Deng Tong, Golden Finance
On June 30, 2025, Metaplanet CEO Simon Gerovich disclosed that Metaplanet recently purchased 1,005 bitcoins at a price of approximately $107,601 per bitcoin, with a total transaction amount of approximately $108.1 million. So far in 2025, the company's bitcoin yield has reached 348.8%. As of June 30, 2025, Metaplanet holds a total of 13,350 bitcoins, with an average cost of approximately $97,832 per bitcoin and a total investment of approximately $1.31 billion.
What business did Metaplanet mainly do before? Why did it turn its attention to BTC? What did the crazy purchase of BTC bring to Metaplanet? Is Metaplanet facing risks?
Metaplanet's predecessor was Red Planet Japan, which was founded in Tokyo in 2010 by Simon Gerovich, a former Goldman Sachs derivatives trader. At first, the company was centered on "cost-effective accommodation", with single rooms priced at 3,000-5,000 yen (about 150-250 yuan). With this strategy, the company quickly entered a period of expansion after 2016. In fiscal 2018, the company's revenue increased by 28% year-on-year, and its gross profit margin remained above 65%, making it one of the benchmark companies in Japan's economy hotel market.
However, with the advent of the epidemic, the sluggish tourism industry directly led to its continued losses, with a net loss of 1.8 billion yen (about 90 million yuan) in fiscal 2022, and its stock price plummeted from 1,200 yen before the epidemic to less than 50 yen.
In April 2024, the company sold the remaining hotel assets (retaining only the Tokyo store), obtained about 5 billion yen (about 250 million yuan) in funds, and officially changed its name to "Metaplanet", basically withdrawing from the hotel industry.
On April 26, 2024, according to Bitcoin Magazine, Japanese listed company Metaplanet purchased $6.25 million worth of Bitcoin. This is Metaplanet's first foray into the crypto market. Since then, Metaplanet has gone further and further on the road of buying BTC and is determined to become Japan's "Strategy".
Metaplanet's purchase of more Bitcoin is a response to global economic development and changes in the global financial system. Metaplanet CEO Simon Gerovich once said that the global economy is undergoing a "structural shift from a traditional supply structure centered on capital and labor to a new economic foundation driven by information technology." This situation is further exacerbated by the impact of the "post-war monetary system" such as geopolitical risks, shifts in trade policies, and growing concerns about accumulated sovereign debt. "In this environment, capital has begun to flow out of assets that were previously considered safe, such as long-term government bonds. The value of gold against major currencies has risen to record highs, and the strategic importance of Bitcoin - an asset that is highly scarce, easy to keep and transfer, and does not require credit intermediation - is rapidly gaining recognition." On May 13, 2024, Metaplanet issued an announcement stating that the company has announced its strategic transformation of financial management and has adopted Bitcoin as its strategic reserve asset to cope with Japan's continued economic pressures, especially high government debt levels, long-term negative real interest rates, and the resulting weakness of the yen. Metaplanet's strategy explicitly prioritizes a Bitcoin-first, Bitcoin-only approach, and may use long-term yen liabilities and periodic stock issuance as strategic financial options to continuously accumulate more Bitcoin rather than retain the increasingly weak yen. This approach aims to increase the value of each Bitcoin share and consolidate shareholder value in the long run.
On April 26, 2024, $6.25 million worth of Bitcoin was purchased.
On May 10, 2024, 19.87 Bitcoins were purchased.
On May 28, 2024, the Metaplanet board of directors authorized the purchase of an additional 250 million yen (1,595,862.5 U.S. dollars) worth of BTC.
On June 11, 2024, 23.35 BTC were purchased.
On June 24, 2024, Metaplanet said on the X platform that it would issue 1 billion yen (about $6.26 million) of 0.5% bonds, and the proceeds would be used to purchase additional BTC.
On June 25, 2024, Metaplanet announced on the X platform that it would establish a wholly-owned subsidiary in the British Virgin Islands to strengthen strategic BTC management.
On July 1, 2024, Metaplanet purchased an additional 20.20 BTC.
On July 8, 2024, Metaplanet announced the purchase of 42.47 BTC.
On July 16, 2024, Metaplanet increased its holdings by 21.88 bitcoins.
On July 22, 2024, Metaplanet increased its holdings by 20.381 bitcoins, worth approximately 200 million yen.
On August 6, 2024, Metaplanet announced a free allotment of stock acquisition rights for 10.08 billion yen (69.5 million U.S. dollars); the proceeds will be used to fund additional purchases of BTC.
On August 8, 2024, Metaplanet obtained a 1 billion yen loan to purchase more Bitcoin.
