Metaplanet's Bitcoin (BTC) Holdings Reach 44,000, Second Only to Strategy

Metaplanet Reports 44,000 BTC

Tokyo Stock Exchange Standard-listed Metaplanet announced on October 5 that its corporate Bitcoin (BTC) holdings had reached 44,000 BTC, a stack the company put at roughly ¥600 billion when one coin was priced near ¥13.55 million. The disclosure confirms the Japanese firm as the world's second-largest Bitcoin holder among listed companies, behind only Strategy, whose October 2026 position stands at approximately 848,000 BTC. The climb has been fast. Metaplanet first bought in April 2024 and ended that year with just 1,762 BTC; when chief executive Simon Gerovich set a top-10 global ranking as his goal in January 2025, the company sat in 20th place, and it has since passed every listed peer except the US original. The domestic gap is stark. Japan's second-largest listed holder, Nexon, owns 1,717 BTC, so Metaplanet holds more than 25 times that amount. The build-up followed a policy adopted in May 2024 of holding corporate assets mainly in Bitcoin rather than yen, and it makes the company a crypto whale running a listed Bitcoin treasury on the model of a strategic Bitcoin reserve, not a trading book. The Bitcoin (BTC) price now stands at $83,529, so the yen value of the position has tracked spot since the announcement.

From Hotels to a Bitcoin Balance Sheet

The company behind the position was, until recently, a hotel operator. Its predecessor, Red Planet Japan, saw pandemic-era travel wipe out its guest base, and the group closed its properties one after another. Simon Gerovich, a former Goldman Sachs trader, became president in March 2022, and the company took the Metaplanet name in February 2023. The single hotel left in the portfolio, one building in Tokyo's Gotanda district, generated the entire ¥250 million of revenue recorded across the first nine months of 2024; redevelopment into a “Bitcoin (BTC) Hotel” is under way. The pivot came in stages. Metaplanet announced its first purchase in April 2024 and, the next month, adopted a policy of holding corporate assets mainly in Bitcoin, citing the government's debt load, years of inflation outrunning interest rates and a weakening yen. Cash in yen loses value, so the company raises money and converts it into Bitcoin, a HODL strategy by design. Management tracks progress through BTC Yield, a metric introduced in October 2024 that measures growth in Bitcoin per share, including stock options, a pool the company cut by 41% in September 2026. The model copies Strategy, which began buying in 2020 and whose leader Michael Saylor frames the asset as compounding 20% to 30% a year for decades; the difference is funding. Strategy sells listed preference shares, a structure Japan's market rarely hosts, so Metaplanet bought its own securities firm in June 2026 and since August has sold corporate bonds, including BitBonds, to investors alongside Bitcoin-backed borrowing. That shift followed a stretch in which its mNAV, enterprise value measured against its Bitcoin (BTC) stack, spent much of 2026 below 1, and the April to June quarter passed without fresh equity issuance. Japan still bars a spot Bitcoin ETF, so Metaplanet's listed shares have served as the country's closest equity proxy for the asset. Exchange-published turnover data showed the stock trading ¥1.8695 trillion in June 2025, above Toyota Motor's ¥1.6445 trillion and Sony Group's ¥1.3153 trillion, and the company topped the Standard market's turnover ranking for eight straight months from November 2024. The tax gap that steers some buyers toward the equity is set to narrow: from 2028, crypto gains move to a flat rate of about 20%, matching the roughly 20% applied to stock sales.

Our live monitoring shows Bitcoin trading at $83,529, up 2.5% over the past 24 hours, after the market rallied 3% to $84,074 within Monday's session. Our composite scoring flags the nearest resistance at $84,071, rated 88 out of 100, with strong support below at $81,610 scored 93, while derivatives positioning leans mildly long: funding sits at 0.0023% and long accounts outnumber shorts 1.36 to 1. A fuller Bitcoin technical analysis breakdown maps the levels on either side of spot. Whatever the tape does next, Metaplanet holds the second-largest listed Bitcoin position in the world, more than 25 times the stack of Japan's runner-up.