Metaplanet has surged past Kioxia Holdings in market cap, hitting $6.9 billion after its stock skyrocketed nearly 400% in under two months.

AMetaplanet Inc., a Japanese firm known for its aggressive Bitcoin (BTC) accumulation strategy, has overtaken chipmaker Kioxia Holdings Corp. in market capitalization, hitting over ¥1 trillion ($6.9 billion) after its stock surged nearly 400% in under two months. This surge has also pushed the firm ahead of prominent Japanese companies like Screen Holdings and Tokyo Metro in terms of valuation.

The latest 26% jump came Monday after Metaplanet disclosed it purchased ¥16.9 billion in Bitcoin. The acquisition was funded by a newly issued \$210 million bond to EVO Fund, as announced on June 16. These bonds, which carry no interest, are set to mature in December, though they can be redeemed before that date.

Despite this, skepticism remains. As of June 12, short interest reached 23% of Metaplanet’s free float — the highest among medium-sized Tokyo-listed firms.

Metaplanet began acquiring Bitcoin in May of last year as a response to Japan’s economic struggles, particularly the weakening yen. Since then, the firm has been rapidly expanding its Bitcoin holdings. According to June 6 announcement, the firm is aiming to accumulate at least 210,000 BTC by 2027, while also boosting its annual acquisition goal for 2026 from 21,000 BTC to 100,000 BTC.

According to the firm’s “2025-2027 Bitcoin Plan,” Metaplanet intends to grow its Bitcoin reserves to 30,000 BTC by the end of this year. To finance these acquisitions, the company plans to issue 555 million shares to raise the necessary capital.