Metaplanet Inc. (TSE: 3350) is a Tokyo-listed Japanese firm with two main divisions: a Bitcoin treasury business and a hotel business . According to Reuters, the Bitcoin Treasury segment “focuses on maximizing Bitcoin yields (profitability) and creating long-term shareholder value,” while the hotel segment operates venues aimed at bringing together “Bitcoin enthusiasts, business professionals, and educators” . The company also holds the Japanese license for Bitcoin Magazine and pursues Web3/NFT projects as part of its broader tech/consulting activities . Until early 2024, Metaplanet was primarily a hospitality operator with underperforming hotel assets. Under CEO Simon Gerovich (an investment banking veteran), the company dramatically pivoted to Bitcoin, rebranding itself – in Gerovich’s words – as “Japan’s answer to MicroStrategy.” .
Pivot to Bitcoin and Strategy
In spring 2024, Metaplanet launched a formal “Bitcoin treasury strategy”. Management publicly declared that Bitcoin would become the company’s primary reserve asset, serving as a hedge against inflation and the falling yen . In its May 2024 earnings release, Metaplanet announced its first Bitcoin purchase: 117.7 BTC at a cost of about ¥930 million (≈$7.2M) . This marked a strategic shift: Gerovich and the board restructured Metaplanet’s operations around crypto assets and began regularly buying BTC. The company set ambitious targets – 10,000 BTC by end-2025 and 21,000 BTC by end-2026 – underscoring its long-term conviction. Gerovich has emphasized that “Bitcoin is a key strategic asset” for the firm, and Metaplanet even reports a custom “BTC Yield” metric to measure bitcoin growth per share . For example, filings show Metaplanet achieved a BTC Yield of 95.6% in Q1 2025 (meaning 95.6% more BTC per share than at the start of the year) . Company statements and analysts note this approach is transparent and aggressive: Metaplanet views BTC not just as a speculative play but as “a reserve asset and strategic hedge” on its balance sheet .
Bitcoin Accumulation History
Since 2024 Metaplanet has consistently added to its Bitcoin holdings. Key milestones include:
- May 2024: Purchased 117.7 BTC (~¥930M, ~$7.2M) – Metaplanet’s very first Bitcoin buy .
- July–Sept 2024: A series of small buys (~20–30 BTC each month) as management tested the strategy .
- Dec 2024: Total BTC holdings reached ~1,762 BTC (continuing steady accumulation throughout 2024) .
- Q1 2025: Rapid purchases — roughly +5,034 BTC over three months — lifting the total to ~6,796 BTC by end-March 2025 (at an average cost of ~$89,500/BTC) .
- May–June 2025: Large blocks added. Notably, a purchase of 1,088 BTC (¥16.885 billion, ~$117.5M) was announced in late May 2025. This brought Metaplanet’s total to about 8,888 BTC (≈$930M) .
As of mid-2025, Metaplanet held roughly 8,888 BTC on its balance sheet, making it “Asia’s largest corporate BTC holder” and ranking it among the top ten worldwide for publicly-traded companies . The total acquisition cost was on the order of several hundred million dollars, implying an average cost roughly in the $80–110K range per coin (depending on timing). (For example, the 1,088 BTC bought in May 2025 averaged ¥15.5M/BTC, about $108K .) At current levels the Bitcoin position is valued near $1 billion .
Financing the Bitcoin Buys
Metaplanet has used creative funding methods to support its BTC acquisitions while limiting share dilution. In early 2025 it issued multiple zero-interest bonds earmarked for Bitcoin purchases . For instance, in March 2025 Metaplanet launched a ¥2 billion (≈$13.3M) zero-coupon bond (due Sept 2025) to raise capital for BTC buys . It has also raised equity via stock rights and warrants: company filings reveal Metaplanet executed about 42% of a planned 21 million-share issuance (the so-called “210 million plan”), raising over ¥35 billion (~$230M) to date . These stock rights (share acquisition rights) were sold in tranches that investors can exercise over time, helping to minimize immediate dilution . In addition, Metaplanet has employed options strategies: notably it has sold cash-secured put options on Bitcoin, generating premium income while positioning to buy BTC at predetermined strike prices . In sum, the company’s financing strategy blends bond issuances, staged equity sales, and option trades. This has allowed Metaplanet to raise hundreds of millions of dollars for crypto purchases on relatively favorable terms , echoing tactics of other Bitcoin treasuries but with a localized twist.
