Metaplanet
Tokyo Stock Exchange: 3350Metaplanet used to run budget hotels. Now it's Asia's largest corporate bitcoin holder, financed in a currency that keeps getting weaker — on purpose.
Last verified: Jul 3, 2026
Who they are
Metaplanet is a Tokyo-listed company that pivoted from a struggling hotel and web-services business into Japan’s first, and by far largest, corporate bitcoin treasury — often nicknamed “the Strategy of Asia.” Under CEO Simon Gerovich, the company adopted bitcoin as its core treasury reserve asset in 2024 and has scaled its holdings at a pace that now makes it the third-largest corporate bitcoin holder in the world, trailing only Strategy and Twenty One Capital.
Its roughly 250,000 individual Japanese shareholders make Metaplanet an unusually retail-driven bitcoin proxy — for many, it’s the simplest way to get bitcoin exposure through a familiar domestic brokerage account rather than a crypto exchange.
What they actually do
Accumulate bitcoin using yen-denominated capital. Metaplanet funds purchases through equity offerings, zero-interest bonds, and options strategies, tracking its own “BTC Yield” metric — the same bitcoin-per-share philosophy Strategy popularized.
Run an income-generating options strategy alongside its holdings. Rather than simply holding bitcoin passively, Metaplanet sells cash-secured put options below the market price to collect premium income, using its “Bitcoin Income Generation” business to lower its effective average purchase cost.
Build a bitcoin-centered financial ecosystem in Japan (“Project Nova”). Metaplanet acquired Siiibo Securities, a licensed Japanese brokerage, with plans to rebrand it as Metaplanet Securities and launch bitcoin-backed yield products, lending, and structured securities aimed directly at Japan’s roughly $7 trillion pool of low-yield household savings.
How they make money
Bitcoin price appreciation on its treasury, options-premium income from its Bitcoin Income Generation strategy, and — pending Project Nova’s rollout — fees from bitcoin-linked financial products sold through its new securities subsidiary.
Where it sits in the value chain
The bigger trend it’s riding
Metaplanet is at the center of an accelerating regional pattern: several Japanese firms and now companies in South Korea and Taiwan are explicitly citing Metaplanet as their model for adopting bitcoin treasuries. Its structural edge is currency — because it borrows in a persistently weakening yen while holding an appreciating dollar-denominated asset, the arithmetic of its “carry trade” has generally worked in its favor, an advantage most US-based treasury peers don’t share.
What to watch (not what to do)
What to watch (not what to do)
- Dilution from continuous capital raises. Every new equity issuance to fund further bitcoin purchases dilutes existing shareholders — a structural tension for any accumulation-focused treasury company.
- Yen dynamics reversing. The favorable "cheap yen, appreciating bitcoin" dynamic depends on continued yen weakness. A meaningful yen strengthening would remove a real part of Metaplanet's current advantage.
- Execution on Project Nova. Owning a brokerage license is a first step; actually launching, marketing, and scaling bitcoin-backed yield products to retail Japanese investors is a much larger undertaking.
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