G’day Bitcoiner,

Here’s the week in Bitcoin treasuries.

🚀 Metaplanet Delivers Record Q1: 6,976 BTC, 170% BTC Yield & ¥593M Profit 🔥

🔥 Twenty One Capital Adds $459M in BTC - Charging Toward 42,000 BTC and Challenging Saylor’s Crown

🇧🇷 Brazil’s Meliuz Buys 274.52 BTC 🟠 

🟠 Abu Dhabi Doubles Down on Bitcoin via BlackRock’s IBIT

🇯🇵 Metaplanet Delivers Record Q1: 6,976 BTC, 170% BTC Yield & ¥593M Profit! 🔥

Japan’s Bitcoin powerhouse Metaplanet (3350) just rewrote the playbook for corporate treasuries with a record-smashing Q1 FY2025. 📊

Here’s what you need to know 👇

💰 6,976 BTC on Balance Sheet
In just one quarter, Metaplanet added 5,034 BTC, reaching 68% of its 10K BTC target. That’s a 3.9x surge YTD, making them the #1 public BTC holder in Asia and #11 globally.

At this pace, Metaplanet looks on track to smash its 10,000 BTC goal by the end of 2025 - and 20,000 BTC by the end of 2026. 😮‍💨📈

📈 170% BTC Yield
Metaplanet’s signature metric - Bitcoin per diluted share - skyrocketed 170% YTD, proving their capital strategy doesn’t just accumulate BTC… it multiplies it. 🧮

💸 ¥593M Operating Profit (New Record!)
This isn’t just about buying BTC. It’s about turning volatility into value:

• ¥770M from Bitcoin income strategies (cash-secured puts etc.)

• ¥104M from their legacy hotel biz

• 67.6% operating margin

📊 Financial Highlights

• Revenue: ¥877M (+8% QoQ)

• Operating Profit: ¥593M (+11%)

• Total Assets: ¥55B (+81%)

• Net Assets: ¥50.4B (+197%)

• Unrealized BTC Gains (May 12): ¥13.5B

💎 Premium to NAV
Metaplanet trades above its BTC NAV—rare in the BTC treasury space. Why?

• BTC Yield consistently rising 📈

• Clean cap table (no debt, no prefs)

• Top 3 most-traded stocks on the Tokyo Stock Exchange

• Global exposure via MTPLF (U.S.) and DN3 (Germany)

• Algorithmic ETF inclusion & cross-border capital flows 🌍

🏦 The Bitcoin Blueprint for Asia
Metaplanet is leading the charge in APAC. Unlike MSTR’s debt-heavy approach, Metaplanet’s model:

• Uses moving-strike equity to raise capital only during strength 📈

• Generates daily BTC income with downside protection

• Maximizes BTC/share—not just stack size

• Is already exportable to Japan, Korea, Taiwan, HK, SEA

⚡ “Our investment cycle is under 24 hours” - @DylanLeClair_
Legacy: 5–10 years in hotels.
Now: Sub-24-hour Bitcoin securitization cycles.

Metaplanet has compressed time and risk, proving that Bitcoin-native infrastructure delivers speed, precision, and profit like never before.

⚡ From Signal to System
Metaplanet isn’t talking about a Bitcoin treasury strategy—they’re building one that delivers:
✅ High operating margins
✅ Capital-efficient BTC accumulation
✅ BTC-native KPIs
✅ Shareholder outperformance

With 6,976 BTC, ¥593M in profit, 170% BTC Yield, and sights firmly set on 10K BTC by end-2025 and 20K by 2026, Metaplanet is proving what a Bitcoin-first capital strategy can do.

Could MetaPlanet catch Strategy?

🔥 Twenty One Capital Adds $459M in BTC - Charging Toward 42,000 BTC and Challenging Saylor’s Crown

Twenty One Capital, backed by Tether, SoftBank, Bitfinex, and Cantor Fitzgerald, just added 4,812 BTC worth $458.7 million, bringing its total stash to 36,312 BTC - now the #3 largest public Bitcoin holder globally.

