Metaplanet Flips Musk’s Tesla in Bitcoin Race, Becomes Fifth-Largest Holder

This aggressive buying streak reflects not just a corporate investment strategy, but a deliberate pivot in Metaplanet’s business identity. The Tokyo-listed firm has embraced a bold transformation into a Bitcoin-centric treasury operation, following a playbook reminiscent of U.S.-based Strategy. Since beginning this strategy in 2024, the firm has quickly climbed the ranks of Bitcoin-holding public companies.

While many in the West associate corporate Bitcoin accumulation with American firms, Metaplanet’s rise is reshaping that narrative. The company’s journey has been nothing short of dramatic. After rebranding and unveiling its Bitcoin-first roadmap, Metaplanet has laid out a multi-year vision that could eventually place it among the very top holders globally.

Metaplanet’s transformation is not limited to financial statements. The company has undertaken symbolic initiatives to showcase its Bitcoin alignment. Its flagship Tokyo hotel is undergoing rebranding as “The Bitcoin Hotel,” expected to reopen in 2026.

This dual-pronged strategy, both treasury accumulation and ecosystem building, sets Metaplanet apart from firms that simply hold BTC as a hedge. It positions the company as a cultural and economic vehicle for Bitcoin normalization within Japan’s traditionally conservative financial environment.

While Tesla’s BTC position remains static at 11,509 BTC, its lack of recent activity has allowed others to overtake it. Despite Elon Musk’s public support for cryptocurrency innovation, Tesla has not signaled plans to expand its digital asset reserves. In fact, some of its earlier holdings were liquidated in 2022 to strengthen cash flow during economic turbulence.

Tesla remains a pivotal figure in the history of corporate Bitcoin adoption, but its recent silence contrasts with the bold moves from firms like Metaplanet and Strategy. With institutional attention shifting increasingly toward active participation in crypto ecosystems, firms standing still risk falling behind in perception and influence.

Investors have responded enthusiastically to Metaplanet’s crypto-forward approach. The company’s stock price has surged nearly 9,000% in under two years, a meteoric rise rarely seen in traditional equities. Analysts point to Metaplanet’s transparent Bitcoin-first strategy, its capital injection plans, and its role in reshaping Japan’s digital finance identity as key reasons for the sustained rally.

The rise of Asian entities like Metaplanet may also accelerate policy discussions in Japan about Bitcoin’s regulatory treatment. While Japanese authorities have maintained relatively progressive digital asset frameworks, the emergence of major Bitcoin-holding firms on the Tokyo Stock Exchange could push lawmakers to further clarify or modernize tax, treasury, and reporting regulations.

Metaplanet’s ascent may be just the beginning of a wider trend. As economic uncertainty continues and fiat currencies come under pressure, more corporations, particularly outside the U.S.,are reconsidering their balance sheet strategies. Bitcoin’s scarcity and growing institutional support are making it increasingly attractive not only as a hedge but as a long-term capital reserve.

If Metaplanet succeeds in executing its “555 Million Plan,” it could hold more Bitcoin than the combined reserves of multiple Fortune 500 companies. Such a development would make Japan, through a single company, a central player in Bitcoin’s institutional era.