Tokyo-listed investment firm Metaplanet, which has rapidly risen to prominence due to its aggressive Bitcoin accumulation strategy, is moving into its second strategic phase, eyeing potential acquisitions of profitable businesses, notably digital banking services in Japan.
According to CEO Simon Gerovich, Metaplanet aims to leverage its expanding Bitcoin treasury as collateral for strategic acquisitions. Speaking with the Financial Times, Gerovich emphasized the urgency behind their aggressive Bitcoin accumulation strategy, describing it as a modern "Bitcoin gold rush."
"We need to accumulate as much Bitcoin as we can to get to a point where we've reached escape velocity and it just makes it very difficult for others to catch up," Gerovich stated.
On July 7, Metaplanet purchased an additional 2,204 BTC, valued at approximately $237 million at an average price of around $107,700 per Bitcoin. This latest purchase boosts the company's total Bitcoin holdings to 15,555 BTC, equivalent to roughly $1.68 billion. Metaplanet began accumulating Bitcoin in May 2024, initially as an inflation hedge against the weakening Japanese yen.
Metaplanet's aggressive accumulation mirrors the approach pioneered by MicroStrategy and Michael Saylor, which currently holds more than 597,000 BTC with a market capitalization of approximately $112 billion. Metaplanet’s goal is similarly ambitious, with a declared objective to own 210,000 BTC - representing 1% of the total Bitcoin supply - by 2027.
To achieve this ambitious milestone, Metaplanet recently increased its annual Bitcoin acquisition targets substantially. Initially planning to accumulate 21,000 BTC in 2026, the firm revised this target upward to 100,000 BTC annually. By the end of 2025, the firm plans to more than triple its early June 2025 holdings, from 8,888 BTC to around 30,000 BTC.
Metaplanet's Acquisition Strategy
Metaplanet’s second strategic phase involves using its Bitcoin holdings as collateral to secure financing for acquiring profitable businesses. CEO Gerovich specified digital banking as a key potential sector, emphasizing the opportunity to provide superior services compared to traditional retail banking.
"Maybe it is acquiring a digital bank in Japan and providing digital banking services that are superior to the services retail customers are currently getting," Gerovich explained. The shift aligns with broader global trends of institutional crypto adoption, especially crypto-backed lending and financing mechanisms becoming more mainstream.
Crypto-backed lending, while still uncommon in traditional banking, is gradually gaining traction. In April 2025, a notable pilot program launched by Standard Chartered and crypto exchange OKX permitted institutional clients to use cryptocurrencies and tokenized money market funds as collateral. Metaplanet's strategy appears poised to capitalize on this emerging trend.
Metaplanet's aggressive Bitcoin accumulation strategy has significantly boosted investor interest and stock trading activity. Data from the Tokyo Stock Exchange reveals Metaplanet’s stock trading volume surged by approximately 87% month-on-month, reaching 1.87 trillion yen ($11.6 billion) in June 2025. This unprecedented trading activity saw Metaplanet outperforming Japanese corporate giants like Toyota Motor, with trading volumes of 1.6 trillion yen, and Sony Group, which reached 1.3 trillion yen during the same period.
Despite this remarkable performance, Metaplanet still trails the current leader, Advantest, whose trading volume stands at 4.8 trillion yen.
The stock price momentum reflects growing investor confidence and excitement surrounding the company's ambitious Bitcoin strategy. On June 16, Metaplanet's stock surged 25% in a single trading session, closing at a record high of $1.895, compared to $1.509 the previous day. This substantial rally coincided with the company achieving a milestone of 10,000 BTC shortly after announcing its updated strategic accumulation target.
Financial Strategy and Funding
To fund its Bitcoin purchases and expansion plans, Metaplanet recently issued $207 million in ordinary bonds on June 29, using the proceeds to purchase an additional 1,005 BTC. CEO Gerovich, however, ruled out the issuance of convertible debt due to repayment risks tied to fluctuating share prices. Instead, he expressed openness to preferred shares to finance future acquisitions and growth.
"I don't want to have to pay back the money in three or four years' time and have [repayment] linked to an arbitrary share price," he emphasized, signaling careful consideration of financial stability amid a highly volatile crypto market.
Metaplanet’s robust performance in stock markets and aggressive Bitcoin treasury growth has positioned it uniquely among institutional investors in Japan. Its market capitalization has surged over 345% this year, surpassing $7 billion, even amid relatively modest operational revenue. This explosive growth underscores a broader institutional appetite for Bitcoin as a financial instrument and strategic asset, mirroring MicroStrategy's highly influential Bitcoin treasury management model.
This institutional pivot towards Bitcoin accumulation signals a broader shift in financial markets, as firms increasingly view cryptocurrencies as legitimate hedges against inflation and currency devaluation.
Final thoughts
Looking ahead, Metaplanet appears poised to further leverage its Bitcoin holdings to expand strategically across the fintech landscape, particularly digital banking. By tapping into innovative financial practices such as crypto-backed lending and tokenized assets, the company is charting a pioneering course for crypto-driven corporate finance.
Metaplanet's success could influence other Japanese firms and institutions worldwide, potentially sparking broader adoption of similar crypto-based financial strategies. If successful, Metaplanet’s integration of Bitcoin into traditional financial structures may further legitimize cryptocurrency's role within mainstream financial markets.