Acquisition History
Treasury Metrics
Growth in BTC per diluted share during 2026, as last reported by the company. It measures how effective the accumulation strategy is.
What is Metaplanet?
Metaplanet is a Japanese company listed on the Tokyo Stock Exchange (3350.T) that pivoted in April 2024 from a hotel business toward a pure Bitcoin treasury strategy. With more than 40,000 BTC on its balance sheet it is Asia's largest listed treasury and one of the five largest in the world, explicitly replicating the Strategy model from a favourable regulatory and monetary jurisdiction.
History and model
Metaplanet was founded in 1999 as Daiki Sound and operated for years as a modestly managed hotel chain listed in Tokyo. In April 2024 the board approved a radical strategic shift under Simon Gerovich, an Australian-Japanese CEO: progressively divest the operating business and turn the company into a treasury-first Bitcoin vehicle, replicating the Strategy model in its Japanese variant. The stock trades on the Tokyo Stock Exchange under ticker 3350 (3350.T in international systems) and, since the pivot announcement, has delivered one of the sector's largest re-ratings, reaching mNAV premiums above 10× in moments of euphoria during 2024-2025.
Bitcoin strategy
Metaplanet adopts the continuous accumulation model with no target price, buying BTC in every market environment with whatever capital it can raise. The company publishes its purchases monthly and maintains a public holdings dashboard. A relevant operational quirk is that it trades in yen (JPY), which adds a layer of yen/dollar FX exposure: when the yen weakens against the dollar (a recent structural trend), the share price reflects an amplified version of BTC's appreciation in dollars. This makes Metaplanet a natural hedge against yen debasement — an explicit company narrative aimed at the domestic Japanese investor.
Financing vehicles
Metaplanet combines several routes: yen bond issuance (a structural advantage given the persistently ultra-low interest-rate environment in Japan, thanks to Bank of Japan policy), warrants issued at a discount that are exercised against the treasury as the share price rises, market equity raises and an ATM programme equivalent to Strategy's. The Japanese jurisdiction allows structuring financing at very low cost by exploiting the rate differential with the US — a relative advantage Strategy or XXI cannot capture.
Position on SatsIntel
Metaplanet is the largest treasury in the SatsIntel directory listed outside the United States. Tracking it is critical to understanding Asian adoption of the Bitcoin treasury model and market dynamics in a time zone that opens before the US. Its profile has a calendar quirk relevant to SatsIntel's daily closes: the Tokyo exchange closes at 15:00 JST (06:00 UTC), before the US close, which occasionally creates asynchronies in the weekend close cards. The editorial pillar on Bitcoin treasuries places Metaplanet in the pure post-pivot treasury category, alongside Twenty One Capital.
Frequently asked questions
How many bitcoins does Metaplanet hold?
Metaplanet holds more than 40,000 BTC on its balance sheet, making it Asia's largest listed Bitcoin treasury and one of the five largest in the world. The exact figure updates after each monthly purchase and appears in the live KPIs on its SatsIntel profile.
When did Metaplanet start buying Bitcoin?
Metaplanet began its treasury-first Bitcoin strategy in April 2024, after a strategic pivot approved by the board under CEO Simon Gerovich. The company previously operated as a modest hotel chain (formerly Daiki Sound, founded in 1999) and progressively divested the operating business to focus on BTC accumulation.
Which exchange is Metaplanet listed on?
Metaplanet trades on the Tokyo Stock Exchange (TSE) under code 3350, denoted 3350.T in international systems. The listing is in Japanese yen (JPY), which adds a layer of yen/dollar FX exposure for international investors.
How does Metaplanet finance its Bitcoin purchases?
Metaplanet combines four financing routes: yen bonds (very low cost thanks to Bank of Japan monetary policy), warrants exercisable against the treasury, market equity raises, and a Strategy-style ATM programme. The Japanese jurisdiction allows structuring cheaper financing than its US peers, a relevant structural advantage.
Is Metaplanet the equivalent of Strategy in Japan?
A very similar mission (pure BTC treasury, BTC-per-share model) but its own regulatory and monetary context: ultra-low interest rates in Japan cheapen financing, the yen as local currency adds FX exposure for the investor, and the absence of direct domestic competitors concentrates the Japanese institutional flow interested in equity Bitcoin exposure. Strategy and Metaplanet follow each other and share many strategic references.
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Fixed Income Instruments Issued
Preferreds, bonds and ETFs linked to Metaplanet's treasury
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