Metaplanet Overtakes Tesla as the 7th Largest Bitcoin Powerhouse
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Metaplanet Inc., listed on the Tokyo Stock Exchange, has overtaken Tesla in the public Bitcoin rankings following its announcement of a new acquisition of 1,234 BTC, bringing its total treasury to 12,345 BTC. This update was detailed in a filing dated 26 June 2025, where the company confirmed the purchase as part of its ongoing Bitcoin Treasury Operations, indicating that the latest BTC was bought at an average of ¥15.62 million each, amounting to a total expenditure of ¥19.27 billion. The disclosure reveals that the group’s cumulative cost basis stands at ¥175.68 billion, approximately $1.11 billion at current exchange rates.
Metaplanet Surpasses Tesla In Bitcoin Ranking
According to BitcoinTreasuries.net’s spot price of around $107,400, Metaplanet’s BTC holdings are now valued at nearly $1.33 billion, placing the firm in seventh position in the site’s real-time list of publicly traded Bitcoin holders. The companies ahead include 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 leading firm MicroStrategy (592,345 BTC). Tesla, with its most recent balance at 11,509 BTC, has dropped to the eighth spot.
Top Public Bitcoin Treasury Companies | Source: bitcointreasuries.net
Metaplanet’s accumulation has been rapid. The company held 398 BTC on 30 September 2024, increased to 1,762 BTC by year-end, reached 4,046 BTC by 31 March 2025, and hit 10,000 BTC by mid-June. The latest purchase has pushed this total even higher. Importantly, the firm has set more ambitious goals: recent investor presentations mention the “objective to accumulate up to 210,000 BTC—about one percent of the maximum supply—by the end of 2027,” suggesting that more than 200,000 BTC must be acquired in the coming 30 months.
Financing has remained aggressive, with the firm issuing a consistent series of zero-coupon bonds in yen and dollars, alongside 0%-discount “moving-strike” warrants. It has continually redeemed each tranche early with returns from subsequent issues. This strategy, known as the “210 Million Plan,” has already funneled over ¥35 billion into purchasing spot Bitcoin while minimizing interest expenses.
Management points to a treasury metric termed “BTC Yield,” representing the percentage change in BTC per fully diluted share. For this quarter, the yield has reached 112.2 percent. “By isolating the effects of dilution, BTC Gain highlights the net Bitcoin accretion driven solely by the Company’s Bitcoin Treasury Operations,” the latest document reports.
Conversely, Tesla has not added to its Bitcoin holdings since February 2021. Its balance has remained unchanged since the company liquidated about 75% of its initial $1.5 billion investment in the second quarter of 2022.
For Metaplanet, surpassing Tesla represents more than just a symbolic achievement. With 12,345 BTC, the company now possesses slightly over 0.058 percent of Bitcoin’s total supply of 21 million coins—just ahead of Tesla’s 0.054 percent—and marks the first Asia-based entity to enter the top seven.
At the time of writing, BTC was trading at $107,180.
BTC gets rejected at the 0.786 Fib, 4-hour chart | Source: BTCUSDT on TradingView.com
Featured image created with DALL.E, chart from TradingView.com
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