Why Japan’s Most Traded Stock Is No Longer a Tech Giant—It’s a Bitcoin-Heavy Former Hotel Company

Bitcoin-Focused Metaplanet Overtakes Japan’s Stock Market With Record Trading Surge

Japanese investors are pouring into Metaplanet Inc., a Tokyo-listed investment firm, which has emerged as the most bought stock in the country through NISA accounts.

The company’s strategy of tying its equity value to Bitcoin has turned it into a proxy for crypto exposure—without the hefty tax implications of direct crypto ownership.

Tax-Free Investment Route Drives Popularity

Metaplanet’s recent rise is largely tied to the Nippon Individual Savings Account (NISA), a tax-exempt investment scheme that allows individuals to invest in approved stocks without incurring capital gains tax.

With Japan taxing direct crypto gains at rates as high as 55%, many investors have turned to equities like Metaplanet to bypass these costs.

The firm’s board director, Shinpei Okuno, posted on X,

“I happened to be checking my timeline and noticed that MetaPlanet was ranked first in the NISA purchase rankings of SBI Securities customers last week.”

This was echoed by CEO Simon Gerovich, who added,

“Metaplanet was the #1 most bought stock last week via NISA accounts at SBI Securities, Japan’s largest online broker.

Japanese investors are using NISA, a tax free investment scheme, to get exposure to Bitcoin without paying capital gains tax.

Bitcoin + zero tax + leverage = Japan’s ultimate Bitcoin proxy.”

SBI Securities Confirms Retail Momentum

SBI Securities, Japan’s largest online brokerage, confirmed Metaplanet’s position as the most actively purchased stock last week under the revamped NISA programme, which was enhanced in January 2024.

Traditionally used for blue-chip stocks and index funds, NISA is now being reimagined by retail investors seeking crypto-linked assets.

Okuno acknowledged that despite the surge in purchases, Metaplanet has yet to enter the top ranks for balance of holdings, meaning the stock forms only a small portion of overall portfolios.

He added on in the same X post,

“So we feel that we need to further strengthen our educational activities so that we can move up the rankings in terms of balance and have people consider Metaplanet as one of their long-term investment options!”

From Hotel Chain to Bitcoin Proxy

Originally operating in the hotel and hospitality sector, Metaplanet shifted its business model in 2024 to focus entirely on Bitcoin.

It began converting its cash reserves into BTC, presenting the move as a hedge against Japan’s long-standing economic instability and rising public debt.

Since adopting this strategy, the firm has accumulated over 7,800 BTC, including a recent purchase of 1,004 BTC for ¥15.9 billion ($104.3 million), bringing its Bitcoin portfolio to approximately $712.5 million.

This Bitcoin treasury approach mirrors that of MicroStrategy and has positioned Metaplanet as a key equity alternative for digital asset exposure.

As part of its international expansion and strategic push, the company has appointed Eric Trump—son of US President Donald Trump—to its Strategic Board of Advisors.

The company aims to acquire 10,000 BTC by the end of 2025 and double that by 2026.

In fact, Metaplanet now holds more Bitcoin than El Salvador.

Trading Volume Hits Record Highs

The firm became the most traded stock in Japan after a single-day volume hit ¥132 billion (around $920 million), with 158.8 million shares changing hands.

It outperformed giants like Nippon Telegraph, Mitsubishi Heavy Industries, and SoftBank in market activity.

Globally, it also ranked 3rd and 4th on the OTC Markets for dollar volume and number of trades among nearly 12,000 companies.

Investors—both institutional and retail—are closely watching Metaplanet as a way to access Bitcoin-related opportunities without stepping into the complexities of crypto regulation.

High Volatility Attracts Traders, Despite Short Pressure

Metaplanet’s rapid price swings have become a feature, not a flaw.

Traders have embraced the volatility, viewing it as an opportunity amid momentum-driven market sentiment.

Liquidity remains high, with large volumes enabling smooth entries and exits.

At the same time, short interest has also climbed.

By early April, 25.25% of the firm’s float had been borrowed, making it the most shorted stock in Japan.

A sustained rise in Bitcoin prices could trigger a short squeeze, further fuelling price momentum through forced buybacks.

Japan’s Bitcoin ETF Alternative?

While Japan has yet to approve a spot Bitcoin ETF, Metaplanet’s stock is now being viewed as the next best thing.

It offers retail investors a regulated, tax-efficient path to participate in Bitcoin’s price action—without directly holding the asset.

This trend is being closely watched by analysts, who see it as a case study in how traditional markets and regulatory tools like NISA can be repurposed to support digital asset exposure.

In a country where crypto spending—even on a cup of coffee—is taxed, Metaplanet has carved out a niche that blends regulation, innovation, and investor demand.