June 27, 2025

A little over a year ago, few outside Japan had heard of Metaplanet Inc. Today, it’s one of the most talked-about Bitcoin plays in the world.

The once-obscure hospitality firm has reinvented itself as Asia’s most aggressive corporate Bitcoin accumulator. With a staggering 7,500% rise in its stock price since adopting a Bitcoin-first treasury strategy, Metaplanet has now surpassed Tesla in total Bitcoin holdings and is being hailed as the MicroStrategy of the East—but with ambitions even greater.

The question now facing markets: Is this transformation a masterstroke of strategic reinvention—or a euphoric sprint toward unsustainable risk?

From Hotels to Hashrate: A Radical Shift in Strategy

Metaplanet, founded in 1999, spent years in the shadows of Japan’s slow-moving corporate landscape. It operated hotels, managed investor relations, and—until recently—struggled for relevance. Financial pressures mounted as Japan’s economy stagnated under the weight of rising debt and ultralow interest rates.

In April 2024, Metaplanet made a bold decision: it declared Bitcoin its primary treasury reserve asset and began accumulating the cryptocurrency aggressively. The firm’s leadership framed the move as a defense against a weakening yen and the slow erosion of fiat purchasing power. They released a document titled “The Bitcoin Manifesto,” outlining a long-term strategy centered on Bitcoin.

The market response was swift and decisive. Metaplanet’s stock, then trading under $0.15, nearly doubled overnight. That was only the beginning.

Now Bigger Than Tesla in Bitcoin

In a disclosure on June 25, Metaplanet confirmed it had acquired another 1,234 BTC at an average price of approximately $107,900. With this purchase, the company’s total holdings reached 12,345 BTC—eclipsing Tesla’s 11,509 BTC and placing Metaplanet fifth globally among publicly traded Bitcoin holders.

Only crypto-native firms like MicroStrategy, Marathon Digital, Galaxy Digital, and Riot Platforms hold more.

The impact on investor sentiment has been dramatic. Metaplanet’s share price surged to 1,595 yen (roughly $11) this month—up more than 75-fold since its Bitcoin strategy began.

The Ambition Behind the Numbers

What sets Metaplanet apart isn’t just the pace of its Bitcoin accumulation—it’s the scale of its vision.

In January 2025, it unveiled the “210 Million Plan”, targeting 30,000 BTC by the end of 2025 and 100,000 by the end of 2026. Just months later, it raised the stakes with the “555 Million Plan”, pledging to issue 555 million new shares to fund the acquisition of up to 210,000 BTC by 2027—nearly 1% of Bitcoin’s fixed global supply.

To avoid diluting shareholder value, Metaplanet introduced a new metric: Bitcoin yield—the number of BTC held per share. The company aims to increase this yield by 35% each quarter, ensuring that each capital raise brings in more Bitcoin than the share issuance dilutes.

Still, the risks are substantial. The strategy relies heavily on continued investor enthusiasm, strong Bitcoin performance, and flawless execution.

Back in the Black—for the First Time Since 2017

For the first time in eight years, Metaplanet is profitable. In fiscal 2024, revenue jumped from 261 million yen ($1.8M) to 1.06 billion yen ($7.3M), and it posted an operating profit of 350 million yen ($2.4M).

Its asset base exploded, ballooning from ¥1.6B to ¥30.3B ($209.7M) in one year. Net assets increased more than 15-fold. And in the first quarter of 2025 alone, Metaplanet reported a record ¥550M ($3.8M) in operating profit, largely from rising Bitcoin valuations and BTC-based financial operations.

A New Kind of Growth Company

With more than 60,000 shareholders and inclusion in several Japanese and global ETFs, Metaplanet is no longer a fringe asset. For Japanese retail investors facing capital gains taxes on direct crypto exposure as high as 55%, the firm offers a regulated, stock market-based alternative.

Institutional interest is growing as well. What started as a small-cap anomaly is now being studied as a case study in financial transformation—especially in Asia.

What Experts Are Saying

Charlie Hu, co-founder of Bitlayer, believes Metaplanet’s rise could have wider implications:

“This is no longer a niche trade. A public company targeting 210,000 BTC is signaling that Bitcoin exposure is entering the Asian corporate mainstream. If successful, it could reshape regional treasury strategies.”

But he also cautioned that Bitcoin’s volatility remains a wildcard:

“Metaplanet’s success depends on transparency and how it handles risk. So far, they’ve executed well. But any serious drop in Bitcoin—or a shift in regulatory winds—could test the model’s resilience.”

Outlook: Visionary or Vulnerable?

Metaplanet has seized investor imagination with a story that blends corporate reinvention, crypto conviction, and bold execution. In doing so, it has outpaced not only market expectations—but also more established Bitcoin holders like Tesla.

Yet the real test lies ahead. With aggressive goals, a reliance on equity financing, and deep exposure to Bitcoin’s price swings, Metaplanet’s future will depend not just on bullish markets—but on navigating volatility with discipline.

As the rest of Asia’s corporate world watches, Metaplanet is making a statement: Bitcoin isn’t just a hedge. It’s a business model.