Capital Group Becomes Largest Metaplanet Shareholder With 11.45% Bitcoin Treasury Stake

What Happened

Capital Group has emerged as the largest shareholder in Japan’s Metaplanet Inc, acquiring an 11.45% stake worth nearly $500 million through its subsidiary Capital Research and Management Company.

The investment positions the $2.6 trillion asset management giant with significant exposure to Bitcoin through Asia’s most aggressive corporate treasury strategy.

The investment marks Capital Group’s calculated expansion into crypto exposure through equity stakes rather than direct Bitcoin holdings.

The firm previously built positions in MicroStrategy and other Bitcoin-focused companies, growing its crypto-related investments from $1 billion to over $6 billion under portfolio manager Mark Casey.

Capital Group was founded in 1931 and has historically maintained conservative investment approaches while managing American Funds and serving institutional clients worldwide.

Capital Group’s investment validates the corporate Bitcoin treasury model pioneered by MicroStrategy and adopted across Asia.

Market Context

Capital Group’s ownership increased from 8.31% in August to 11.39% by September 17, surpassing the previous largest shareholder, National Financial Services LLC.

The timing coincides with Metaplanet’s recent $632 million Bitcoin purchase, adding 5,419 coins at an average price of $116,724.

Metaplanet executed Japan’s most ambitious corporate Bitcoin strategy, increasing holdings from 4,525 BTC in April to over 25,000 BTC as of now, through aggressive capital raising.

The company’s “flywheel” financing mechanism using moving strike warrants showed signs of strain as premium compression reduced accumulation capacity.

Metaplanet generated ¥1.9 billion in revenue from Bitcoin options trading during Q2 2025, addressing Bitcoin’s yield-free nature through covered call writing and volatility strategies.

Why It Matters

Wall Street Giant Bets Big on Bitcoin Treasury Revolution

Metaplanet currently holds 25,555 Bitcoin worth $2.71 billion, making it the fifth-largest corporate Bitcoin holder globally behind MicroStrategy’s 639,835 BTC.

Details

The Tokyo-listed company has transformed from a struggling hotel operator into Asia’s premier Bitcoin treasury firm under the leadership of CEO Simon Gerovich.

Asia’s Bitcoin Treasury Pioneer Faces Scaling Challenges

The company’s “555 Million Plan” aims to target 210,000 BTC by 2027, representing approximately 1% of the total Bitcoin supply.

Recent financing included a $1.45 billion international share offering, completed earlier this month, which issued 385 million shares to fund additional purchases.

Eric Trump joined the company’s advisory board in March and appeared at shareholder meetings held earlier this month to support the Bitcoin-focused strategy.

The transformation generated extraordinary returns with a 395.1% Bitcoin yield year-to-date, making Metaplanet the best-performing stock among Japan’s 55,000 publicly listed companies in 2024.

Shareholder count surged over 1,000% to 128,000 individuals.

However, operational challenges have recently emerged, as the stock has declined 54% since its June peak, despite Bitcoin gaining 2% during the same period.

Similar to Metaplanet, Strategy’s stock also currently trades near five-month lows, falling to $323 last week, despite only an 8% drop in Bitcoin from its recent peak.

The options business contributed ¥816 million in operating profit, accounting for 68% of the total revenue of ¥1.2 billion.

Traditional Finance Embraces Corporate Crypto Treasury Model