Comparison to MicroStrategy
Metaplanet is frequently compared to MicroStrategy (MSTR) – the Nasdaq-listed software firm that became the largest corporate Bitcoin holder after its 2020 pivot. Crypto media dub Metaplanet “Japan’s answer to MicroStrategy” or “Asia’s MicroStrategy” . There are parallels: both companies see Bitcoin as a core treasury asset and tie their share prices to BTC’s performance. However, their methods differ. MicroStrategy (now renamed “Strategy” in some reports) amassed over 500,000 BTC since 2020, mainly by issuing convertible debt and equity . Metaplanet’s holdings are far smaller (under 9,000 BTC) but its leadership has deliberately emulated and adapted the playbook. CoinTelegraph notes Metaplanet was “inspired by Strategy’s early moves but taking a different route,” funding purchases via zero-interest bonds and option trades rather than high-interest debt . Both companies now exhibit a strong stock–Bitcoin correlation: each Bitcoin-buy announcement tends to lift the share price. In summary, Metaplanet’s strategy can be seen as a scaled-down, regionally tailored version of MicroStrategy’s – emphasizing transparency (all purchases are disclosed in filings) and using alternative capital instruments.
Market and Media Reaction
Chart: Metaplanet Inc. (TSE: 3350) stock price performance on the Tokyo Stock Exchange (five-year view). The stock climbed modestly until early 2024, then soared sharply through 2025 in line with Metaplanet’s Bitcoin acquisitions .
Metaplanet’s bold Bitcoin strategy has drawn intense investor interest. Since beginning its BTC program, the stock price has exploded – approximately 15× higher than pre-2024 levels . Each major purchase announcement typically triggered a strong rally. For example, when Metaplanet disclosed a 555 BTC buy on May 7, 2025, its shares jumped ~11.5% the next trading day . Overall trading volume on the Tokyo bourse spiked as the company moved to its daily price limit on multiple occasions. Crypto media highlight that Metaplanet briefly became Japan’s most-shorted stock, with over a quarter of its float sold short, fueling speculation of a “Bitcoin-powered” short squeeze . On social media and in the crypto press, the move has been framed as both a triumph and a provocation: one analyst noted Metaplanet’s unrealized BTC gains were roughly four times its pre-pivot market cap .
Major financial press have taken notice. Coindesk, Bloomberg, and others covered the company’s milestone buys. A June 2025 report noted Metaplanet’s latest ¥16.885 billion purchase (1,088 BTC) brought its holdings to 8,888 BTC (worth ~$930M) . These articles emphasize that Metaplanet is now the largest corporate Bitcoin holder in Asia and among the global top-10 . Industry commentators also stress the precedent-setting aspect: the stock’s 15-fold rise suggests that “integrating cryptocurrency can deliver substantial value to traditional financial companies” and may encourage other Japanese firms to follow suit . While Bitcoin advocates applaud Metaplanet’s conviction, traditional investors have expressed caution – some calling the bet “reckless” in a volatile market .
Implications for Metaplanet and Institutional Adoption
Metaplanet’s Bitcoin strategy has already transformed its business profile. The company’s market capitalization ballooned as the stock rallied; Metaplanet went from a small-cap hotel operator to a multi-billion-dollar public entity within a year . If Bitcoin’s price remains high, Metaplanet stands to realize huge gains, and its $0 interest debt burden is relatively low. Conversely, a sharp Bitcoin pullback could lead to writedowns on its balance sheet, so the company’s fortunes are now tightly coupled to crypto markets. Management argues it has built a buffer by retaining its hotels and partnerships (e.g. with Sora Ventures) alongside the BTC holdings.
For the broader market, Metaplanet’s rise is seen as an important test of institutional crypto adoption in Asia. By listing on the Tokyo Stock Exchange with a declared Bitcoin treasury, it provides Japanese investors regulated exposure to BTC. As Sora Ventures founder Jason Fang noted, this setup “enables anyone with an account on the Tokyo Stock Exchange to gain exposure to Bitcoin without any regulatory risks” . If Metaplanet’s model succeeds, it may inspire other Japanese and Asian firms to allocate some treasury funds to crypto . Already, analysts point out that Metaplanet has “set a new benchmark for corporate Bitcoin adoption in Asia” . Its combination of transparent disclosures, yield-focused strategy, and use of local capital markets could help normalize Bitcoin investment in traditionally conservative markets. In summary, Metaplanet has not only dramatically altered its own business model, but is also reshaping the narrative around Bitcoin as a mainstream treasury asset. Its continued performance will likely influence how readily other institutions around the world (especially in Asia) view Bitcoin as a corporate strategy.
Sources: Company filings and press releases (Metaplanet), cryptocurrency and financial news outlets (see citations above).