On August 13, 2024, Metaplanet issued an announcement announcing that it had completed the purchase of Bitcoin worth 500 million yen.
On August 20, 2024, Simon Gerovich, CEO of Metaplanet Inc., announced that the company increased its holdings of 500 million yen BTC (about 57.273 pieces) at an average price of 8,730,117 yen.
On September 2, 2024, it was reported that Metaplanet, a Japanese listed company, has partnered with SBIVCTrade, the crypto arm of financial services giant SBI Group, to support its continued efforts to increase its corporate Bitcoin holdings. The partnership enables Metaplanet to use SBI's custody services, which are designed to prioritize tax efficiency and provide the potential to use Bitcoin as collateral for financing.
On September 10, 2024, Metaplanet announced its 11th series of stock acquisition rights, planning to significantly increase its Bitcoin holdings. The company will raise 299.7 million yen by exercising 540,000 warrants, and it is expected to begin delivering shares on September 18. On the same day, Metaplanet announced that it had increased its holdings by approximately 38.46 BTC again.
On October 1, 2024, Metaplanet increased its holdings by another 107.91 BTC.
On October 7, 2024, Metaplanet once again increased its holdings by 108.78 BTC.
On October 11, 2024, Metaplanet once again increased its holdings by 108.99 BTC.
On October 15, 2024, Metaplanet once again increased its holdings by 106.97 BTC, worth 1 billion yen.
On October 23, 2024, Metaplanet completed the 11th round of equity subscription plan and raised $66 million.
On October 25, 2024, Metaplanet announced that it would adopt "BTC yield" as a key performance indicator, which was first introduced by MicroStrategy, a Nasdaq-listed company in the United States. The company believes that this indicator can be used to supplement investors' understanding of the company's decision to finance the purchase of Bitcoin by issuing additional common shares or instruments convertible into common shares.
On October 28, 2024, Metaplanet announced another increase of 156.78 BTC at X.
On November 18, 2024, Metaplanet issued 1.75 billion yen 1-year 0.36% bonds, and the proceeds will be used to increase holdings of more BTC.
On November 19, 2024, Japanese listed company Metaplanet announced that it had purchased an additional 124.11 Bitcoins for 1.6 billion yen.
On November 28, 2024, Metaplanet announced that it plans to raise up to 9.5 billion yen (about 62 million US dollars) through new share subscription rights to accelerate Bitcoin accumulation.
On December 17, 2024, Metaplanet announced that it would issue 4.5 billion yen of ordinary bonds to accelerate the accumulation of Bitcoin, and repayments would be paid from the proceeds of warrant exercise.
On December 18, 2024, Metaplanet announced that Bitcoin Treasury Operations would be an official new business line.
On December 19, 2024, OTC Markets Group (OTCQX), a regulated market operator for U.S. and international securities, announced that Japanese listed company Metaplanet began trading on OTCQX under the code MTPLF, providing U.S. investors with more ways to invest in Metaplanet.
On December 20, 2024, Japanese listed company Metaplanet announced that it would issue the fifth tranche of interest-free ordinary bonds totaling 5 billion yen. The funds raised will be used to accelerate the purchase of Bitcoin, and the bond maturity date is June 16, 2025.
On December 23, 2024, Metaplanet announced that it had purchased 619.70 new BTC, spending a total of 9.5 billion yen (about 60.68 million U.S. dollars).
On January 4, 2025, it was reported that Capital Group, a Los Angeles-based investment company that manages more than $2.3 trillion in assets, has become one of Metaplanet's largest shareholders.
On January 28, 2025, Metaplanet, a Japanese listed company, announced that MetaPlanet will issue 21 million new share subscription rights at a discount rate of 0%, raising approximately 116 billion yen (about $745 million) for further purchases of Bitcoin. This will be the largest Bitcoin purchase fund raising in the history of Asian stock markets.
On January 28, 2025, Metaplanet officially announced its Bitcoin strategic plan for 2025-2026, hoarding 10,000 Bitcoins by the end of 2025, and further increasing to 21,000 Bitcoins by the end of 2026.
On February 10, 2025, Metaplanet announced that it would issue 4 billion yen (about 2,630 US dollars) of ordinary bonds to buy more Bitcoin.
On February 17, 2025, Metaplanet announced an increase of 269.43 BTC.
On February 25, 2025, according to Metaplanet’s announcement, the company has increased its holdings by 135 Bitcoins in the past 5 days, increasing its total holdings from 2,100 to 2,235.
On February 27, 2025, Metaplanet announced that it plans to issue interest-free ordinary bonds to raise 2 billion yen, and will use these funds to buy more Bitcoin.
