Japanese investment firm Metaplanet has unveiled two new performance metrics designed to provide greater transparency into its Bitcoin treasury operations, according to a company announcement released today, February 26, 2025.
The new key performance indicators (KPIs) – “BTC Gain” and “BTC ¥ Gain” – will supplement the existing “BTC Yield” metric, which the company adopted in 2024. These additions aim to offer shareholders more comprehensive insights into the company’s capital allocation strategy and Bitcoin acquisition performance.
According to Metaplanet, the new indicators were specifically developed to isolate the impact of dilution, enabling more accurate assessment of Bitcoin acquisitions over time.
BTC Gain measures the hypothetical increase in the company’s Bitcoin holdings during a specific period, assuming no new shares were issued for acquisitions, calculated by multiplying the company’s Bitcoin holdings at the start of the period by BTC Yield. BTC ¥ Gain expresses this figure in Japanese yen by multiplying BTC Gain by Bitcoin’s market price at the period end.
The company confirmed these metrics will be included in future Bitcoin acquisition disclosures, with updates provided quarterly. Reports will detail total Bitcoin holdings, issued common shares, fully diluted shares outstanding, Bitcoin per fully diluted share, and corresponding performance indicators.
As of February 25, Metaplanet reported holdings of 2,235 BTC, an increase from 1,761.98 BTC at the end of 2024. The company’s BTC Yield for the current quarter stands at 23.2%, with a BTC Gain of 408.78 BTC and a BTC ¥ Gain of approximately ¥5.33 billion, based on a BTC/JPY reference price of ¥13,048,774.
In the new announcement, Metaplanet also clarified that its fully diluted shares calculation includes outstanding common shares, convertible notes, stock options, and exercised warrants. The company stated that this approach aligns with U.S. capital markets reporting standards and provides a more accurate measurement of shareholder dilution.
Notably, this announcement comes as Metaplanet prepares to join the MSCI Japan Index on February 28, a development expected to increase the company’s visibility among institutional investors and potentially drive demand for its stock.
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