The purchase, made at an average price of $95,319, was confirmed in an SEC filing and moved to escrow on May 9. 📊🟠

Led by Strike CEO Jack Mallers, the company is gearing up to launch under ticker XXI once its SPAC merger with Cantor Equity Partners is complete.

It’s not just stacking Bitcoin - it’s building a Bitcoin-native investment vehicle, aiming to reach 42,000 BTC by launch, with backing from Tether (23,950 BTC), SoftBank (10,500 BTC), and Bitfinex (7,000 BTC).

📈 Their playbook? Outpace MicroStrategy by prioritizing BTC per share, not fiat earnings.

With $3.6B+ in BTC, $585M in fresh capital, and flexible conversion mechanics, Twenty One Capital is positioning itself as the premier institutional gateway to Bitcoin - built for scale, backed by giants, and designed for a post-fiat future.

You wouldn’t bet against this team. 💼🔥

Short ₿its 🌟

🇧🇷 Brazil’s Meliuz Buys 274.52 BTC 🟠

Méliuz (CASH3.SA) just made history - shareholders approved its transformation into Brazil’s first publicly traded Bitcoin treasury company, snapping up 274.5 BTC on May 15. With 320.3 BTC now on its books and a 600% BTC yield, Méliuz is going all-in on maximizing Bitcoin per share as core strategy — not just a hedge. 📈🔥

Since its first BTC buy in March, shares are up 117% — and the message is clear: Bitcoin isn’t just for balance sheets anymore… it is the strategy.

🟠 Abu Dhabi Doubles Down on Bitcoin via BlackRock’s IBIT

Abu Dhabi’s Mubadala Investment Company expanded its Bitcoin exposure in Q1, acquiring 491,000 more shares of BlackRock’s IBIT ETF—now holding over $512M worth. Despite BTC’s dip below $90K, the sovereign wealth fund is clearly stacking with conviction, signaling long-term belief in Bitcoin’s role in global finance. 🌍🔥

🐉 Hong Kong’s Avenir Group Goes All-In on Bitcoin ETF

Avenir Group now holds 14.7M shares of BlackRock’s IBIT ETF—worth $691M and a whopping 86.9% of its total assets, making it the largest Bitcoin ETF holder in Asia. The family office ramped up from 11.3M shares last quarter, doubling down on its crypto conviction. 📈💥

💷 Vinanz Secures $4M to Fuel Bitcoin Growth & Eyes NASDAQ Listing

London-listed Vinanz just locked in a $4M investment - with $2M already in hand - to ramp up its Bitcoin expansion ahead of a potential dual listing on NASDAQ. Backed by U.S. bankers and a global asset manager, the funding positions Vinanz for aggressive BTC asset growth. 📈🌍

Next stop: Bitcoin scale-up and Wall Street. 🟠

🧠 The Smarter Web Company Adds More Bitcoin to Long-Term Treasury Plan

London-listed SWC just acquired 8.61 BTC for £650K, bringing its total holdings to 19.2 BTC as part of its bold “10 Year Plan” to accumulate digital assets. With an average entry of £73,432 per BTC, SWC is locking in Bitcoin as a core treasury asset for the long haul. 🟠📊

Tweet of The Week

Podcast of The Week

🎙️ Bitcoin Torque: Saylor’s Playbook w/ Andy Edstrom

On Bitcoin Fundamentals, Andy Edstrom breaks down how Bitcoin is reshaping corporate finance, treasury strategy, and capital structure. From Saylor’s “zombie company lifeline” to BTC-backed leverage, convertible notes, and MicroStrategy’s premium-to-NAV model, this episode is a masterclass in Bitcoin’s growing role in public market strategy. 📈🟠

Wall Street’s tuning in — are you?

If you have questions about how Bitcoin could help you or your business, please don’t hesitate to reach out for a free 30-minute consultation 🕒. We're here to help you navigate the future of Bitcoin 💡

Thanks for reading! We hope you’ve enjoyed this week’s edition and look forward to seeing you next week! 👋

Daniel 

for Bitcoin on Balance

32 York Street, Sydney NSW 2000, Australia

https://www.bitcoinonbalance.com/