On March 3, 2025, Metaplanet, a Japanese listed company, announced that it had increased its holdings of 156 Bitcoins, bringing its Bitcoin holdings to 2,391.
On March 12, 2025, Metaplanet Inc. posted on the X platform that it would issue 2 billion yen (about 13.506 million US dollars) of interest-free ordinary bonds to buy more Bitcoin. On the same day, it increased its holdings by 162 Bitcoins.
On March 18, 2025, Metaplanet Inc. announced the issuance of 2 billion yen (about 13.38 million US dollars) of zero-interest ordinary bonds to buy more Bitcoin. On the same day, Metaplanet disclosed that the company had bought an additional 150 Bitcoins.
On March 21, 2025, Metaplanet announced the establishment of a strategic advisory committee and appointed Trump's second son Eric Trump as a member of the strategic advisory committee.
On March 24, 2025, Metaplanet purchased another 150 bitcoins at an average price of 12,570,173 yen per bitcoin, totaling approximately 1.886 billion yen.
On March 31, 2025, Metaplanet announced the issuance of 2 billion yen (approximately $13.38 million) of zero-interest ordinary bonds to purchase more bitcoins.
On April 1, 2025, Metaplanet purchased an additional 696 bitcoins at an average purchase price of 14,586,230 yen per bitcoin (approximately $97,241 per bitcoin).
On April 2, 2025, Metaplanet purchased 160 new bitcoins at an average purchase price of 12,489,609 yen per bitcoin (83,390.62 U.S. dollars).
On April 14, 2025, Metaplanet Inc. announced that it spent 3.78 billion yen to increase its holdings of 319 bitcoins. The average purchase price was 11,845,786 yen.
On April 16, 2025, Metaplanet announced the issuance of $10 million in zero-interest ordinary bonds to purchase more bitcoins.
On April 24, 2025, Metaplanet announced that it had added another 145 BTC, bringing its total holdings to 5,000 BTC.
On May 1, 2025, Metaplanet established a US subsidiary in Florida with a capital of US$250 million, focusing on Bitcoin fund operations.
On May 2, 2025, Metaplanet Inc. announced that it would issue 3 billion yen zero-interest ordinary bonds to increase its holdings of Bitcoin.
On May 7, 2025, Metaplanet purchased 555 additional Bitcoins at an average price of 13,824,064 yen (approximately US$89,000), totaling 7.672 billion yen.
On May 12, 2025, Metaplanet purchased an additional 1,241 Bitcoins at an average purchase price of 14,848,061 yen per Bitcoin, totaling 18.426 billion yen.
On May 13, 2025, Metaplanet issued $15 million interest-free bonds to increase its holdings of Bitcoin.
On May 19, 2025, Metaplanet purchased an additional 1,004 Bitcoins as part of its Bitcoin treasury strategy, with a total amount of 15.195 billion yen, and an average price of about 15.13 million yen per Bitcoin.
On May 28, 2025, MetaPlanet announced the issuance of $50 million interest-free ordinary bonds for additional purchases of Bitcoin.
On May 29, 2025, Metaplanet announced the issuance of $21 million interest-free ordinary bonds to purchase additional BTC.
On June 2, 2025, Metaplanet increased its holdings by 1,088 BTC, bringing its total holdings to 8,888 BTC.
On June 16, 2025, Metaplanet resolved to issue $210 million of interest-free ordinary bonds to the EVO Fund (hereinafter referred to as the "Bondholders"), and the funds raised are planned to be used to purchase Bitcoin. On the same day, Metaplanet purchased an additional 1,112 BTC at a unit price of $105,435, with a total investment of $117.2 million.
On June 23, 2025, Metaplanet announced that it had increased its holdings by another 1,111 BTC, bringing its total holdings to 11,111.
On June 24, 2025, Metaplanet approved a $5 billion injection into its U.S. subsidiary for Bitcoin vault operations, with the goal of holding 210,000 Bitcoins by the end of 2027.
On June 25, 2025, Metaplanet announced that it would issue 54 million shares through the exercise of the 20th stock acquisition right, raising 74.9 billion yen (about 515 million US dollars).
On June 26, 2025, Metaplanet CEO Simon Gerovich announced on the X platform that Metaplanet purchased 1,234 BTC at a price of approximately US$132.7 million, an average of approximately US$107,557 per coin, and achieved a 315% Bitcoin yield so far in 2025.
On June 30, 2025, Metaplanet announced that it would issue 30 billion yen zero-interest ordinary bonds to increase its holdings of Bitcoin.
In summary, from last year to this year, Metaplanet continued to buy BTC crazily and continued to issue bonds to continue to increase its holdings of BTC. Currently, Metaplanet ranks fifth among Bitcoin vault companies, holding a total of 13,350 Bitcoins.
