Japan’s Metaplanet Adopts “BTC Yield” Metric

Japanese investment firm Metaplanet has taken a page from Michael Saylor’s MicroStrategy playbook, introducing a “BTC Yield” metric to gauge how Bitcoin acquisitions affect shareholder returns. Often referred to as “Asia’s answer to MicroStrategy,” the Tokyo-based firm disclosed on Thursday that it will begin using this metric to evaluate its growing Bitcoin portfolio’s impact on shareholder value.

What is BTC Yield?

First introduced by MicroStrategy—the largest corporate holder of Bitcoin—BTC Yield measures the percentage change in the ratio between total Bitcoin holdings and fully diluted shares. This metric, which MicroStrategy rolled out in August, offers a view of how Bitcoin-to-share ratios evolve over time, helping investors understand if Bitcoin acquisitions contribute to shareholder value.

Starting with its next Bitcoin purchase, Metaplanet will provide quarterly and yearly BTC Yield updates, detailing total Bitcoin holdings, issued shares, and Bitcoin per fully diluted share.

BTC Yield in Action: Metaplanet’s First Report

In its first BTC Yield disclosure, Metaplanet revealed an increase from 41.7% (between July 1 and September 30) to over 116% between October 1 and Thursday. This suggests that the firm’s total Bitcoin holdings nearly tripled compared to the previous quarter’s purchases. However, Metaplanet cautioned investors that BTC Yield isn’t a measure of profitability or liquidity and that the market price of its shares may not directly reflect its Bitcoin holdings.

A Bitcoin Accumulation Strategy

Since announcing its Bitcoin strategy in April, Metaplanet has acquired ¥7.965 billion (around $53 million USD) in Bitcoin, at an average purchase price of $61,663 per BTC. The company’s most recent buy of $6.8 million increased its holdings to 855.478 BTC, valued at approximately $56 million. Although Metaplanet’s holdings are still modest compared to MicroStrategy’s 252,000 BTC, the firm hopes to sustain momentum through its strategic Bitcoin acquisitions.

Market Reactions

Following Thursday’s announcement, Metaplanet’s stock slipped 1.69% to 1,080 JPY ($7.12 USD), while Bitcoin was trading up 0.5% at $67,800, according to CoinGecko.

Metaplanet’s adoption of BTC Yield illustrates the growing trend of corporate Bitcoin investment in Asia and the company’s commitment to greater transparency in shareholder returns as it builds its digital asset portfolio.