm’s total BTC stash to 10,000, worth approximately $947 million at the time of purchase. With Bitcoin trading around $105,831 on Monday, the current value of Metaplanet’s BTC holdings exceeds $1 billion.

This milestone marks a major achievement in Metaplanet’s broader goal of owning 210,000 BTC by 2027, which would represent roughly 1% of Bitcoin’s total capped supply of 21 million coins.

$210 Million Bond Deal to Fund More Bitcoin

The reveal came alongside news that Metaplanet’s board had approved a $210 million bond issuance to EVO Fund, an investment firm based in the Cayman Islands. According to a regulatory filing, proceeds from this bond sale will be used to acquire even more Bitcoin.

The bonds issued are zero-coupon, meaning they do not bear interest, and are part of the company’s 18th series of ordinary bond issuances. They are set to mature in December 2025.

Although the company has not confirmed whether the latest BTC acquisition came before or after the bond proceeds were received, the timing strongly suggests a close connection between the two.

CEO Confirms 10,000 BTC Milestone

Simon Gerovich, CEO of Metaplanet, confirmed the news in a post on Sunday. “We hold 10,000 $BTC acquired for ~$947 million at ~$94,697 per bitcoin,” he stated.

Gerovich also praised the firm’s progress and highlighted its transformation over the past year. “Last year was transformational, as we broke records, expanded our Bitcoin treasury, and reinforced our position as Asia’s leading Bitcoin treasury company,” he said.

The company, which rebranded in 2024 from a hospitality and technology firm into a dedicated Bitcoin-focused investment vehicle, has modeled its strategy after U.S.-based MicroStrategy. Like its American counterpart, Metaplanet is positioning itself as a public proxy for Bitcoin exposure in Asia.

Roadmap to 210,000 BTC

Metaplanet’s ultimate target of holding 210,000 BTC by 2027 is extremely ambitious. To reach this goal, the company plans to raise significant capital through both bond issuances and stock offerings.

Earlier this year, Metaplanet revealed it intended to grow its BTC holdings by 470% in 2025 alone to hit the 10,000 BTC benchmark. It also recently reveal plans to raise up to $5.3 billion by issuing 555 million new shares to fuel future Bitcoin purchases.

Despite its rapid accumulation strategy, Metaplanet faces skepticism from some market participants. In May, analysts at 10x Research warned that the firm’s stock valuation implied a Bitcoin price of over $596,000 — more than five times the current market price.

As a result, Metaplanet remains one of the most shorted stocks in Japan, with some investors betting that its aggressive Bitcoin strategy may not deliver the expected returns.

A New Kind of Corporate Bitcoin Treasury

What sets Metaplanet apart from traditional firms is its total commitment to Bitcoin as a treasury asset. Instead of balancing BTC with fiat or other investments, the company has gone all-in on Bitcoin as part of its core identity.

Its transformation into a Bitcoin-focused enterprise is not just symbolic. With more capital being funneled into BTC, Metaplanet is reinforcing the narrative that corporations can serve as long-term stewards of digital assets. This mirrors the path taken by MicroStrategy, which has amassed over 200,000 BTC and  trend of corporate BTC holdings.

What’s Next?

Metaplanet’s current holdings of 10,000 BTC are just the beginning. The firm’s long-term roadmap is focused on acquiring an additional 200,000 BTC over the next two years — a feat that would require billions in capital and continued market confidence.

As more institutional players look for ways to gain exposure to Bitcoin without holding the asset directly, companies like Metaplanet may become essential investment vehicles.

But risks remain. Bitcoin’s volatility, regulatory uncertainties, and rising competition in the corporate crypto space could all influence the company’s future. Still, for now, Metaplanet appears to be firmly on track to become one of the largest Bitcoin treasuries in the world.