The most direct benefit is to bring Metaplanet back to life.
After the economic slowdown caused by the epidemic, the company was forced to close most of its hotels, leaving only one in operation. When the market value once fell to about $15 million, UTXO Management invested in the company and led the company to adopt a Bitcoin strategy. Since then, Metaplanet's number of shareholders has grown to nearly 50,000, and its market value has soared to $2 billion, becoming the best performing stock among companies with a market value of more than $250 million in the world in 2024.
At the end of 2024, Metaplanet CEO Simon Gerovich said: The company's adoption of a Bitcoin strategy has caused its stock price to rise by about 1,017% so far this year, becoming the best performing Japanese stock in 2024. According to Yahoo Finance, its share price rose 740% in the six months of last year, climbing from $190 in April to nearly $1,600 in November. Metaplanet stock has been on a tear in 2025, especially reaching an all-time high of 1,930 yen on June 18, up 492% from 326 yen on December 30, 2024. On May 14, Metaplanet released its financial report: Metaplanet achieved the best performance in the company's history this quarter, with revenue of $6.139 million, an increase of 8% month-on-month and a surge of 943% year-on-year, and profit of $4.151 million, an increase of 11% month-on-month, of which 88% of the revenue came from the sale of Bitcoin options.
Secondly, Metaplanet is also transforming from a local Japanese company to a global BTC treasury company. On June 6, Metaplanet CEO Simon Gerovich announced on the X platform that the company has set the largest equity financing in Asia to date for the purchase of Bitcoin, with a financing scale of $5.4 billion, aimed at accelerating the Bitcoin strategy. Metaplanet's new goal is: to reach 210,000 Bitcoins by 2027. In addition, the company has established a subsidiary in Miami, USA, with a capital of $250 million, and raised approximately 76.6 billion yen through warrant financing for Bitcoin acquisitions.
As of press time, Metaplanet holds 12,345 bitcoins at an average cost of about $97,036, with a total value of $1.332 billion. The company's balance sheet is deeply tied to the price of Bitcoin - if the price falls to $9,396 (a 91% drop from the current market price), the company will be insolvent. On June 13, when the conflict in the Middle East escalated, BTC fell by more than 6.4%, and Metaplanet's stock price also fell. On May 27, Metaplanet's Bitcoin premium soared to $596,154, which means that shareholders have five times more exposure to Bitcoin through Metaplanet shares.
However, Metaplanet CEO Simon Gerovich once said: Metaplanet's Bitcoin rating is 69.24 times, maintaining an extremely strong and flexible capital structure. The net asset value of the company's Bitcoin holdings is much higher than its liabilities, ensuring that all bonds can be covered even if the price of Bitcoin falls to $2,000.
As mentioned above, Metaplanet has transformed from a hotel business to a BTC treasury company, so there may be shortcomings in BTC storage and compliance operations. At present, the Japanese Financial Services Agency (FSA) has not yet clarified the accounting rules for companies holding Bitcoin. If the balance sheet is required to be adjusted daily at market prices in the future, the volatility of the company's financial statements will surge, which may trigger a default on the financial indicators in the debt covenant. And because Metaplanet only retains one hotel and lacks the support of physical business, it will be hit if the crypto market fluctuates too much.
Matthew Sigel, head of digital assets at VanEck, has warned that companies like Metaplanet raising large amounts of funds to buy Bitcoin may turn from strategic growth to shareholder damage. "Once you trade at net asset value, shareholder dilution is no longer strategic, but erosion." If a company's stock is no longer trading at a premium, issuing more shares to buy Bitcoin will dilute rather than increase its value-a red flag for investors. Therefore, the way a company manages its capital reserves directly affects the company's value and its ability to withstand economic recessions. For public companies, this means that shareholder approval is required to launch a Bitcoin treasury.
Metaplanet will most likely continue to participate deeply in the BTC market in the future. Metaplanet Bitcoin Strategy Director Dylan LeClair once pointed out that he will explore various opportunities to obtain additional Bitcoin, including any opportunities that exist in the capital market. CEO Simon Gerovich said, "In uncertain times, Bitcoin is a safe haven, tenacious, borderless, and unstoppable. BTC will rise to $1 million."
In the short term, the continued high volatility of BTC prices will support Metaplanet's stock price, but in the long term, factors such as imperfect supervision and lack of real industry support also pose a threat to Metaplanet. Although Metaplanet is a classic case of a Japanese local company's transformation from traditional industries to the cryptocurrency industry, whether its future development will create miracles or cause concern will at least take until the end of this round of market cycle to see the answer.
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