Metaplanet has become Japan’s hottest stock, surging 3,600% after pivoting to Bitcoin. With 1,762 BTC and a bold 21,000 BTC target, it’s Asia’s top BTC play.
Metaplanet Inc. has become Japan’s fastest-rising stock, surging more than 3,600% over the past 12 months as the country experiences a surge in Bitcoin (BTC) demand.
The company, originally a hotel developer, pivoted to a Bitcoin-first strategy in early 2024 after pandemic-related struggles forced it to close most of its properties. Now, its stock has outperformed every other Japanese equity, attracting waves of retail investors looking for exposure to Bitcoin.
The surge comes amid a global shift in sentiment, with Bitcoin reaching an all-time high of $109,000 on Jan. 20, the day of US President Donald Trump’s inauguration.
While BTC has since pulled back, trading at $97,000 as of this writing on Feb. 10, Metaplanet’s stock has continued to climb, reflecting growing interest in Bitcoin as an investment vehicle.
CEO Simon Gerovich, a former Goldman Sachs equity derivatives trader, has drawn comparisons to Michael Saylor’s Strategy, formerly MicroStrategy, which has amassed over $45 billion in Bitcoin.
Inspired by Saylor’s approach, Gerovich repositioned Metaplanet as Japan’s version of the American Bitcoin proxy, betting on BTC’s long-term growth.
Expansion plans and the future of Metaplanet’s Bitcoin strategy
Metaplanet’s transformation has led to a massive influx of investors. In 2024, its shareholder base increased by 500%, reaching nearly 50,000 investors, according to company data.
While institutional players such as Capital Group—who also hold shares in Strategy—have taken positions, most of Metaplanet’s investors are retail traders, many with limited experience in crypto markets.
A key factor in this retail surge is Japan’s revamped Nippon Individual Savings Account program, which was introduced in early 2024 to encourage long-term investment.
Under the program, Japanese citizens can invest in stocks tax-free, making Metaplanet an attractive alternative to direct Bitcoin purchases, which are subject to capital gains taxes of up to 55%.
As of the latest figures, Metaplanet holds 1,762 Bitcoin, valued at approximately $171 million at the time. The company has set an ambitious target to grow its holdings to 10,000 Bitcoin by the end of 2025 and 21,000 by the end of 2026.
To reach its goal, Metaplanet plans to issue 21 million shares, aiming to raise approximately $750 million, marking the largest equity capital raise for Bitcoin in Asia to date.
Beyond Bitcoin accumulation, Metaplanet is also integrating its remaining hotel business into its crypto-focused identity. Later this year, it plans to rebrand its last remaining property, the Royal Oak in Tokyo’s Gotanda district, as “The Bitcoin Hotel.”
The hotel will serve as a hub for Bitcoin-related seminars and investor events, aligning with the company’s push to position itself at the center of Japan’s crypto economy.
Despite its remarkable growth, Metaplanet faces risks. The company has posted six consecutive years of losses but is expected to report a profit in its upcoming fourth-quarter earnings.
Analysts warn that if Bitcoin’s price drops sharply, the firm’s stock could see a sharp reversal, as its valuation is heavily tied to BTC’s performance.
