Metaplanet has emerged as the largest corporate holder of Bitcoin in Asia, boasting a portfolio of 43,000 BTC. It is traded on the Tokyo Stock Exchange under the ticker 3350 and is available in the U.S. as MTPLF.

Why is Metaplanet Called the "Asian Strategy"?

The company has transitioned from managing a hotel business through Web3 consulting to establishing a major corporate Bitcoin treasury in Asia. This shift has drawn comparisons to Michael Saylor's strategy, earning Metaplanet the nickname "Asian Strategy." Simon Gerovich, previously a derivatives trader at Goldman Sachs, serves as the CEO.

What Was the Company Doing Previously?

Prior to February 2023, Metaplanet operated under the name Red Planet Japan and managed a network of budget hotels. However, the COVID-19 pandemic severely impacted the hospitality sector, leading to a decline in revenue and occupancy rates, forcing the company to sell off many of its hotel assets.

After several attempts to pivot, Metaplanet announced in April 2024 that it would adopt Bitcoin as its primary reserve asset, investing approximately ¥1 billion. This decision was influenced by Japan's macroeconomic conditions, including the rapid depreciation of the yen, a national debt exceeding 200% of GDP, and negative real interest rates. Bitcoin was positioned as a long-term hedge against currency devaluation. The company also aimed to integrate its hotel legacy into its new strategy. In January 2025, Metaplanet announced plans for The Bitcoin Hotel in Tokyo, which would feature the world’s first Bitcoin gallery, an art museum, and spaces for the crypto community to gather. Although the launch was slated for the third quarter of 2025, it has yet to open, and Metaplanet has not provided an updated timeline.

Welcome to The Bitcoin Hotel, opening in Tokyo in Q3 2025! Operated by Metaplanet, we’re more than just a hotel — we’re a hub for Bitcoin adoption, education, and community. Featuring a world-first Bitcoin gallery, an art museum, and spaces to connect, we aim to inspire and unite… pic.twitter.com/d5J8jTyPca

— The Bitcoin Hotel (@bitcoinhotel_jp) January 10, 2025

Alongside these initiatives, Metaplanet has focused on educating the public about digital finance. The company secured rights to publish Bitcoin Magazine in Japan and promotes Bitcoin among local retail investors.

Source: Bitcoin Japan.

A pivotal moment in Metaplanet's international expansion occurred in March 2025, when Eric Trump joined its strategic advisory board, enhancing the company’s profile outside Japan.

Metaplanet is thrilled to welcome Eric Trump to our newly formed Strategic Board of Advisors. His business expertise and passion for BTC will help drive our mission forward as we continue building one of the world’s leading Bitcoin Treasury Companies.

Welcome aboard @EricTrump! pic.twitter.com/c0bpC1ojcg

— Simon Gerovich (@gerovich) March 21, 2025

How Many Bitcoins Does Metaplanet Hold?

As of the first quarter of 2026, Metaplanet reported holding 40,177 BTC. During this period, the company acquired 5,075 BTC for $405 million at an average price of approximately $79,900 per coin. The total investment in their Bitcoin portfolio reached $4.18 billion, with an average entry price of $104,106. This strategy has positioned Metaplanet ahead of miner MARA, securing the third spot among public Bitcoin holders globally, trailing only Strategy and Twenty One Capital.

During Q1 2026, Metaplanet acquired 5075 BTC for 405.48 million at ~79,898 per bitcoin and has achieved BTC Yield of 2.8% YTD 2026. As of 03/31/2026, we hold 40,177 BTC acquired for ~4.18 billion at ~104,106 per bitcoin. MPJPY $MTPLF pic.twitter.com/IMxC3lwYCx

— Simon Gerovich (@gerovich) April 2, 2026

On July 2, the company announced the purchase of 2,823 BTC, raising its total to 43,000 BTC. From this point forward, Metaplanet has paused further acquisitions as Bitcoin trades below its average entry price, placing the corporate portfolio in a zone of unrealized losses.

Metaplanet's strategic goal, outlined in the 555 Million Plan, aims to accumulate 210,000 BTC by the end of 2027, representing about 1% of the total Bitcoin supply. The upcoming target is to reach 100,000 BTC by the end of 2026.

How Does the Company Generate Revenue and Acquire Bitcoin?

Metaplanet's primary source of capital comes from issuing new shares. The company regularly raises funds through international offerings and warrants with floating exercise prices, a significant portion of which is directed towards Bitcoin purchases.

The second revenue stream involves generating additional income from Bitcoin. The company trades secured put options, earning premiums when buyers exercise their right to sell. In such cases, Metaplanet buys coins at a predetermined strike price, with the premium effectively lowering the purchase cost; for instance, with a strike price of $80,000 and a premium of $2,000, the net cost of acquiring one Bitcoin would be $78,000.

A critical metric for investors is BTC Yield, indicating the growth of Bitcoin per share. For Q1 2026, this figure was 2.8%. The logic is straightforward: if shares are issued faster than the Bitcoin supply grows, each shareholder's stake in BTC diminishes. In 2025, BTC Yield was measured in hundreds of percent, while in 2026, it dropped to single digits.

What Criticisms Has Metaplanet Faced?

