Metaplanet (3350) has overtaken Bullish (BLSH) to become the fifth-largest corporate holder of bitcoin, following a $632.5 million acquisition of 5,419 BTC at an average price of $116,724 per coin.

The purchase contributes to a remarkable year-to-date bitcoin gain of 395.1% for 2025. Metaplanet now holds a total of 25,555 BTC, valued at roughly $2.71 billion, with an average cost basis of $106,065 per bitcoin.

Dylan LeClair, Metaplanet’s head of bitcoin strategy, emphasized that this acquisition represents “just the first tranche”, noting that the company recently raised $1.4 billion to continue expanding its bitcoin holdings.

Capital B’s Purchase
In a separate move, Capital B (ALCPB) acquired 551 BTC for $64.29 million, averaging $116,672 per bitcoin. This brings Capital B’s total bitcoin reserves to 2,800 BTC.

Market Reaction
Despite these large-scale purchases, both companies are currently trading below their recent buy-in prices as bitcoin dipped to a low of $111,700 before rebounding slightly to just under $113,000.

Metaplanet’s shares closed 3% lower at 589 yen, while Capital B slipped 1% to 1.14 euros in European trading. Both remain far below their all-time highs, with Metaplanet down 73% and Capital B down 81%.