Bloomberg article translated to English: Metaplanet Joins the ¥1 Trillion Market Cap Club, Surpassing Kioxia and Tokyo Metro By Yasutake Tamura June 16, 2025, 16:13 JST Metaplanet, a company that invests in Bitcoin, has surpassed ¥1 trillion in market capitalization. The company’s accelerating share price is being driven by investor expectations of further Bitcoin purchases and gains in Bitcoin’s value. On June 16, shares of Metaplanet surged 26% from the previous Friday to close at ¥1,895 on the Tokyo Stock Exchange, hitting their highest level in roughly 12 years. Its market capitalization expanded from ¥906.5 billion at the end of last week to ¥1.1384 trillion, overtaking major companies such as semiconductor maker Kioxia Holdings and Tokyo Metro (Tokyo Subway). That same day, Metaplanet announced that it had purchased an additional 1,112 Bitcoin, bringing its total holdings to 10,000 BTC. With Bloomberg’s Bitcoin Index rebounding for the first time in four days, investor expectations rose for improved earnings due to the appreciation of the company’s Bitcoin assets. The relatively lower tax rate on gains through equities, compared to direct Bitcoin purchases, has also fueled buying interest. Metaplanet has recently made a series of announcements regarding capital raising through instruments such as stock acquisition rights, aimed at funding its Bitcoin investments. Most recently, it unveiled a capital raise plan exceeding ¥700 billion. According to Bloomberg data, Metaplanet is now the largest company by market capitalization among Japanese-listed stocks not currently covered by securities analysts. Previously engaged in the hotel and restaurant business, Metaplanet fell into negative net worth in FY2021. Starting in 2024, it pivoted to focus on Bitcoin investment and holding. Its strategy closely mirrors that of U.S.-based MicroStrategy (now simply “Strategy”), which also centers its business around crypto asset investment. There are also investors betting against the stock. According to data from S&P Global, as of June 12, short interest exceeded 20% of the company’s free float — the highest level since April. Among all domestically listed Japanese companies with a market cap over ¥900 billion, Metaplanet has the highest short interest ratio. The below table displays some of the major companies Metaplanet has overtaken in Japan’s market capitalization rankings.