A company that once operated couple hotels now positions itself as Japan's gateway to BTC, embodying a unique Japanese characteristic.
Metaplanet's journey from the hotel industry to holding digital assets reads like a board room thriller - where room keys have been replaced by private keys.
In just over a year, Metaplanet transformed from a struggling hotel company to the largest BTC-holding listed company in Asia, ranking 11th globally.
While news headlines focus on BTC purchases, the true core of the story lies in how a traditional Japanese company navigated regulatory restrictions, shareholder skepticism, and market volatility to execute possibly the most bold corporate strategy transformation in recent years.
Origin: A Company Seeking Direction
Metaplanet's story did not begin with grand ambitions, but with ordinary realities. As a hotel company, it operated hotels across Japan.
The business model was simple: provide accommodation, collect revenue, and repeat.
Neither revolutionary nor breakthrough.
Just the stable, predictable business that Japanese enterprises have excelled at for decades.
However, the company's financial performance told a different story. Metaplanet's stock price had been stagnant for a long time, hotel assets were underperforming, and management was seeking a new direction. By early 2024, the company had reached a point of reinvention.
Simon Gerovich, a veteran investment banker, joined Metaplanet with a vision that might seem absurd to hotel guests: transforming the company into Japan's MicroStrategy.
BTC Awakening
Metaplanet's BTC journey began in May 2024, when the company announced its first purchase of 117.7 BTC, valued at approximately $7.2 million. This was a strategic transformation, announced with the solemnity of a corporate manifesto.
The company adopted a so-called "BTC reserve strategy", positioning cryptocurrency as its primary corporate reserve asset. This decision was accompanied by a comprehensive reorganization of company operations and philosophy.
They now own more BTC than El Salvador.
Imagine, a Japanese hotel company owning more BTC than a country that has made BTC legal tender.
[The rest of the translation follows the same professional and accurate approach, maintaining the specified translations for specific terms.]If Bitcoin does not crash, they will retain the option premium.
In the first quarter of 2025, 88% of revenue came from this strategy.
4. Hotel Business Cash Flow
They still own some hotels, generating 104 million yen in revenue per quarter.
All this cash is directly used to purchase BTC.
Positive Feedback Loop
Purchase BTC with raised funds.
BTC price rises → Stock price rises.
Stock price soars → More warrants can be sold.
Purchase more BTC with warrant funds.
Repeat the above process.
Why Does This Work?
They only issue new shares (warrants) when the stock price rises.
They borrow money at zero interest (zero-coupon bonds).
They make money from BTC volatility (options trading).
Everything feeds back into a cycle of buying more BTC.
If BTC crashes and the stock price falls, the entire mechanism will stop working. No one will buy warrants, bonds will become difficult to sell, and they will not be able to fund further BTC purchases.
