Metaplanet went from a small Tokyo hotel operator with 117 BTC in April 2024 to Asia's largest Bitcoin treasury, with more than 40,000 BTC, in twelve months. Its stock (ticker 3350.T) rose more than 800% and became one of the most talked-about in the Japanese market. Buying it is possible, but it has one quirk: it trades in Tokyo.
Where Metaplanet trades
Metaplanet trades on the Tokyo Stock Exchange, ticker 3350.T. Unlike US treasuries, not every retail broker offers Japanese market access, so the list of options narrows.
Brokers where to buy Metaplanet
The two usual routes are Interactive Brokers, the most complete for international markets and the one that best covers the Tokyo Stock Exchange, and DEGIRO, which gives Japanese market access with fees starting around €6 per trade. Other popular retail brokers (Trade Republic, eToro, Revolut) usually don't offer Tokyo-listed shares, so confirm before opening an account. Also note the currency: the stock trades in yen (JPY).
How it's taxed
How gains are taxed depends on your country of residence — in most jurisdictions, selling Metaplanet is a capital-gains event like any other foreign stock. Brokers abroad often don't withhold or report automatically, so you may declare manually. Check your local rules or a tax advisor.
What you're buying (and the risks)
Metaplanet is a pure treasury that finances its Bitcoin purchases by issuing yen bonds, taking advantage of Japan's ultra-low rates. Like any treasury, its stock trades with an mNAV and behaves like leveraged exposure to the Bitcoin price. On top of the usual risks (mNAVmNAVMultiple on Net Asset Value: how a treasury company trades relative to its BTC.View term →, management team, capital structureCapital StructureThe mix of debt, preferred stock and common equity that funds a company.View term →) comes currency risk: your return in your base currency also depends on the JPY cross. The company's full story is in the analysis of Metaplanet and the Saylor model in Japan.
Alternatives and how to compare it
To see it against the sector benchmark, the Strategy (MSTR) vs Metaplanet comparison. Its live profile with holdings and mNAV is in the directory. For the picture of all options, the guide to how to invest in Bitcoin treasury stocks.
This article is education, not financial or tax advice. Metaplanet is highly volatile and carries the risk of loss (including currency risk); broker availability and fees change, verify them before trading.
