If I told you that a Japanese company that once relied on operating couples' hotels is now trying to become the largest custodian of Bitcoin assets in Asia, what would you think?
This is not a whimsical idea from the capital markets, but a reality occurring in Tokyo. Metaplanet—this company with a name that sounds somewhat sci-fi—is undergoing a deep transformation that can be described as a commercial script. Once, their main business was collecting deposits for room keys; now, they hold Bitcoin private keys worth hundreds of millions of dollars.
From hotel to crypto treasury, Metaplanet has completed a magnificent transformation in just over a year, becoming Asia's largest publicly listed Bitcoin holder, ranked 11th globally. Even more surprising is that they did not simply follow the trend of buying, but instead built an enterprise model deeply tied to Bitcoin through a set of sophisticated capital and asset management logic.
In the capital market where restlessness and turmoil coexist, this transformation is worth careful dissection.
01. Background: Breaking the deadlock in a dilemma.
Metaplanet's transformation did not stem from grand ideals but was a forced reality. As a traditional hotel operator, the company's long-term profitability was weak, the stock price had been stagnant for years, and the asset turnover rate was disappointing. In early 2024, facing operational difficulties, the board welcomed Simon Gerovich—a seasoned capital expert from investment banking.
The strategy he brought is something most people wouldn't dare to think of: turning Metaplanet into the 'Japanese version of MicroStrategy', fully betting on Bitcoin.
This is not just a transformation, but a thorough shift in business paradigms. And in a country like Japan, which has a conservative financial system and traditional corporate culture, this is tantamount to declaring war on the market.
02. Bitcoin Strategy: From small trials to a full all-in.
Metaplanet's Bitcoin story began in May 2024 with the first purchase of 117.7 Bitcoins, valued at approximately $7.2 million. In the following year, they frequently increased their holdings, advancing step by step.
By September 2024, total holdings exceeded 100 coins;
By December 2024, holdings surged to 1,762 coins;
In the first quarter of 2025, they amassed 5,034 Bitcoins;
By May 2025, the latest holdings reached 6,796 coins, more than the official reserves of El Salvador.
Its average holding cost is about $89,492 per coin. Compared to the current coin price of nearly $110,000, the paper profit is already quite considerable.
More importantly, Metaplanet is not simply hoarding coins, but has built a revenue model around Bitcoin. They achieve additional income under controlled risk by selling cash-backed put options. In the first quarter of 2025, 88% of the company's revenue came from this strategy, with only 12% contributed by hotel operations.
And with the help of intelligent investment research platforms like Mlion.ai, analyzing on-chain fund flows and capturing market volatility signals is the underlying support behind such complex strategies. Using AI to refine data is essential to seize opportunities in a rapidly changing market.
03. Financing Logic: How does smart money snowball?
Where does the funding come from? Metaplanet demonstrates a nearly textbook-style innovative financing combination:
Dynamic exercise price warrants: only convert to shares when stock prices rise, avoiding dilution of shareholder interests. To date, they have raised 76.6 billion yen in this way.
Zero-coupon bonds: issuing zero-interest bonds, almost free financing. The latest financing of 3.6 billion yen was obtained through this method.
Options income: selling Bitcoin put options to obtain premiums, and if the market crashes, they can buy at a lower price.
Hotel cash flow: though small, it remains stable as a supplement.
All funds ultimately flow to the same destination—more Bitcoin.
This positive feedback loop amplifies Metaplanet's capital leverage. As stock prices rise, more warrants convert to shares, continuing to raise funds and buying more Bitcoin. With Bitcoin rising, the company's paper assets surge, further stimulating the stock price increase.
Moreover, through on-chain data monitoring and market prediction modules provided by Mlion.ai, enterprises can more precisely capture market sentiment and avoid being on the wrong side of the cycle, which is particularly important in the management of high-volatility assets.
04. Compared to MicroStrategy: More aggressive and more efficient.
Metaplanet's model is clearly inspired by MicroStrategy, but they are more aggressive than the latter.
MicroStrategy took 19 months to increase its BTC holdings to the current scale;
Metaplanet only took 3 months, with a holding growth rate 3.8 times that of the former;
MicroStrategy relies on the mature capital markets in the United States and can issue convertible bonds;
Metaplanet, in Japan's more conservative financial environment, is entering with warrants and zero-coupon bonds.
Additionally, Metaplanet has introduced its unique KPI—BTC Yield Rate, measuring the growth of Bitcoin holdings per share over time. In the first quarter of 2025, this indicator reached an astonishing 170%. Even in the context of continuous issuance, shareholders' Bitcoin rights have actually increased.
This innovative indicator system is very similar to the strategy tracking section of Mlion.ai in the investment research field, using data-driven precise assessments to break free from emotional interference.
05. Risks and Future: The cold reflection behind the stakes.
Of course, any radical strategy carries risks. Metaplanet's success or failure is almost entirely tied to Bitcoin's price trend. If Bitcoin experiences a long-term decline, the company's profit model will face challenges, and even the entire financing closed loop may fail.
But conversely, as institutional and national-level Bitcoin adoption continues to rise, Metaplanet has firmly established itself as the 'first stock with Bitcoin exposure in Japan'. Whether domestic retail investors or overseas institutions, there are almost no alternatives in the Japanese market for those looking to invest in Bitcoin through traditional securities channels.
In the future, they are also extending their reach overseas, establishing Metaplanet Treasury Corp, planning to raise $250 million in the US market to expand holdings.
With the support of new AI investment research platforms like Mlion.ai, in the future, more traditional companies may also follow in Metaplanet's footsteps, incorporating crypto assets as a new core asset management logic.
06. Conclusion: In turmoil, only the reformers survive.
The story of Metaplanet is a script about the life and death choices of a business. Faced with the declining traditional business, they chose the most radical way to bet on the future, betting on Bitcoin.
Is it reckless or visionary? It is too early to draw conclusions now. But one thing is certain: the courage for a complete transformation that Metaplanet has shown is providing a new template for global enterprises.
In this dizzying era of rapid change, those who can truly navigate the cycles may be the ones who dare to bet all their chips in the darkest moments.
For those wanting to establish a foothold in the crypto market, perhaps you can also leverage smart investment research platforms like Mlion.ai, which provide on-chain insights, market sentiment tracking, and asset allocation advice, to find your own path to breakthrough.
Disclaimer: The above content is for informational sharing only and does not constitute any investment advice! Investment involves risks, and one must be cautious when entering the market.
