After a 7,500% run on Bitcoin, Metaplanet is “set to win in the long term,” says expert
How did Metaplanet turn a struggling hotel firm into Asia’s fastest-growing Bitcoin proxy, and is a 7,500% stock surge a sign of strength or euphoria?
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Metaplanet passes Tesla in Bitcoin holdings
Metaplanet Inc. (MTPLF), a Japan-listed firm, has officially surpassed Tesla in corporate Bitcoin (BTC) holdings following its latest purchase of 1,234 BTC.
In a disclosure filed on Jun. 25, the company stated that it acquired the bitcoins for approximately 19.3 billion yen, or around $133 million, paying an average price of about 15.6 million yen, roughly $107,900, per BTC.
With this latest purchase, Metaplanet’s total Bitcoin holdings have reached 12,345 BTC, placing it ahead of Tesla, which holds 11,509 BTC.
The company is now the fifth-largest public holder of Bitcoin globally. The only firms with larger holdings are Strategy, Marathon Digital, Galaxy Digital, and Riot Platforms, all of which operate with a crypto-native focus.
Metaplanet began its Bitcoin accumulation strategy in April 2024. Since the start of 2025, the total value of its BTC holdings has risen by 315%, reflecting both the timing of its purchases and the broader surge in Bitcoin’s price.
Investor sentiment has remained strong. Earlier in June, when the company announced plans for its latest acquisition, its stock rose nearly 7% in a single trading day, reaching a high of 1,595 yen, or approximately $11.
Why a Bitcoin strategy made sense
Metaplanet was founded in 1999 and spent much of its early life in traditional industries, primarily operating in hospitality and corporate services.
The company managed hotels and ran an investor relations consultancy, remaining a relatively low-profile business in Japan’s broader economic environment.
Over time, financial challenges began to emerge. Japan’s economy was also showing signs of deeper strain, shaped by long-term structural stagnation, rising public debt, and persistently low interest rates that made it difficult for companies to preserve capital value.
In early 2024, Metaplanet’s leadership responded by shifting direction. The board adopted a Bitcoin-first treasury strategy, formally recognizing Bitcoin as a primary reserve asset in April 2024.
Company executives pointed to a weakening yen and declining real returns on cash as key reasons behind the move.
Shortly afterward, Metaplanet published what it called the Bitcoin Manifesto. The document outlined a long-term commitment to prioritizing Bitcoin across its treasury and capital allocation decisions.
The strategy began modestly. In April 2024, the company purchased 117.7 BTC at an average cost of around 10.2 million yen per coin, or approximately $6.5 million.
The announcement triggered a swift market reaction. Metaplanet’s stock rose from around 20 yen to 35 yen the same day, or roughly $0.13 to $0.22 in dollar terms. As of Jun. 27, MTPLF trades at $1,500 yen, up over 75-times since adopting the BTC-strategy.
As the plan gained momentum, the company began repositioning itself more aggressively. It announced plans to open a Bitcoin-themed hotel and acquired the license to operate Bitcoin Magazine in Japan.
To fund its Bitcoin strategy, Metaplanet chose to raise capital through equity issuance rather than debt, using nearly all proceeds from share sales to purchase additional Bitcoin.
As Bitcoin’s price climbed and investor interest strengthened, Metaplanet scaled up its ambitions. It launched the 210 Million Plan in January 2023, targeting 30,000 BTC by the end of 2025 and 100,000 BTC by the end of 2026.
In June 2025, the company introduced a more expansive initiative called the 555 Million Plan. Under this program, Metaplanet announced it would issue 555 million new shares over two years to raise approximately 780 billion yen in capital.
The stated goal is to accumulate up to 210,000 BTC by the end of 2027, representing close to 1% of Bitcoin’s fixed supply of 21 million coins.
As a result of ongoing equity raises, the number of outstanding shares has expanded significantly, reaching around 760 million by mid-2025.
Metaplanet has acknowledged the risks associated with frequent share issuance, particularly the potential for shareholder dilution.
To address this, the company introduced a metric it calls Bitcoin yield, which tracks the amount of BTC held per share.
The structure aims to ensure that each round of fundraising brings in more Bitcoin than the proportional increase in shares, allowing BTC-per-share to rise over time.
The company targets a 35% increase in Bitcoin yield each quarter. If achieved consistently, this would make each fundraising round accretive.
However, the model carries sharp risks. A quick decline in Bitcoin’s price or lower-than-expected fundraising results could reduce yield growth, diminishing the benefit to shareholders.
First profit since 2017
Metaplanet’s move to a Bitcoin-focused treasury model has fundamentally reshaped its financial profile. After several years of operating losses, the company reported a full-year operating profit in 2024, marking its first return to profitability since 2017.
Revenue rose from 261 million yen (approximately $1.8 million) in fiscal 2023 to 1,062 million yen (around $7.3 million) in fiscal 2024. The company recorded an operating profit of 350 million yen (about $2.4 million), reversing a prior-year loss of 468 million yen (roughly $3.2 million).
The shift in Metaplanet’s asset base has been even more pronounced. Total assets increased from 1,666 million yen (around $11.5 million) to 30,325 million yen (approximately $209.7 million). Net assets grew from 1,152 million yen (about $8 million) to 18,923 million yen (nearly $130.9 million).
Positive momentum has carried into fiscal 2025. In the first quarter alone, Metaplanet reported operating profit of approximately 550 million yen (around $3.8 million).
