Metaplanet Doubles Bitcoin Holdings with Bold $95m Purchase

Tokyo-listed Metaplanet has bolstered its treasury by buying 797 additional bitcoins, worth approximately $96 million, raising its total holdings to 16,352 BTC—valued near $2 billion—as Bitcoin surged past $120,000. The move mirrors the blueprint of US-based Strategy: leverage equity and debt issuance to accumulate crypto assets, which can then be used as collateral for broader expansion.

CEO Simon Gerovich reiterated that Metaplanet intends to use its growing Bitcoin reserves not for trading or liquidation, but to underpin financing for acquisitions in cash-generating sectors—particularly digital banking and financial services. The company plans to tap into traditional financing channels, including zero-interest bonds and preferred-share issuance, while steering clear of convertible debt. This purchase follows a series of substantial bond financings: earlier this month, Metaplanet issued 30 billion yen in zero‑coupon bonds to acquire an additional 1,005 BTC, bringing total holdings to around 13,350 BTC.

Industry analysts say Metaplanet now ranks as Asia’s largest and the world’s fifth-largest corporate Bitcoin holder, outranking companies such as Tesla, Coinbase, and Block Inc.. The firm has set ambitious targets: 100,000 BTC by end‑2026 and 210,000 BTC by end‑2027—accounting for nearly 1% of the global Bitcoin supply.

Boosted by these strategic shifts, the company’s market capitalisation surpassed ¥1 trillion, and its stock has climbed more than 345% this year. The pivot, originally a hotel chain, to a Bitcoin treasury vehicle began in 2024 and has drawn parallels to MicroStrategy’s transformation into a crypto-centric enterprise.

While bitcoin-backed financing is still in its infancy among mainstream banks, select institutions—such as Standard Chartered and OKX—have begun piloting crypto as collateral. Gerovich emphasised that once accumulation reaches “escape velocity,” Metaplanet’s holdings could be leveraged similarly to traditional assets to secure financing for acquisitions.

Sceptics voice concerns around volatility and the sustainability of the “bitcoin yield” model. Veteran short-seller Jim Chanos dismissed these valuations as “financial gibberish,” yet Gerovich welcomes critics, stating he invites them to short the stock if they are not convinced of the strategy.

Metaplanet is exploring acquisitions of digital banks and financial services companies that align with its strategy. The company is also aiming to strengthen its treasury infrastructure through asset-backed financing, including bond issuances, preferred equity deals and a planned $5 billion capital raise targeting expansion into its Florida subsidiary.