Metaplanet Inc. has catapulted to the top of Japan’s stock market, seeing a staggering 3,600% surge in just 12 months. The company’s pivot from hotel development to a Bitcoin-first strategy has made it the fastest-rising stock in the country, capitalizing on the growing demand for Bitcoin (BTC).
Originally a hotel developer, Metaplanet transitioned to cryptocurrency following pandemic-induced closures of its properties. The shift to Bitcoin has propelled the company’s stock ahead of all other Japanese equities, drawing massive interest from retail investors eager to gain exposure to Bitcoin.
This rise coincides with a global surge in Bitcoin demand, including an all-time high price of $109,000 on January 20, 2025—the day of U.S. President Donald Trump’s inauguration. Despite a recent pullback, with Bitcoin trading at $97,000 as of February 10, Metaplanet’s stock continues its upward trajectory.
CEO Simon Gerovich, a former Goldman Sachs trader, has modeled Metaplanet’s strategy after Michael Saylor’s renowned approach at MicroStrategy, which holds over $45 billion in Bitcoin. Gerovich has positioned Metaplanet as Asia’s Bitcoin proxy, betting on the cryptocurrency’s long-term potential.
The company’s transformation has led to a massive influx of investors, with its shareholder base expanding by 500% in 2024 alone. While institutional investors like Capital Group have joined the ranks, the majority of Metaplanet’s investors are retail traders, many with little experience in crypto markets. The surge has been partially fueled by Japan’s revised Nippon Individual Savings Account (NISA) program, launched in early 2024, which allows Japanese citizens to invest in stocks tax-free, making Metaplanet an appealing alternative to direct Bitcoin purchases.
As of early 2025, Metaplanet holds 1,762 Bitcoin, valued at approximately $171 million. The company has set ambitious targets to expand its holdings to 10,000 Bitcoin by the end of 2025, and 21,000 by the end of 2026. To finance this growth, Metaplanet plans to raise $750 million by issuing 21 million shares, marking the largest Bitcoin-focused equity capital raise in Asia.
In addition to expanding its Bitcoin holdings, Metaplanet is integrating its hotel business into the crypto space. Later this year, it will rebrand its last remaining property, the Royal Oak Hotel in Tokyo’s Gotanda district, as “The Bitcoin Hotel.” The hotel will serve as a center for Bitcoin seminars and investor events, reinforcing the company’s push to be a key player in Japan’s burgeoning crypto economy.
Despite its impressive growth, Metaplanet faces significant risks. It has reported six consecutive years of losses but is expected to post a profit in its upcoming fourth-quarter earnings. However, analysts caution that any sharp decline in Bitcoin’s price could lead to a reversal in the company’s stock value, as its performance is closely tied to the price of the cryptocurrency.
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