Metaplanet, a once little-known Japanese hotel and real estate company, has now transformed itself into one of the world’s largest corporate holders of Bitcoin. In just over a year since its pivot to a Bitcoin-first treasury strategy, the company has stunned investors and analysts alike by reaching a massive 20,000 BTC stash, now worth more than $2.1 billion.
This bold shift has made Metaplanet the sixth-largest Bitcoin treasury worldwide, placing it alongside giants such as MicroStrategy and Tesla, and fuelling its ambition to one day hold 1% of all Bitcoin in existence.
From Hotels to Bitcoin: The Bold Pivot
In early 2024, Metaplanet was a struggling hotel and property development firm with little global recognition. That changed when CEO Simon Gerovich announced a radical new strategy: to adopt Bitcoin as the company’s core treasury asset.
The pivot began with small purchases in July 2024, when the firm acquired just over 42 BTC for around $2.5 million. By the end of the month, it had spent over $6 million on Bitcoin. Investors immediately reacted. Metaplanet’s stock price rocketed by over 1,200%, and it quickly earned the title “Asia’s MicroStrategy.”
The momentum carried into August and September 2024, as the company doubled down with debt and equity financing to buy more Bitcoin. It secured a ¥1 billion loan at just 0.1% interest, nearly all of which went into Bitcoin. By the end of September, its holdings had already surpassed 360 BTC.
Partnerships added credibility to its strategy. In October 2024, Metaplanet struck a deal with SBI Group, gaining access to custody services and tax-efficient structures. The firm also started selling Bitcoin put options via QCP Capital, generating additional yield to grow its stash without spending more cash.
By the end of 2024, Metaplanet had over 1,700 BTC, issued billions of yen in bonds, and become profitable for the first time since 2017. Its bold bet on Bitcoin had changed its fortunes almost overnight.
The Aggressive Buying Spree of 2025
If 2024 was about proving its pivot, 2025 has been about scale. Metaplanet’s acquisitions have accelerated dramatically this year, with almost daily announcements of new Bitcoin buys.
Some of the key milestones include:
- February 2025: More than 470 BTC acquired across multiple transactions. The company also raised ¥4 billion through unsecured bonds to fund purchases.
- March 2025: A frenzy of acquisitions, including 497 BTC on a single day, pushing holdings past 4,000 BTC. The firm also introduced “BTC Yield” as a performance metric, measuring growth in Bitcoin holdings relative to shares.
- May 2025: Metaplanet hit 7,800 BTC, worth over $800 million, following a string of large purchases.
- June 2025: The company overtook Tesla on the corporate Bitcoin leaderboard, crossing 12,345 BTC.
- August 2025: Holdings passed 17,500 BTC, making it the seventh-largest corporate holder.
- September 2025: The milestone moment arrived, Metaplanet now commands 20,000 BTC, worth more than $2.19 billion at current prices.
Throughout this spree, the company has issued bonds, sold shares, and even launched a U.S. subsidiary in Florida to fuel its ambitions. Its financing strategy is relentless: raising cash, buying Bitcoin, and repeating the cycle.
Lofty Targets: 210,000 BTC by 2027
Reaching 20,000 BTC is just the start. Metaplanet has outlined astonishing long-term targets:
- 30,000 BTC by the end of 2025
- 100,000 BTC by the end of 2026
- 210,000 BTC by the end of 2027 equivalent to 1% of all Bitcoin in existence
To achieve this, the firm has announced it will issue 555 million new shares internationally, aiming to raise $881 million. Analysts suggest this could add as much as 7,000 BTC to its treasury in the short term.
CEO Simon Gerovich has repeatedly emphasised that the journey will be volatile, but he remains focused on the long-term mission. “The road to the 1% club will be volatile, in both directions,” he said recently, referring to the company’s target of holding 210,000 BTC.
Stock Performance and Investor Reactions
The market has responded dramatically to Metaplanet’s transformation. Its stock has soared over 1,500% since April 2024, making it one of the best-performing equities in Japan. In 2025 alone, it has risen more than 330% year-to-date.
That said, volatility has been a constant companion. At times, the stock has tumbled 30–40% within weeks, especially during sharp Bitcoin corrections. Shareholders have expressed concerns about the swings, but Gerovich has assured them that short-term price action is not the focus.
He points instead to the company’s BTC Yield, a measure of how much Bitcoin the company holds per share. In 2025, this metric has more than doubled, showing that long-term shareholders now effectively own twice as much Bitcoin exposure per share as they did at the start of the year.
Metaplanet has also attracted heavyweight investors. Capital Group, the American firm with over $2.3 trillion in assets under management, acquired a 5% stake in Metaplanet, making it the company’s third-largest shareholder. This mirrors its earlier investment in MicroStrategy.
Challenges and Risks
Metaplanet’s meteoric rise is not without risks. Its aggressive buying strategy has often led it to purchase Bitcoin at unfavourable prices, leaving some acquisitions temporarily underwater. For example, in one instance, it bought 775 BTC at $120,006 per coin, only to see Bitcoin fall to $115,000 the next day.
The firm’s reliance on debt and equity financing also raises questions about dilution and balance sheet health. Issuing hundreds of millions in new shares and bonds creates pressure to deliver on its Bitcoin strategy.
Market volatility is another concern. While Bitcoin has surged past $100,000 this year, its swings remain extreme. A prolonged bear market could test Metaplanet’s resilience and investor patience.
Still, Gerovich insists that the company is stronger than ever, noting that even after steep drops, Metaplanet has recovered and multiplied its holdings dramatically.
A Japanese MicroStrategy with Global Ambitions
In little more than a year, Metaplanet has gone from an obscure hotel company to one of the world’s largest corporate Bitcoin treasuries. With 20,000 BTC under its belt, it has already secured a place in the top ranks of Bitcoin holders.
Yet the firm is aiming much higher. Its goal to hold 210,000 BTC by 2027 is audacious, representing about 1% of Bitcoin’s total supply. If achieved, it would cement Metaplanet not only as a corporate leader in Japan but also as a defining player in the global Bitcoin ecosystem.
For now, investors and observers are watching closely. The company’s stock remains volatile, its financing ambitious, and its targets lofty. But as Metaplanet continues to aggressively buy Bitcoin, one thing is clear: it has staked its future on the world’s most famous digital asset, and it is determined to become part of Bitcoin history.