In late August and early September 2026, Metaplanet investors criticized the 10th series of stock acquisition rights, essentially options for management with an exercise price of ¥10. This program was approved in February 2023 when the company was still operating hotels. A key feature was that the size of the pool was not fixed in absolute terms but was calculated as 20% of the fully diluted capital. Following the shift to a Bitcoin strategy in April 2024, each new issuance for Bitcoin purchases automatically inflated the pool — from approximately 46 million to 319.5 million potential shares.

On August 18, the board disabled the automatic adjustment and imposed a lock-up on executed shares until August 17, 2031, but fixed the pool at its already inflated level. Ten days later, Gerovich exercised 92,000 rights, acquiring 64 million shares. Investors demanded the cancellation of approximately 273 million "excess" shares; calculations underpinning these claims were published by an investor using the pseudonym Bitcoin Pharaoh.

The second line of criticism focused on MMXX Ventures, the largest shareholder in Metaplanet, which is linked to Gerovich. Bitcoin Pharaoh alleged that MMXX sold around 50 million Metaplanet shares during the 2024 rally — a claim the company did not publicly address. This led investors to perceive a scenario where the CEO simultaneously benefits from dilution-related options while being associated with a structure that sold at a peak.

On September 6, Gerovich acknowledged that the company "did not sufficiently explain" the program and described himself as a "significant but not majority" shareholder in the parent structure MMXX, claiming he does not manage the fund or make decisions about its transactions. He did not disclose the complete ownership structure and did not propose the cancellation of the options. On September 7, MPJPY fell by 7.5%, followed by a further drop of 9.9% on September 8.

Source: Google Finance.

On September 11, the board yielded. The number of shares per option was reduced from 696 to 410 — to the level before the September 2025 international offering. The pool decreased by 41%: from 319.5 million to 188.2 million potential shares. Remaining rights can be exercised in thirds in 2029–2031, with plans to transfer part to employees canceled. The company estimates this erases over $220 million in warrant value and increases the number of Bitcoins per fully diluted share by approximately 8.8%. Already issued shares under the old ratio of 82.8 million (including 64 million for Gerovich) remain with shareholders, leaving an effective residual overhang of about 105 million shares, or around 7% of the company.

On September 18, a report from the American investment firm VanEck rated Metaplanet's corporate governance as the lowest possible score (“Bad”) due to ongoing disparities in executive compensation. On September 30, Gerovich stated that the fund removed the section on warrants, claiming it did not conform to its research standards. VanEck representatives did not publicly confirm this.

On September 29, Metaplanet's independent directors released a letter to shareholders addressing the program. Key points included:

  • The warrants were issued when Metaplanet was an unprofitable hotel operator. The team purchased them with their own funds at fair value and could lose their investments;
  • This is not standard compensation, but "capital to save the company" and a long-term incentive for the founders. Comparisons should be made not to executive salaries but to the stakes of founders in other companies;
  • Japanese law and taxes differ from American ones, making it easier to transfer equity to management through warrants;
  • The program was approved by shareholders: over 98% voted "in favor" including the majority shareholder EVO, and 78.3% without it. The pool's growth results from approved conditions, not new decisions;
  • None of the current independent directors were on the board when the program was approved;
  • The warrants have always reflected in the diluted share count and BTC per share metrics. The company acknowledges: "disclosure and awareness are not the same," and promises to better explain the capital structure in both English and Japanese.

What's New?

On September 11, the board approved the establishment of a subsidiary, Metaplanet Asset Management Asia, in Hong Kong with a capital of $1 million. This new division is intended to complement the existing infrastructure in the U.S. and facilitate operations during Asian trading hours.

The launch was scheduled for September 2026. This subsidiary will be part of Project Nova — a plan to transition the company from a "buy and hold" strategy to actively managing Bitcoin assets for regular income.

What Are the Risks?

Dependence on a Single Asset. A decline in Bitcoin value simultaneously devalues the balance sheet, reduces stock premiums, and hampers the company’s ability to attract capital cheaply.

Dilution of Shareholders. Each new issuance increases the number of shares. The scandal surrounding the tenth series showed that investors are closely monitoring this and are willing to publicly pressure management.

Income Dependence on Market Conditions. Income from selling secured put options is contingent on market volatility, premium levels, chosen strikes, and the amount of capital deployed. Meanwhile, the hotel segment remains secondary, and a new launch date for The Bitcoin Hotel has not been disclosed.

Regulatory and Tax Environment. In Japan, profits from crypto assets for individuals are taxed as "other income" on a progressive scale (up to ~55%), while income from stock sales is taxed at a fixed rate of about 20%. Thus, Metaplanet shares serve high-income investors as a means to gain indirect exposure to Bitcoin with more favorable taxation, although they do not guarantee an advantage over direct BTC ownership.

Moreover, a tax reform in this area has already been initiated in 2026 and proposes changes to the regime for certain operations with digital assets. If the gap between the regimes narrows, one of the advantages of shares as an indirect instrument may diminish.

Falling Behind on the Plan. The target of 210,000 BTC by the end of 2027 leaves a gap of 167,000 coins. Since late June, the company has reported no new purchases, indicating that to meet the plan, the accumulation pace will need to significantly increase.

As the largest public holder of Bitcoin in Asia, Metaplanet's next strategic phase will reveal whether it can continue to grow its reserves without reverting to previous levels of shareholder dilution.

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