TL;DR
- Metaplanet left its hotel business behind and, since 2024, has been buying Bitcoin to use as collateral and finance the acquisition of profitable companies.
- The company plans to grow its reserves from 15,555 to 210,000 BTC by 2027, which would represent 1% of the total supply and around $23 billion.
- Its plan mirrors Strategy’s approach but without using convertible debt, aiming to acquire cash-generating businesses in Japan.
Metaplanet, a Japanese company that until recently operated as a hotel chain, decided to completely overhaul its business model and commit fully to Bitcoin.
Since 2024, the company has focused on buying and accumulating cryptocurrency with the goal of turning it into financial collateral to acquire profitable businesses. CEO Simon Gerovich explained that their strategy is to get ahead of Bitcoin’s future scarcity and take advantage of its growing acceptance as a collateralizable asset.
Corporate Bitcoin Ecosystem
Metaplanet is currently the fifth-largest corporate Bitcoin holder worldwide, with a reserve of 15,555 BTC. However, the plan is far more ambitious. The company aims to raise that figure to over 210,000 BTC by the end of 2027. If successful, it would control roughly 1% of the total Bitcoin supply that will ever exist, with an estimated value close to $23 billion at current prices.
The purpose behind accumulating such an amount is not speculative. The company intends to use these holdings as collateral to access favorable financing terms and allocate those funds to acquiring cash-flowing businesses. According to Gerovich, one of the main targets is Japan’s digital banking sector, where they plan to offer more efficient services than traditional financial institutions.
Metaplanet Will Not Use Convertible Debt
Metaplanet’s model follows the path set by the well-known Strategy, the U.S.-based firm that transformed its software business into a highly leveraged Bitcoin investment vehicle. Strategy currently holds 597,000 BTC and boasts a market capitalization well above the value of its Bitcoin holdings. Gerovich aims to pursue a similar roadmap while making key distinctions. Among them, he ruled out using convertible debt, a mechanism employed by Strategy, arguing that tying financial obligations to the company’s share price is too risky.
Today, around 140 companies globally are following this strategy, while just over 1 million BTC remain available to mine. Although some critics question the sustainability of these schemes, Metaplanet maintains that Bitcoin’s progressive scarcity and growing financial potential fully justify its approach. Gerovich insists they will not sell a single fraction of BTC and will keep expanding their reserves
