Japanese hospitality company Metaplanet has transformed from a modest hotelier into a cryptocurrency powerhouse, with its market capitalization exploding past ¥1 trillion ($6.9 billion) for the first time.
This remarkable achievement places the company ahead of established giants like memory chipmaker Kioxia Holdings, semiconductor equipment maker Screen Holdings, and even Tokyo Metro, which operates one of the world’s largest subway networks.
The stock’s meteoric rise of nearly 400% in less than two months exemplifies the extraordinary gains possible when traditional companies embrace Bitcoin as a treasury asset. Metaplanet’s shares rocketed 26% on Monday alone following the announcement of its latest ¥16.9 billion Bitcoin purchase, coinciding with Bitcoin’s record-breaking surge to $111,980 on May 22.
Metaplanet’s transformation mirrors the strategy pioneered by MicroStrategy, the software company that has accumulated over $60 billion worth of Bitcoin.
However, Metaplanet has taken this approach to new extremes, with ambitious plans to raise approximately $5.4 billion to further expand its Bitcoin holdings. The company recently issued $210 million in no-interest bonds specifically to purchase more cryptocurrency, demonstrating its unwavering commitment to the digital asset strategy.
Bitcoin Treasury Dominance
Metaplanet’s latest acquisition of 1,112 Bitcoin pushed its total holdings to an impressive 10,000 BTC, officially surpassing Coinbase to become the seventh-largest publicly traded company by Bitcoin treasury holdings. This milestone represents a significant shift in corporate cryptocurrency adoption, as a former hospitality company now holds more Bitcoin than one of the world’s leading cryptocurrency exchanges.
The company’s average cost basis stands at approximately $96,400 per Bitcoin, positioning it favorably given current market conditions. Metaplanet’s aggressive accumulation strategy has established it as a major institutional player in the cryptocurrency space, with holdings that rival dedicated crypto companies and financial institutions.
Looking ahead, Metaplanet has set an audacious target of holding 210,000 BTC by the end of 2027, requiring the purchase of an additional 200,000 Bitcoin over the next 18 months. This ambitious goal would cement its position among the world’s largest corporate Bitcoin holders and further strengthen its identity as a Bitcoin-focused investment vehicle.
Market Skepticism Amid Success
Despite the impressive gains, not all market participants are convinced of Metaplanet’s sustainability. Short positions have swelled to approximately 23% of the company’s free float, representing the highest short interest among Tokyo-listed companies of comparable size.
The skepticism is perhaps understandable given the company’s dramatic transformation and the volatile nature of cryptocurrency markets. Listed on the Tokyo Stock Exchange’s Standard section for medium-sized companies, Metaplanet operates with basic governance standards and notably lacks any analyst coverage despite being the largest stock on the exchange in this category.
However, institutional demand for Bitcoin continues to demonstrate resilience even amid market volatility. Bitcoin exchange-traded funds experienced five consecutive days of net inflows last week, attracting over $1.3 billion from institutional investors.
Metaplanet’s remarkable journey from hospitality to cryptocurrency treasury management represents a bold bet on Bitcoin’s long-term value proposition, transforming shareholders into participants in one of the most dramatic corporate pivots in recent financial history.