The figure ranks among the highest quarterly results in the company’s history, supported by rising Bitcoin prices, continued coin accumulation, and yield generated from Bitcoin-backed financial activities.
Metaplanet’s growing financial position has also elevated its role in public markets. It is now recognized as the largest corporate holder of Bitcoin in Asia. Within Japan, it remains the only publicly listed firm using Bitcoin as a core reserve asset.
Investor interest has followed. Before adopting its Bitcoin strategy, Metaplanet had a few thousand shareholders. Today, it counts more than 60,000 investors, spanning both retail and institutional participants.
Among retail investors in Japan, demand has been driven in part by the country’s tax environment. Capital gains on direct crypto holdings can be taxed at rates as high as 55%, making equity-based exposure through listed companies a more attractive alternative.
Institutional attention has grown as well. Metaplanet stock has been included in several exchange-traded funds, both domestically and internationally. It is increasingly viewed as a non-traditional growth vehicle that offers indirect access to Bitcoin through regulated equity markets.
Asia’s corporate playbook evolving
crypto.news reached out to Charlie Hu, co-founder of Bitlayer, and Calvin Shen, Chief Commercial Officer at Hex Trust, to understand how Metaplanet’s approach is being interpreted within the institutional crypto space.
At a time when many listed firms still treat Bitcoin as an experimental hedge, Metaplanet has chosen to anchor its core capital strategy around it. For Hu, that distinction sets the company apart from other high-profile BTC holders.
“Metaplanet simply has a different strategy than Tesla. While Tesla holds BTC partially as a treasury hedge against the USD, Metaplanet is strategically positioning itself as a ‘Bitcoin company’ while dominating this narrative in Asia where very few large public companies have made strong commitments to holding Bitcoin on the long-term.”
Shen approached the topic from a structural lens. He pointed to how the company’s multi-billion yen stock issuance program was not just announced, but quickly converted into BTC allocations, a timeline that departs from conventional corporate behavior.
“Metaplanet didn’t just move fast. They moved with a clear and deliberate strategy. The company launched a $5.3 billion plan to buy more BTC by issuing 555 million shares through stock acquisition rights. This is one of the largest stock warrant deals ever seen in Japan… They’ve executed BTC purchases shortly after each capital raise, building momentum in a short timeframe.”
When comparing Metaplanet to MicroStrategy, Hu argued that the context is regional and capital scale matters. A smaller firm buying Bitcoin sees a different kind of impact, both internally and on the market’s perception.
“MicroStrategy’s approach is focused on large convertible debt raises and a long-term hodl thesis. Metaplanet’s approach seems to be more regionally specific, making Bitcoin an important part of its corporate identity… It’s also starting from a smaller base, meaning new purchases represent outsized percentage growth relative to its market cap.”
Shen identified a different angle. Rather than focusing on size or timing, he dissected the dual-market approach Metaplanet is accessing Japanese investors while also setting up vehicles to reach U.S. capital.
“While MicroStrategy relied heavily on U.S. convertible debt and accepted significant equity dilution, Metaplanet is taking a more diversified route. They are working through both Japanese and U.S. capital markets… Balancing both audiences gives Metaplanet broader access to capital, but also requires careful communication, regulatory coordination, and risk management.”
As Metaplanet scales its holdings toward a 200,000 BTC target, Hu believes its actions may reshape corporate conversations in Asia more than the global supply curve.
“Most importantly it will signal Asian corporations that Bitcoin exposure is no longer fringe.”
Shen, however, flagged rising pressure on available Bitcoin. He connected Metaplanet’s ambitions with broader on-chain shifts in BTC distribution, where institutional withdrawals are beginning to limit float.
“If they reach that target, it would place them as the fifth largest corporate Bitcoin holder globally… Institutions are actively competing for access to Bitcoin, leading to exchange reserves hitting a seven-year low.”
He also looked toward what happens after accumulation. Rather than seeing Bitcoin as a static reserve, Shen referenced how infrastructure is evolving to enable more functional uses of BTC within treasury frameworks.
“BTCFi is already showing potential to turn Bitcoin from passive reserve into a productive asset. If major holders like Metaplanet engage with that ecosystem, it could accelerate adoption and development in the space.”
On the question of long-term sustainability, Hu spoke about how volatility needs to be part of the shareholder conversation from day one, especially for companies that hinge their value on a single macro asset.
“We’ve been in the market long enough to know that there is always volatility risk in Bitcoin. If these risks are leveraged correctly and communicated to Metaplanet’s investors then the company is set to win in the long term.”
Shen pointed to a structural fragility that could emerge when valuation premiums run ahead of operational performance. Without reliable revenue or offsetting income, a drop in BTC price could have compounded effects on market confidence.
“If BTC prices fall, equity valuations that trade at a premium to NAV can compress quickly… Without a strong core business or reliable cash flow, it becomes harder to maintain that premium or manage obligations tied to financing.”
He closed with a reminder that early momentum often invites imitation, but only a few companies will manage to sustain models that lean so heavily on narrative exposure. Execution over time becomes the differentiator.
“Strategies like this often rely on a strong public-facing voice to keep investor attention focused… Ultimately, the companies that endure will likely be the ones that can combine Bitcoin exposure with sound fundamentals, capital discipline, and the ability to adapt across cycles.”
So far, Metaplanet’s strategy has benefited from a favorable macro and market cycle. Future performance may depend on how it adapts when conditions are less supportive.
