Metaplanet

Institution · Digital-asset treasury company

Metaplanet (Tokyo Stock Exchange: 3350) is Japan's largest listed Bitcoin treasury company and, as of 1 July 2026, the world's third-largest publicly traded Bitcoin holder with 43,000 BTC (cost basis USD 4.09 billion), behind only Strategy and Twenty One Capital. Formerly Red Planet Japan, a budget hotel operator hit hard by the pandemic, the company pivoted through crypto/NFT consulting before formally adopting a Bitcoin treasury strategy in April 2024, explicitly modelled on Strategy's playbook. For an operator evaluating a Japanese DAT (digital asset treasury) counterparty, Metaplanet is the reference example of both the financing machinery (moving-strike warrants paired with zero-coupon bonds, exclusive to a single counterparty, EVO Fund) and the retail-heavy shareholder base (over 250,000 domestic holders) that distinguishes Japan's DAT wave from its US counterparts.

What it is

Metaplanet runs a bond-and-warrant financing conveyor: short-dated zero-coupon unsecured bonds fund immediate Bitcoin purchases, and moving-strike equity warrants issued in series to EVO Fund backfill the bond liability as the share price rises and triggers exercise. Japan’s securities rules permit serial third-party allotments and rapid warrant issuance in a way US exchange rules, which cap dilutive issuance and require shareholder votes at scale, do not, letting Metaplanet run a continuously renewing, ATM-like (at-the-market) equity facility rather than discrete large tranches. The mechanism’s stated vulnerability is that it depends on a rising share price; Metaplanet’s stock fell roughly 70 per cent from its June 2026 peak, visibly straining the flywheel. The company also runs a Bitcoin income generation business (options writing against its holdings) as a secondary revenue stream, and holds one former hotel property in Tokyo, being redeveloped as “The Bitcoin Hotel.”

Relevance to tokenisation

Metaplanet is the clearest worked example of J-GAAP’s 2018 fair-value accounting treatment for corporate crypto-asset holdings (PITF No. 38), which predates the equivalent US FASB standard by roughly seven years and removed the investment-company-reclassification risk that complicated pre-2025 US corporate crypto accounting. See Reading a Japanese listed digital-asset treasury company for the fuller machinery comparison, including the governance questions a staking-enabled peer (Quantum Solutions) raises that a pure-accumulation strategy like Metaplanet’s does not.