In a bold reaffirmation of its Bitcoin-centric strategy, Japanese investment firm Metaplanet Inc. has acquired 1,004 BTC, valued at $104.3 million, pushing its total Bitcoin holdings to an impressive 7,800 BTC. The announcement sent its stock price soaring by 12.6%, closing at 702 yen, its highest level in over three months.
Even more remarkable, Metaplanet’s shares have gained over 101% in the past month, signaling a dramatic shift in investor sentiment and confidence in the company’s digital asset approach.
Bitcoin-Fueled Momentum
Metaplanet’s surge follows a series of aggressive moves that have transformed the company from a traditional investment firm into one of Japan’s most prominent corporate Bitcoin holders. The latest purchase was funded through zero-coupon bonds, continuing a strategy it used in previous rounds to expand its exposure to Bitcoin without liquidating core assets.
By leveraging these debt instruments — which pay no interest and are issued at a discount — Metaplanet is betting big on the long-term upside of BTC, effectively borrowing today to hold what it believes will be a stronger store of value tomorrow.
BTC Now Core to Revenue Model
What may surprise many observers is how deeply Bitcoin has already integrated into Metaplanet’s financials. In its Q1 2025 earnings report, the company disclosed that a staggering 88% of its revenue was derived from Bitcoin options trading.
This shift signals that BTC is no longer just a treasury asset or hedge on the balance sheet — it’s become the company’s primary source of income.
By focusing on derivatives like options, Metaplanet appears to be capitalizing not just on Bitcoin’s market value, but on its volatility, liquidity, and growing institutional demand. This operational model suggests that Metaplanet is evolving into a hybrid investment and crypto-financial services firm, a rare transition among traditional players.
Drawing Comparisons to MicroStrategy
Metaplanet’s strategy is increasingly being compared to that of MicroStrategy, the U.S.-based business intelligence firm that famously pivoted into Bitcoin accumulation starting in 2020. Like MicroStrategy, Metaplanet has adopted Bitcoin as a strategic reserve asset and as a tool to build shareholder value.
But there are differences. While MicroStrategy’s income remains largely tied to enterprise software, Metaplanet is visibly shifting toward becoming a Bitcoin-native business — where both assets and revenue are tied directly to crypto markets.
This evolution is significant in the context of Japan, a country historically cautious toward digital assets. Metaplanet may be paving the way for more regulated financial institutions in Asia to explore Bitcoin-backed strategies.
Investor Confidence Growing
The stock’s rise over the past month reflects growing investor interest in digital-asset exposure through equity markets. For retail and institutional investors in Japan who may not be ready to hold BTC directly, Metaplanet offers a proxy Bitcoin investment wrapped in traditional market infrastructure.
With BTC’s recent price recovery and renewed global attention on Bitcoin ETFs, Metaplanet’s timing appears strategic. By expanding its holdings during market rebounds, the company positions itself to benefit from both asset appreciation and increased trading activity.
What’s Next?
As Metaplanet continues to intertwine its operations with Bitcoin, questions arise about how far this strategy can scale — and whether more public companies in Japan or the broader Asia-Pacific region will follow suit.
For now, one thing is clear: Metaplanet has transformed itself into a crypto-forward enterprise, with a business model, revenue stream, and investor base that’s increasingly centered on Bitcoin.
If market conditions continue to favor digital assets, Metaplanet may not just be riding the wave — it may be helping shape the next phase of institutional Bitcoin adoption in Asia.