The Japanese firm's 43,000-BTC stack now sits well below its cost basis, and it has leaned on debt over equity to keep buying.

Metaplanet now has 212,571 shareholders in Japan, about 1 in 600 people, as the Bitcoin treasury firm grows its base 66% and holds 40,177 BTC.

Metaplanet surpasses 250,000 shareholders in Japan, roughly 1 in 600 residents, as its Bitcoin treasury strategy and Siiibo Securities acquisition drive