‘Asia's MicroStrategy’: An introduction to Metaplanet
Despite increased institutional appetite for BTC, it's uncommon to hear about a publicly traded company going all-in on Bitcoin in the corporate world. While Strategy (formerly known as MicroStrategy) pioneered this tactic in the US, a Japanese firm is now making significant waves in Asia. Metaplanet Inc., once a hotel operator, has transformed itself into Japan's first and only publicly listed Bitcoin treasury company, and is capturing the attention of global investors.
This article explores Metaplanet, its strategic pivot to a Bitcoin-first model, its ambitious accumulation goals and the risks involved in its aggressive approach.
Key Takeaways:
Metaplanet is a Japanese public company that has pivoted to a Bitcoin treasury strategy, making it Asia's equivalent of the former MicroStrategy.
The company has accumulated 10,000 BTC and uses innovative financial instruments like zero-interest bonds to fund its purchases.
This strategy has caused a tremendous surge in Metaplanet's stock, but it also ties the company's fate directly to Bitcoin's price volatility.
From hospitality to a Bitcoin treasury
Metaplanet's journey is one of dramatic transformation. The company was founded by CEO Simon Gerovich, a former Goldman Sachs derivatives trader, and initially operated as Red Planet Japan, a budget hotel business. The COVID-19 pandemic severely impacted the travel industry, prompting the company to pivot toward web3 consulting and blockchain infrastructure in 2020.
Inspired by the success of Michael Saylor's Strategy (formerly MicroStrategy), Gerovich initiated another strategic shift: Metaplanet began selling off its hotel assets, retaining only one property in Tokyo for a planned rebranding as "The Bitcoin Hotel." The company then went all-in on a new mission: to use Bitcoin as its primary treasury reserve asset.
Metaplanet's 210,000 BTC plan
Metaplanet has set an ambitious goal to hold 210,000 BTC by the end of 2027. This target, if achieved, would represent approximately 1% of Bitcoin's total possible supply, positioning the Japanese company as one of the largest corporate holders in the world.
Metaplanet reaches 10,000 BTC in holdings
The company has pursued its goal with remarkable speed. Following its most recent purchase of 1,112 BTC on Jun 16, 2025, Metaplanet successfully reached its first major milestone of 10,000 BTC in its treasury. This move propelled it past Coinbase to become the ninth-largest public company holding Bitcoin.
The average cost of the BTC acquired by Metaplanet is $94,695, and the current value of its Bitcoin holdings is $1.07 billion, giving the company an unrealized gain of 12.6%.
Metaplanet's Bitcoin treasury strategy
Metaplanet uses sophisticated financial instruments to fund its Bitcoin purchases. A key part of its strategy is to issue zero-interest bonds, which allows the company to raise capital without incurring regular interest payments. Additionally, it has explored options strategies, such as selling cash-secured puts, in order to acquire BTC at favorable prices while generating income from options premiums.
Metaplanet's $210 million zero-interest bonds
To accelerate its acquisitions, Metaplanet announced on Jun 16, 2025, that it would issue $210 million in zero-interest ordinary bonds. The funds raised from this issuance are designated entirely for purchasing more Bitcoin, underscoring the company's aggressive and focused strategy.
Metaplanet stock price performance
Metaplanet's pivot to a Bitcoin-centric strategy has had a dramatic effect on its stock performance. As of Jun 17, 2025, Metaplanet (3350.T)is trading at 1,827 JPY ($12.65), with a year-to-date performance of 426.15% and a one-month return of 193.90%. The company's one-year return of 1,957.30% on investment is even more significant.
The surge began in April 2024 after the firm announced its initial BTC purchase strategy and bought its first Bitcoin stash for ¥1 billion (worth $6.25 million at the time). This upward trend was further fueled by its massive BTC accumulation between April 2024 and June 2025, which increased its Bitcoin treasury to 10,000 BTC, worth over $1 billion by June 17, 2025.
Risks of Metaplanet's Bitcoin approach
This aggressive strategy is not without significant risks. Metaplanet's value is now almost entirely tied to the price of Bitcoin. A prolonged bear market could severely impact its balance sheet and stock price. Unlike Strategy, which maintains a substantial software business, Metaplanet has a much smaller underlying operational business, making it a more direct — and therefore riskier — bet on BTC's long-term success.
Metaplanet's future outlook
Metaplanet's transformation from a struggling hotel operator into a leading Bitcoin treasury company is a compelling case study in corporate reinvention. By adopting an aggressive accumulation strategy funded by innovative financial tools, the company has provided a new way for Japanese investors to gain exposure to BTC and has set a bold precedent in Asia. While the high-risk, high-reward approach ties its success directly to Bitcoin's performance, Metaplanet is a key player to watch in the evolving world of corporate finance.
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