Japan’s Metaplanet Surpasses 20,000 BTC, Ranks Sixth in Bitcoin Holdings

Metaplanet’s transformation has been remarkable, shifting from a hospitality and media focus toward positioning Bitcoin as its principal treasury asset. Beginning around 2024, the company embarked on a new course centered around digital asset accumulation. This strategic realignment has driven a surge in market value, although its share price remains highly volatile. To maintain momentum, Metaplanet has tapped financial markets, issuing bonds and equity and secured shareholder support for further fundraising initiatives.

Adding to this, strategic advisor Eric Trump has amplified the company’s visibility. He played a key role in shaping Metaplanet’s shift toward a Bitcoin-first approach and is expected to visit Japan soon to support investor outreach. His involvement aligns with its long-term vision of accelerating Bitcoin acquisitions and expanding its presence among top corporate holders.

Investor sentiment toward Metaplanet has been highly volatile. Some of its Bitcoin purchases have been met with enthusiasm in the market, while others have coincided with notable sell-offs in its stock. This mixed reaction reflects the tension between the company’s long-term ambition to build one of the world’s largest Bitcoin treasuries and the near-term concerns of shareholders. On one side, Metaplanet is offering Japanese investors exposure to Bitcoin on an unprecedented scale. On the other hand, its heavy reliance on capital raising through bonds and share issuances has raised questions about potential dilution, financial risk, and the sustainability of its strategy.

Crossing the 20,000-BTC threshold may only be the beginning. Metaplanet has publicly signaled plans to expand its holdings dramatically in the coming period, potentially elevating its stake to a meaningful portion of the total Bitcoin supply. That kind of scale would elevate it among the most significant corporate players in the digital-asset space. The company’s approach clearly parallels the playbook of Strategy in the United States, which positioned Bitcoin as a long-term reserve asset rather than holding traditional cash or bonds.

What makes Metaplanet’s strategy especially notable is the context in which it’s operating. Japan’s traditionally cautious financial environment, strong corporate governance framework, and relatively muted institutional interest in cryptocurrencies make this pivot particularly distinctive in the region.

Metaplanet has emphasized that traditional accounting alone does not capture the full impact of its Bitcoin-first strategy. To highlight its approach, the company has introduced its own way of measuring value, focusing on how Bitcoin ownership relates to shareholders rather than treating it as a speculative holding. The idea is to frame Bitcoin as a strategic reserve on the balance sheet, showing investors how each new purchase potentially strengthens the company’s position over time. If this type of thinking were adopted more broadly, it could change how markets judge corporate treasuries that hold large amounts of Bitcoin.

Metaplanet’s aggressive accumulation also carries broader significance beyond its balance sheet. It positions Tokyo’s capital markets as a focal point for Bitcoin exposure in Asia, a region where institutional adoption has trailed the United States and Europe. It illustrates how shareholder-backed treasury strategies can scale Bitcoin holdings dramatically, in contrast to traditional models of cash reserves. It also raises the stakes in global rankings, as companies now compete not only in core business performance but in the size of their Bitcoin reserves. This dynamic is already visible: with Riot overtaken, the next threshold may involve competing against Coinbase, Galaxy Digital, and eventually Strategy itself.

Metaplanet’s trajectory remains ambitious and uncertain. Achieving its longer-term goals will require continued access to capital, sustained investor support, and resilience against Bitcoin’s notorious price volatility. Its stock performance suggests that shareholders are divided: some see a visionary strategy that could deliver immense value, while others worry about the risks of concentrating so heavily in one volatile asset. What is clear is that Metaplanet has already changed the conversation. In less than two years, a company once known for hotels has become a central figure in the global Bitcoin ecosystem. Its rise illustrates both the promise and the peril of treating Bitcoin not just as a hedge, but as the foundation of corporate strategy.