Metaplanet Inc., a publicly traded firm in Japan, has torched its old hotel business plan to become a Bitcoin treasury powerhouse. Their all-in bet on Bitcoin has everyone calling them the MicroStrategy of Asia. This isn’t just about chasing crypto gains; it’s a direct response to a Japanese economy struggling under massive government debt and a yen that keeps losing value.
The company, born in 1999 to build and run hotels, found itself cornered by the pandemic’s blow to the travel industry. By April 2024, management made a hard pivot, deciding that holding Bitcoin was a safer bet for their corporate funds than holding yen.
While they still have a Tokyo hotel, now cheekily renamed “The Bitcoin Hotel,” their real business has moved onto the blockchain. A new leadership team with backgrounds in finance and tech is now guiding the ship.
Betting on Bitcoin with everything!
Metaplanet’s income statement tells the whole story. The hotel brings in a little cash, but a wild 91% of their revenue in the second quarter of 2025 came from Bitcoin activities. A clever part of their operation involves selling cash-secured put options on Bitcoin. This maneuver lets them collect premium payments right away and gives them a chance to buy even more Bitcoin if the price dips to a level they like.
The change has been stark, pulling the company out of a long stretch of financial losses and into the black.
Source: Bitcoin Treasuries
For the heads of Metaplanet, keeping their treasury in a currency that’s steadily weakening was simply bad business. They see Bitcoin’s fixed supply and borderless nature as a far more reliable way to preserve wealth. By copying MicroStrategy’s strategy, they’re aiming to become the default way for people in Asia to get investment exposure to Bitcoin. This is especially appealing in Japan, where taxes on crypto gains for individuals can be punishingly high, making a stock like Metaplanet a smarter, more tax-friendly play.
To bankroll this shopping spree, Metaplanet is pulling every financial lever it can. The company has issued new stock, sold bonds that pay no interest, and created a new class of preferred shares to attract different types of investors. It’s a self-feeding cycle – As the stock price rises on Bitcoin news, they can raise more cash to buy more Bitcoin, which then pushes the stock up further.
The company’s Bitcoin hoard has grown at a shocking pace, reaching a staggering 20,000 BTC by early September 2025. They’ve spent over $2 billion to acquire their holdings, with an average price per coin sitting somewhere between $102,607 and $103,800. Their buying frenzy really kicked into high gear in the spring of 2024 and didn’t let up.
August and early September of 2025 were particularly intense, capped off by a $112 million purchase of 1,009 BTC that got them over the 20,000 BTC finish line. Soon after, the company purchased another 136 BTC on 08 September.
Source: Bitcoin Treasuries
Their funding comes from all over. Beyond public stock offerings, they rely on debt markets and have a crucial partnership with the Evo Fund, which has steadily injected cash by exercising warrants.
Any comparisons with MicroStrategy?
Out in Virginia, Michael Saylor’s MicroStrategy still wears the crown as the world’s biggest corporate Bitcoin owner, holding an incredible 600,000 BTC. Saylor has been the loudest voice arguing that Bitcoin is the best place for a company to park its cash. And yet, from across the Pacific, a serious rival has appeared.
Metaplanet wants to stack 210,000 BTC by 2027, a goal that would put it in the same weight class as its American counterpart.
Other companies are in the game, but play it differently. Miners like Riot Platforms and Marathon Digital stack Bitcoin because that’s what their business produces. Block Inc. weaves Bitcoin into its payment products, and Tesla’s investment has been more of a one-off move.
The contrast between the American and Japanese situations is key. In the U.S., the conversation around corporate Bitcoin is often about beating inflation. In Japan, it’s a more urgent flight from a decades-long economic funk and a devaluing currency.
Metaplanet might be following a path blazed by MicroStrategy, but its explosive growth shows a global shift is underway, especially in places where the traditional financial system feels the most broken.
