
Measuring Performance With BTC Yield
The Japanese investment firm now holds 4,525 BTC, valued at approximately 58.1 billion yen. Despite the broader crypto slump, Metaplanet’s stock is up 0.57% in 2025.
Metaplanet tracks its Bitcoin strategy using BTC Yield, reflecting BTC held relative to shares. From January to March, BTC Yield hit 95.6%, with a 6.5% increase in early April.

Source: X (@gerovich)
Moreover, to finance these purchases, Metaplanet partners with EVO FUND, issuing zero-coupon bonds that don’t require interest payments. EVO FUND can buy shares at market price, giving Metaplanet cash to repay bonds or buy more BTC.
Careful Growth, Low Dilution
Although new shares are issued, the company claims minimal dilution by tracking “Bitcoin per fully diluted share,” showing increased BTC value per share.
Metaplanet is clearly mirroring Strategy’s playbook, in the sense that they are building a Bitcoin-focused treasury through smart financing. The company is also emerging as a regional BTC pioneer in Asia.
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