There is an interesting phenomenon—Metaplanet, listed on the Tokyo Stock Exchange, is rewriting its destiny with a bold Bitcoin accumulation strategy.

Just after the New Year, the company made another move. In Q4 alone, it bought 4,279 Bitcoins at an average price of about $105,000 per coin, spending over $448 million. After this operation, the company's total holdings reached 35,102 Bitcoins, with a total value approaching $3 billion.

Where does this money come from? The company's disclosed financing strategies are quite diverse—debt financing, equity issuance, options trading, all working together. In other words, Metaplanet is using leverage to bet on the long-term value of Bitcoin.

What’s even more interesting is their self-defined 'Bitcoin Yield' metric—the Q4 figure as of the end of December is 11.9%. This indicator measures the efficiency of holding growth relative to share dilution; in other words, under the premise of shareholder dilution costs, the company can still achieve an 11.9% return on the value of its holdings.

Looking at the timeline makes it even clearer—growing from 1,762 Bitcoins at the end of 2024 to 35,102 now, the holdings have increased nearly 20 times in one year. This 'Bitcoin hoarder from Japan' is testing a hypothesis with real actions: when a listed company treats Bitcoin as a strategic asset allocation, what kind of long-term growth curve can it produce?