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Japanese investment firm Metaplanet is taking bold steps in its Bitcoin-centric business model, with plans to leverage its growing cryptocurrency reserves to acquire profitable businesses. According to CEO Simon Gerovich, the firm is eyeing the acquisition of a digital bank in Japan as a possible next move in what he described as “phase two” of Metaplanet’s Bitcoin strategy.
In an interview with the Financial Times, Gerovich emphasized the urgency of increasing the company’s Bitcoin holdings, comparing it to a modern-day gold rush. “We need to accumulate as much Bitcoin as we can,” he said, explaining that the company’s goal is to reach a scale where competitors can no longer keep up. “It’s about reaching escape velocity.”
Metaplanet, originally a hotel operator listed on the Tokyo Stock Exchange, pivoted toward Bitcoin accumulation in 2024 as a hedge against inflation and fiat currency devaluation. Since then, the company has been aggressively adding to its Bitcoin reserves. As of July 2025, Metaplanet holds 15,555 BTC and aims to grow that number to more than 210,000 by 2027—roughly 1% of the total supply of Bitcoin that will ever exist.
The company’s strategy is drawing comparisons to that of MicroStrategy, the U.S.-based firm led by Michael Saylor, which holds over 597,000 BTC. Like Saylor, Metaplanet views Bitcoin not only as a long-term store of value but also as a financial instrument that can be used to support business growth through strategic acquisitions.
Phase two of Metaplanet’s strategy involves using its Bitcoin holdings as collateral to raise capital—similar to how traditional firms might use government bonds or securities. This move would allow Metaplanet to secure financing without having to liquidate any of its Bitcoin, preserving its long-term upside while expanding its operational footprint.
“We’ll get cash that we can use to buy profitable businesses,” Gerovich said, adding that the next acquisitions would ideally align with the company’s vision. “Maybe it is acquiring a digital bank in Japan and providing digital banking services that are superior to the services that retail now is getting.”
While using crypto as collateral remains rare in traditional finance, some institutions are beginning to experiment with the concept. In April 2025, Standard Chartered and crypto exchange OKX started a pilot program allowing institutions to use digital assets and tokenized money market funds as collateral for loans.
Gerovich made it clear that Metaplanet has no plans to issue convertible debt to raise capital, citing concerns over repayment timelines and stock price volatility. Instead, the company is open to raising funds through preferred shares, which he views as a more flexible and less risky financing option.
The firm’s Bitcoin acquisition spree shows no signs of slowing. On Monday, Metaplanet purchased another 2,204 BTC at a price of approximately $107,700 per coin, spending $237 million in total. This brings its total holdings to 15,555 BTC at an average acquisition cost of roughly $99,985 per coin.
Despite limited operational revenue, Metaplanet’s aggressive Bitcoin accumulation strategy has caught the attention of investors. The company’s stock price has surged over 345% in 2025 alone, pushing its market capitalization beyond $7 billion. This rapid growth underscores the increasing investor appetite for companies that are deeply tied to Bitcoin and its long-term potential.
Metaplanet’s approach to using Bitcoin-backed acquisitions as a growth mechanism is both innovative and risky. The move into digital banking could place the firm at the intersection of finance and crypto, especially as traditional banks explore blockchain solutions and crypto lending models.
While details about potential acquisition targets remain under wraps, the idea of integrating a digital bank in Japan with blockchain-based services presents a compelling opportunity. It would allow Metaplanet to offer more efficient financial services to retail customers, potentially disrupting the legacy banking system in the region.
In summary, Metaplanet is positioning itself as a major player in the evolving Bitcoin economy. With its eye set on acquiring businesses like a digital bank and leveraging its BTC reserves for strategic expansion, the company is not only mirroring the path of MicroStrategy but also exploring uncharted territory. If successful, Metaplanet’s approach could serve as a new blueprint for how crypto-rich firms scale operations without giving up their most valuable asset—Bitcoin.
