BTC reserves are cashing in, and shares of Metaplanet, Asia's king of coin holdings, doubled in January

Written by: Dingdong, Odaily

On May 20, the share price of Metaplanet, a Japanese listed company, rose more than 780 yen, a one-day increase of 14.6%, and doubled in the past month. Simon Gerovich, the company's CEO, revealed that Metaplanet has become one of the most shorted stocks in the Japanese market.

This situation is reminiscent of the US stock company Strategy (formerly MicroStrategy), which pioneered the decision to include Bitcoin on corporate balance sheets, which not only brought financial success to itself, but also set off a wave of traditional corporate embracing crypto assets on a global scale. However, as the market capitalization climbs, Strategy has also become a key target for bears. Now, Metaplanet seems to be repeating the playbook of this long-short confrontation, writing its own legend driven by Bitcoin's strategy.

Metaplanet: A Financial Breakthrough Under Bitcoin's Strategy

The reason why Metaplanet boldly established Bitcoin as a core treasury asset is not impulsive. Behind this is a deep understanding and forward-looking judgment of the increasingly complex global financial environment.

As a local Japanese company, Metaplanet is facing the dual dilemma of continuous depreciation of the yen and the long-term coexistence of ultra-low interest rates, and it is difficult for traditional assets to effectively maintain and increase their value in this context. Bitcoin, with its scarcity, decentralization, and censorship resistance, has become a powerful safe-haven tool – not only as a hedge against inflation, but also against the uncertainty of monetary policy.

Since 2024, Metaplanet, with the assistance of Sora Ventures, has been continuously buying bitcoin through stock issuance and bond financing, becoming the first publicly traded company in Japan to hold a large number of coins. This not only marks its firm step towards the global crypto economy, but also sets a groundbreaking model for Japanese companies in the field of digital assets.

Metaplanet's Q1 2025 earnings report is a testament to the success of this strategy. According to the report, the company's revenue reached $6.139 million, an increase of 8% quarter-on-quarter and a surge of 943% year-on-year; Net income reached $4.151 million, an increase of 11% sequentially. Among them, 88% of profits came from Bitcoin options trading, which shows that crypto assets have become the backbone of its income structure.

As of now, Metaplanet holds 6,796 bitcoins, ranking 10th among listed companies in the world and first in Asia. The company also plans to raise its Bitcoin reserves to 10,000 by the end of the year. Despite the constant bearish hunts, its share price has doubled in the short term, and the market has clearly voted in its "bitcoin-based" strategy.

Expanding perspectives: Global businesses are on the bandwagon

The success of Metaplanet is just one microcosm of how businesses around the world are embracing the Bitcoin boom. Since 2025, more and more companies are diversifying their balance sheets to build their own crypto strategies.

Strive: Hold Mt.Gox Debt at a Low

PriceStrive, led by Vivek Ramaswamy, has chosen an alternative path to acquire about 75,000 BTC at a discount by acquiring bankrupt Mt.Gox exchange debt. According to regulatory filings, the company is working with 117 Castell Advisory Group LLC to complete the acquisition of the court-adjudicated claims before Mt. Gox initiates payouts on October 31, 2025.

This "contrarian" strategy not only takes advantage of structural opportunities in the market, but also dilutes equity through reverse mergers, thereby increasing Bitcoin holdings per share and potentially adding value to shareholders.

AsiaStrategy: A dual-track transformation from luxury goods to Bitcoin

, formerly AsiaStrategy of Asian watch manufacturer Top Win, will complete its name change in 2025 and launch the strategic transformation of Bitcoin. After partnering with Sora Ventures, the company's stock price soared by more than 60% in pre-market trading. Not only did founder Jason Fang join the board, but he also served as co-CEO with CEO Tony Ngai, marking the company's formal transformation from traditional manufacturing to fintech integration.

AsiaStrategy will continue to purchase Bitcoin while maintaining its watch business, providing a new imagination for traditional industries to explore digital assets.

Meliuz: The Inflation Hedge Path for Brazilian Retail CompaniesAgainst

the backdrop of high inflation and currency depreciation, South American companies are also looking for a safe haven. Meliuz, a publicly traded Brazilian company, has proposed amending its articles of association to include Bitcoin investment in its formal corporate purpose. The proposal will be voted on at a general meeting of shareholders to be held on May 6, 2025. Once approved, the company will continue to invest in bitcoin based on operating cash flow, demonstrating its recognition and reliance on the long-term value of crypto assets.

GameStop: A cautious attempt by retail giants

GameStop, a U.S. gaming retailer, is also gradually embracing crypto assets. Its revised investment policy in 2025 allows companies to include Bitcoin and stablecoins in their treasury portfolios for the first time. Despite the document's emphasis on volatility risks, the move is a cautious affirmation of the potential of crypto assets and provides an important signal for more traditional businesses to transform.

Conclusion:

Metaplanet's breakout may be just the beginning. It represents the exploration and transformation of new asset allocation methods by global enterprises in uncertain times. Whether it is direct buying, debt arbitrage, business integration, or strategy testing, Bitcoin is becoming a non-negligible part of enterprise asset management logic.

As more and more companies begin to incorporate Bitcoin as "digital gold" into their core financial portfolio, we are witnessing the unfolding of a new global asset restructuring experiment.