In a stunning surge that underscores the growing appetite for corporate Bitcoin adoption, Metaplanet, a Tokyo-listed firm and Asia's largest public Bitcoin holder, has seen its stock climb nearly 500% in just one month. On Monday, shares rose 15.14%, hitting a new all-time high and drawing global attention to Japan’s emerging role in the crypto-native investment landscape.
This explosive rally follows a bold strategic announcement: Metaplanet plans to issue moving-strike warrants—a rare financial instrument in Japanese markets—with the goal of raising 767.3 billion yen (approximately $5.3 billion). The funds will be used exclusively to purchase more Bitcoin, reinforcing the company’s transformation from a traditional business into a full-fledged Bitcoin reserve vehicle.
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A Historic Move in Japan’s Financial Markets
The warrant offering marks two milestones in Japan’s capital markets:
- It is the largest warrant issuance in Japanese history.
- It is the first instance where the strike price exceeds the current market price, signaling strong confidence in both the company’s growth trajectory and Bitcoin’s long-term value.
This innovative financing mechanism allows Metaplanet to raise capital without immediate dilution while aligning investor incentives with sustained Bitcoin accumulation.
Currently, Metaplanet holds 8,888 BTC, placing it 9th globally among publicly traded companies adopting Bitcoin treasury strategies—and 1st in Asia—according to data from Bitcoin Treasuries. The market leader, U.S.-based Strategy Inc., holds approximately 580,000 BTC.
But Metaplanet isn’t just catching up—it’s accelerating. The company has revised its accumulation targets upward dramatically:
- 30,000 BTC by the end of the current fiscal year (March 2026)
- 100,000 BTC by the end of fiscal 2027
- 210,000 BTC by fiscal 2028
With Bitcoin’s total supply capped at 21 million, owning 210,000 BTC would place Metaplanet among the top 1% of holders globally—what the company calls its “Join the 1% Club” strategy.
Beyond Simple Accumulation: A Hybrid Revenue Model
Unlike pure-play Bitcoin reserve firms that rely solely on equity or debt financing to buy BTC, Metaplanet has introduced a dynamic revenue engine tied directly to its holdings.
In addition to purchasing Bitcoin with cash, the company actively sells cash-secured put options on Bitcoin. This dual strategy serves two purposes:
- Generates premium income during periods of price stability or bullish momentum.
- Allows the company to acquire additional Bitcoin at lower prices if the market dips—effectively lowering its entry cost.
According to its latest quarterly report, 88% of Metaplanet’s revenue in Q1 came from “Bitcoin income generation”, including option premiums and realized gains, while legacy hotel operations now contribute only 12%. This shift highlights a fundamental transformation in business model and investor appeal.
Strategic Expansion and High-Profile Backing
Metaplanet’s ambitions extend beyond finance. In March, the company announced that Eric Trump, son of former U.S. President Donald Trump, joined its newly formed Strategic Advisory Committee. While advisory roles don’t imply operational control, such high-profile affiliations enhance visibility and credibility in global markets.
This move aligns with broader trends: Truth Social, the social media platform linked to Trump, recently raised $2.32 billion to build its own Bitcoin reserve and filed an S-1 with the SEC for a potential Bitcoin ETF launch later this year.
Meanwhile, Cantor Fitzgerald—the investment bank founded by Howard Lutnick, now U.S. Commerce Secretary nominee—partnered with SoftBank and Tether Holdings to create 21 Capital, a new entity aiming to launch with 42,000 BTC in reserves.
These developments reflect a growing convergence between traditional finance and digital asset strategies at the highest levels.
Valuation Premiums and Market Risks
Despite strong momentum, investors should remain aware of valuation risks. At a Bitcoin price of $105,600:
- Metaplanet’s current BTC holdings are worth roughly $940 million
- Yet the company’s market capitalization exceeds $5.3 billion
This implies a significant premium—over 5x the intrinsic Bitcoin value—factoring in future growth expectations and speculative demand.
Similarly, Strategy Inc. trades at a $100 billion market cap despite holding BTC valued at around $61.3 billion. These premiums reflect investor confidence in perpetual accumulation and long-term upside but also increase volatility risk.
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Frequently Asked Questions
Q: What is a moving-strike warrant?
A: A moving-strike warrant adjusts its exercise price based on market conditions or time, often used to incentivize long-term holding. In Metaplanet’s case, it sets the strike above the current stock price, showing confidence in future appreciation.
Q: How does selling Bitcoin puts help Metaplanet?
A: By selling cash-secured put options, Metaplanet earns premium income. If Bitcoin drops, they buy it at a discount; if it rises, they keep the premium—winning either way.
Q: Is Metaplanet profitable?
A: Yes. Over 88% of its recent revenue comes from Bitcoin-related activities like option premiums and trading gains, surpassing income from its original hotel business.
Q: Why is Metaplanet targeting 210,000 BTC?
A: With Bitcoin’s max supply capped at 21 million, owning 210,000 means holding 1% of all possible coins—symbolizing elite status among global holders.
Q: Can short sellers profit from overvaluation?
A: Not easily. Despite high valuations, short interest surged in April, making Metaplanet one of Japan’s most heavily shorted stocks—yet its price has quintupled since then, punishing bears.
Q: How does this compare to U.S. Bitcoin reserve companies?
A: While Strategy Inc. leads in volume, Metaplanet is pioneering hybrid models combining financing innovation, derivatives income, and aggressive accumulation—potentially setting a new benchmark.
The Bigger Picture: Institutional Bitcoin Adoption Accelerates
Metaplanet’s rise is not isolated—it reflects a global shift. From SPACs to sovereign wealth discussions, institutional players are increasingly treating Bitcoin as strategic reserve assets.
Japan, known for its strict regulatory stance, may now be embracing crypto-native finance through innovative corporate structures. If successful, Metaplanet could become a blueprint for Asian firms seeking exposure to decentralized digital value.
As capital floods into this space—from SoftBank-backed ventures to political-affiliated tech platforms—the line between traditional equity markets and cryptocurrency ecosystems continues to blur.
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Core Keywords:
Bitcoin reserve strategy
Corporate Bitcoin adoption
Metaplanet stock
Moving-strike warrants
Cash-secured puts on Bitcoin
Institutional crypto investment
Bitcoin ETF development
Digital asset financing
With bold targets, innovative funding tools, and growing international attention, Metaplanet is no longer just a stock—it’s a symbol of the evolving relationship between public markets and decentralized money.