Metaplanet Inc. (OTCQX: MTPLF, Tokyo Stock Exchange: 3350.T) has transformed itself from a traditional hotel operator into one of the world’s most aggressive corporate Bitcoin buyers, and its latest financial maneuver signals that the company is doubling down on this bold new direction.
On June 30, 2025, Metaplanet’s board approved the issuance of its 19th Series of Ordinary Bonds, totaling 30 billion yen, or about $207 million. EVO FUND will subscribe to the entire issue, and the proceeds are split between buying back and canceling a previous interest-bearing bond series and, most notably, expanding the company’s Bitcoin holdings.
Metaplanet is Japan’s first and only publicly listed Bitcoin Treasury Company. The company’s core business is acquiring and managing Bitcoin as a long-term corporate reserve asset, using a mix of equity and debt financing to maximize shareholder value. It tracks its performance with a unique metric called “BTC Yield,” which measures the growth in Bitcoin per share and guides its capital market activities.
But Metaplanet’s business lines go beyond just buying Bitcoin. The company owns and operates a hotel in Tokyo, which is currently being rebranded as The Bitcoin Hotel. This property is set to open in early 2026 and will serve as a hub for Bitcoin education, innovation, and community events. The hotel will host workshops and programs aimed at promoting Bitcoin adoption in Japan, blending hospitality with digital asset advocacy.
Metaplanet also holds the exclusive license for Bitcoin Magazine in Japan, furthering its mission to educate and advocate for Bitcoin adoption across the country.
Metaplanet’s roots are in the hospitality sector. For years, it operated as a budget hotel chain in Tokyo, employing over a hundred staff and owning dozens of properties. The COVID-19 pandemic hit the travel industry hard, forcing the company to rethink its business model. In 2024, Metaplanet began selling off most of its hotel assets, retaining only one property, the future Bitcoin Hotel. This pivot freed up capital for a new strategy, corporate Bitcoin accumulation.
Inspired by the success of companies like MicroStrategy, Metaplanet’s CEO, Simon Gerovich, led the company into the world of digital assets. The company’s aggressive Bitcoin accumulation has made it the largest Bitcoin treasury company in Asia and one of the top five corporate holders of Bitcoin globally.
The new zero-interest bonds are a key part of Metaplanet’s capital-raising strategy. The bonds mature in December 2025, carry no collateral or guarantees, and will be redeemed at face value. This structure allows Metaplanet to access significant capital without the burden of interest payments. Part of the proceeds will retire an older, interest-bearing bond, while the rest will go toward further Bitcoin purchases.
This approach is in line with Metaplanet’s broader mission, to continually and strategically grow its Bitcoin holdings, optimize BTC Yield, and deliver returns that outperform Bitcoin itself over the long term. The company’s ambitious target is to amass 210,000 BTC by the end of 2027, which would require raising about $5.4 billion and would represent 1% of the entire Bitcoin supply.
Metaplanet’s bold moves have not gone unnoticed by investors. Its stock has soared, outperforming every other Japanese equity over the past year. The company’s market capitalization has skyrocketed, and its unique blend of hospitality, media, and Bitcoin treasury operations has attracted attention from both traditional and crypto-focused investors.
As Metaplanet continues to push the boundaries of what a corporate treasury can look like, its progress will be closely watched by those interested in the intersection of digital assets and traditional business.
