- Metaplanet aims to acquire 210,000 BTC by 2027 and leverage it to buy digital-first, cash-generating businesses in Japan.
- CEO Simon Gerovich plans to use Bitcoin as collateral to fund strategic acquisitions, possibly including a digital bank in Japan.
- Inspired by MicroStrategy, Metaplanet’s Bitcoin-heavy model has pushed its market cap above $7B despite low operating revenue.
Metaplanet, the Tokyo-based former hotel chain, is intensifying its Bitcoin strategy with plans to leverage its holdings to buy profitable businesses. CEO Simon Gerovich confirmed the company wants to use its Bitcoin as collateral to acquire cash-generating assets. The firm recently told the Financial Times it could even target a digital bank in Japan. This move signals a major shift as Metaplanet evolves into a full-fledged Bitcoin treasury company. Notably, its share price has skyrocketed by over 345% in 2024, despite the firm generating minimal revenue.
Aggressive Accumulation Strategy
Besides being Japan’s top corporate Bitcoin holder, Metaplanet now aims to hold 210,000 BTC by 2027. That represents nearly 1% of Bitcoin’s total supply and would be worth over $23 billion at current prices. Currently, the company owns 15,555 BTC. This aggressive plan mirrors MicroStrategy’s approach under Michael Saylor, where shares fuel further Bitcoin buys. Consequently, Metaplanet’s market cap has soared past $7 billion. Gerovich believes reaching “escape velocity” will make it hard for competitors to catch up.
Moreover, Gerovich emphasized that phase two involves borrowing against Bitcoin, like bonds or securities. While crypto-backed loans are common within Web3, traditional banks remain cautious. However, recent steps by Standard Chartered to accept digital assets as trading collateral hint at a slow shift. Metaplanet hopes this trend grows, allowing it to unlock financing tied to Bitcoin.
Pivot Toward Digital Finance
Metaplanet plans to focus acquisitions on firms aligned with its Bitcoin-first vision. “Maybe it is acquiring a digital bank in Japan,” Gerovich said, suggesting an entry into the fintech. Additionally, he expressed openness to issuing preferred shares to raise capital, though he firmly opposes convertible debt.
However, critics continue to question the viability of Bitcoin treasury models. Veteran investor Jim Chanos recently labeled related metrics like “Bitcoin yield” as financial nonsense. Yet Gerovich remains unfazed. “I encourage people to short our stock,” he said, reinforcing his long-term conviction.
