Metaplanet, a Japanese firm once known for its hospitality and real estate business, has rapidly transformed into one of the world’s most aggressive Bitcoin treasury companies. In just over a year, the company has grown from holding only a handful of coins to securing 20,000 BTC, worth more than $2.1 billion at current prices.
This achievement has not only propelled Metaplanet into the global spotlight but also established it as the sixth-largest Bitcoin corporate holder, surpassing giants such as Tesla and rivaling established players like Block and El Salvador.
From Hotels to Bitcoin: A Radical Transformation
Metaplanet’s story is one of the most dramatic corporate pivots in recent years. As late as 2023, the company was a niche player in Japan’s real estate and hospitality sectors. By April 2024, however, it had rebranded itself entirely as a Bitcoin-first treasury company.
The decision to pursue Bitcoin was driven by CEO Simon Gerovich, who argued that Bitcoin represented more than just an asset, it was “the foundation of a new financial age.”
Metaplanet’s strategy since then has been simple but bold: raise capital through bonds, stock offerings, and international placements, and funnel nearly all proceeds into buying Bitcoin. Unlike other firms that cautiously dip into digital assets, Metaplanet embraced an all-in approach from the very beginning.
This pivot was met with scepticism at first, but its stock price told a different story. Within months, shares in the company surged by over 1,200%, earning Metaplanet the nickname “Asia’s MicroStrategy.”
A Relentless Buying Spree
The pace of Metaplanet’s Bitcoin acquisitions has been nothing short of breathtaking.
- Early 2024: The firm began modestly, picking up 40–60 BTC per transaction.
- Late 2024: A series of large bond issuances allowed Metaplanet to acquire over 1,700 BTC in December alone, catapulting its holdings past 1,700 BTC.
- 2025 Surge: From February onwards, Metaplanet went on an acquisition tear. Purchases of hundreds, sometimes thousands of BTC at a time, became routine. By May, the company had surpassed 10,000 BTC, its original goal for the entire year.
- Summer 2025: Despite market volatility, Metaplanet pressed ahead, securing over 2,200 BTC in a single deal and overtaking Tesla as one of the largest corporate Bitcoin holders.
- August 2025: With holdings of 17,595 BTC, the firm announced its audacious long-term target owning 210,000 BTC, or exactly 1% of all Bitcoin in circulation, by the end of 2027.
- September 2025: Metaplanet crossed the 20,000 BTC mark, becoming the sixth-largest Bitcoin treasury worldwide.
In total, the company has spent billions of dollars to amass its position, with an average purchase price of just over $102,000 per coin. With Bitcoin trading around $109,500, the firm sits on unrealised profits of nearly $140 million.
Financing the Bitcoin Dream
The firm has issued billions in ordinary bonds, stock acquisition rights, and share placements. Most recently, it announced plans to issue 555 million additional common shares via international placement, a move expected to raise around $881 million.
Observers believe this fresh round of funding could add another 7,000 BTC to its treasury.
While such fundraising inevitably dilutes existing shareholders, the market has largely rewarded Metaplanet’s boldness. Its stock, traded under the ticker MTPLF, has risen by more than 1,400% since the company’s Bitcoin pivot.
Still, volatility has taken its toll. Metaplanet’s share price recently dropped by over 30% as investors took profits during a wider market downturn. CEO Gerovich has acknowledged these concerns but insists the firm is “smarter, stronger, and more efficient than ever” compared to a year ago.
Riding the Waves of Bitcoin Volatility
Bitcoin’s notorious volatility means that the company’s acquisitions often swing between profit and loss within days. For example:
- A purchase of 775 BTC at $120,006 per coin left the company temporarily in the red as Bitcoin slid to $115,000 shortly after.
- Similarly, buying 103 BTC at $113,491 per coin turned negative when the price dipped to $111,500.
Despite these fluctuations, Metaplanet has maintained a steady long-term profit margin. Its average acquisition cost of around $102,000 per coin gives it a comfortable buffer against short-term dips.
Gerovich has repeatedly emphasised that the company is not concerned with daily or even monthly price swings. Instead, he frames the mission as a decades-long play to secure 1% of all Bitcoin, cementing Metaplanet’s place in the history of digital finance.
Inspiring a Wave of Adoption
Since its transformation, several other Japanese companies have followed suit, adopting Bitcoin treasury strategies of their own. This marks a significant cultural shift in a country where Bitcoin has been widely used but not always embraced at a corporate level.
The company has also attracted heavyweight backers. In early 2025, U.S. investment giant Capital Group, with over $2.3 trillion in assets under management, acquired a 5% stake in Metaplanet. Capital Group is also one of the largest shareholders of MicroStrategy, further cementing Metaplanet’s reputation as Asia’s answer to Michael Saylor’s Bitcoin empire.
In addition, Metaplanet recently appointed Eric Trump to its Strategic Board of Advisors. The move raised eyebrows but highlighted the company’s ability to draw influential figures into its orbit.
The Road to 210,000 BTC
Looking ahead, Metaplanet’s roadmap is as ambitious as it is risky.
The company plans to hold:
- 30,000 BTC by the end of 2025
- 100,000 BTC by the end of 2026
- 210,000 BTC (1% of total supply) by the end of 2027
To achieve this, it will need to continue raising capital at a breakneck pace, likely issuing billions more in bonds and shares. It will also need to weather Bitcoin’s inevitable volatility, both financial and reputational.
But if it succeeds, Metaplanet could go down in history as one of the defining corporate players in the Bitcoin era.
A New Contender in the Bitcoin Race
Metaplanet’s journey from a struggling hotel operator to a global Bitcoin heavyweight is one of the most remarkable transformations in modern finance.
By relentlessly pursuing a Bitcoin-first strategy, it has not only secured 20,000 BTC but also inspired a new wave of corporate adoption across Japan and beyond. Its ambitions to hold 1% of all Bitcoin are bold, perhaps even audacious, but they underline a growing belief among companies that Bitcoin is not merely an asset but a strategic reserve currency for the digital age.
For investors and Bitcoin enthusiasts alike, Metaplanet’s rise offers a glimpse into the future, one where corporations play a central role in accumulating and safeguarding the world’s most scarce digital asset.
Whether it succeeds in its 210,000 BTC mission or falters under the weight of volatility, one thing is certain: Metaplanet has already earned its place in Bitcoin’s history books.
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