Japan’s Metaplanet follows the bold Bitcoin treasury playbook pioneered by Michael Saylor but with a quiet and structured approach.
Keynotes
- Metaplanet now holds 4,525 BTC, worth approximately $380 million, funded via zero-coupon bonds and option-based strategies.
- Eric Trump joined Metaplanet’s strategic advisory board in March 2025, signaling rising geopolitical influence.
- The company uses a unique BTC Yield metric to measure Bitcoin per share value
From Hotels to Hashrates: Metaplanet’s Bold Pivot
Originally a hotel management company, Metaplanet Inc. has transformed into a Bitcoin-focused treasury firm under CEO Simon Gerovich, a former Goldman Sachs derivatives trader. This strategic shift blending finance, geopolitics, and digital assets has positioned Metaplanet as Asia’s rising crypto whale.
In March 2025, the company announced that Eric Trump had joined its strategic advisory board, further deepening its international profile. Market watchers say this supports regulatory navigation as Bitcoin adoption grows.
Structured Accumulation: Bonds, Options, and BTC Yield
As of April 2025, Metaplanet has acquired 4,525 BTC, valued at over $380 million, using a mix of financial instruments:
- Zero-coupon bonds: These are interest-free loans raised with backing from EVO FUND, where investors receive share options instead of interest. This gives Metaplanet capital without traditional debt, which it uses to buy more Bitcoin or settle existing bonds.
- Options strategy: Metaplanet also sells cash-secured put options, a way to earn income by offering to buy Bitcoin at pre-agreed lower prices if the market dips. If Bitcoin stays above that price, they keep the premium. If it drops, they buy BTC at a discount.
This strategy not only generates yield but allows the company to acquire Bitcoin below current prices, without rushing purchases during volatile periods.
To track shareholder value, Metaplanet introduced a proprietary metric called BTC Yield, which compares their total Bitcoin holdings to the number of shares they have issued. From January to March 2025, BTC Yield hit 95.6%, with continued growth into April.
Corporate Bitcoin Playbook: Strategy vs. Metaplanet
While Metaplanet’s approach draws parallels to Strategy (formerly MicroStrategy), it’s notably more conservative. Strategy famously used billions in convertible debt to acquire over 500,000 BTC, while Metaplanet focuses on minimizing dilution and interest risk.
Still, both companies demonstrate how public firms are leaning into Bitcoin not just as a hedge but as a core balance sheet asset.
Institutional Demand Builds Despite Volatility
Despite BTC’s recent pullback due to geopolitical tariffs, institutional interest remains strong. FASB accounting rules allow firms to report unrealized crypto gains as income, more corporations see Bitcoin as a viable reserve asset. For investors and traders, Metaplanet’s model offers a compelling blueprint: disciplined accumulation, tactical financing, and a rising influence in the evolving global Bitcoin narrative.
