Metaplanet Doubles Down: Phase Two Bitcoin Buying Spree Ignites Market Frenzy

Tokyo-listed Metaplanet just flipped the 'accumulate' switch—hard. The firm's newly announced Bitcoin treasury expansion signals a corporate playbook ripped straight from MicroStrategy's heyday, minus the Delaware tax loopholes.

Bullish or reckless? Street divided as Japan's first Bitcoin adoptee loads up

The move comes as Bitcoin claws back from its 2024 lows, with institutional players testing waters again. Metaplanet's CFO claims this 'strategic allocation' represents 'prudent risk management'—a phrase that historically precedes either moon missions or shareholder lawsuits.

Meanwhile, traditional finance analysts clutch their pearls: 'They're treating the balance sheet like a degenerate crypto trader,' muttered one megabank strategist between sips of ¥1,000 vending machine coffee.

Japan’s Metaplanet has clearly moved beyond just stacking Bitcoin. Now, it’s ready to put it to work. 

The Tokyo-listed company, once known for running hotels, has taken a sharp turn in recent years, becoming one of the world’s most aggressive corporate Bitcoin holders. And now, it’s entering what CEO Simon Gerovich calls “phase two” of its strategy: using Bitcoin as collateral to finance acquisitions of profitable businesses.

From Holding to Building

Metaplanet added 2,205 BTC this week, bringing its total to 15,555 BTC, currently worth around $1.7 billion. That makes it the largest corporate bitcoin holder outside of North America.

But Gerovich wants to turn Bitcoin into a financial engine. 

“Then we have phase two… when bitcoin, like securities or government bonds, can be deposited with banks and then they’ll provide very attractive financing against that asset,” he told the Financial Times.

With that financing, Metaplanet plans to buy cash-flowing businesses and grow beyond just being a BTC-heavy balance sheet.

The Bigger Target: 210,000 BTC by 2027

Yes, you read that right. Metaplanet has set its sights onby the end of 2027. 

“We need to accumulate as much bitcoin as we can… to get to a point where we’ve reached escape velocity and it just makes it very difficult for others to catch up,” Gerovich said.

Phase one is all about accumulation. Phase two is about turning that position into real-world power and scale.

Bitcoin as Collateral? Still Uncommon, But That’s the Point

While crypto-backed lending is common in crypto circles, it’s still rare in traditional finance. But that’s exactly where Metaplanet sees the opportunity. By using BTC like bonds or stocks, the company believes it can unlock capital that others can’t.

It has already raised funds through bond sales and stock rights, and now it wants to MOVE faster than the competition while Bitcoin is still available in meaningful volumes.

Gerovich expects phase one to last four to six more years, but once availability tightens, it could get harder for others to catch up.