While most companies dip their toes into crypto with caution, a Tokyo-based firm is going all in.
Metaplanet, a relatively low-profile company until recently, has skyrocketed into the global spotlight by becoming one of the biggest corporate holders of Bitcoin in the world.
As of now, Metaplanet owns 15,555 BTC — and if its CEO has his way, that number could explode in just a couple of years.
From Hedge to Hype: The Race to Accumulate Bitcoin
CEO Simon Gerovich revealed that the company first started buying Bitcoin in 2024, originally as a way to protect itself against inflation.
But what began as a hedge quickly turned into a full-blown mission.
On Monday, the company made headlines by spending a jaw-dropping $237 million on 2,204 BTC.
At an average purchase price of around $108,600 per coin, this brought their overall average cost per Bitcoin to just under $100,000.
That aggressive buying hasn’t gone unnoticed.
Metaplanet’s share price has jumped a staggering 340% this year, despite the company generating relatively modest revenue.
A Two-Step Strategy With Big Goals
So what’s the big plan? Metaplanet is executing a two-phase approach to its Bitcoin ambitions.
Phase one is all about accumulation — and they’re clearly not holding back. But phase two is where things get even more ambitious.
The company plans to use its massive Bitcoin holdings as collateral to borrow cash.
That borrowed money would then be used to acquire established, cash-flow-positive businesses.
Gerovich specifically mentioned digital banking as a prime target, hoping to acquire or build a modern digital bank in Japan that outperforms traditional players.
Looking to Rivals and Setting Sights Higher
If Metaplanet’s goal sounds familiar, it’s because it mirrors the playbook of companies like MicroStrategy.
The U.S.-based firm, which holds over 597,000 BTC, is currently the top dog in Bitcoin reserves.
While Metaplanet trails with 15,555 BTC, it’s setting its sights high — aiming to own 210,000 BTC by 2027, which would equal 1% of all the Bitcoin that will ever exist.
But there are differences. Unlike some of its competitors, Gerovich has no interest in issuing convertible debt, which can backfire when share prices fluctuate.
Instead, he prefers raising funds through preferred shares — a more stable path, in his view.
Turning Crypto into Cash Flow Comes With Risks
Of course, borrowing against Bitcoin is not without its dangers.
Banks usually demand high collateral, meaning Metaplanet could be forced to pledge even more BTC than it borrows.
And if Bitcoin prices fall suddenly, the company might face margin calls — something no CEO wants to deal with.
There’s also regulatory uncertainty in Japan.
While other global institutions like Standard Chartered and OKX are exploring crypto-backed loans, Japan hasn’t fully embraced the model.
That lack of clarity could slow Metaplanet’s momentum or stop it entirely.
From Hotels to Banking? A Bold Leap
It’s worth noting that Metaplanet didn’t start in the crypto world — far from it.
The company originally operated hotels, which raises big questions about whether it has the expertise to run a bank.
shifting from hospitality to high finance is a massive leap, and not one without major growing pains.
Still, this bold move reflects a broader shift in how some companies are starting to think about Bitcoin.
No longer just an investment or speculative asset, it’s becoming a foundation for entirely new business models.
A High-Risk, High-Reward Play That Everyone’s Watching
Whether Metaplanet’s plan is brilliant or reckless is still up for debate.
But one thing is certain — everyone in the crypto space is watching closely.
If they pull it off, Metaplanet could be seen as a pioneer in Bitcoin-backed corporate finance.
But if the plan falls apart, it may serve as a cautionary tale for businesses dreaming too big, too fast.
For now, Metaplanet’s massive bet on Bitcoin continues to grow — and so does the attention surrounding it.