Metaplanet Inc

Once a struggling Tokyo hospitality operator drowning in post-pandemic debt, Metaplanet reinvented itself in April 2024 as Japan's first listed Bitcoin treasury company. The playbook borrows heavily from Michael Saylor's Strategy: raise capital through equity and bonds, then convert it into Bitcoin held on the balance sheet. That pivot rerated the stock violently, and Metaplanet now sits among the largest corporate holders of Bitcoin anywhere, trailing only a couple of American peers. The appeal for shareholders is leveraged, yen-denominated exposure to Bitcoin without touching a wallet, wrapped in a Tokyo-listed equity. The risk is the mirror image: the share price tracks Bitcoin closely and tends to swing further, and the treasury strategy leans on continuous access to cheap financing. CEO Simon Gerovich has leaned into the identity, even planning a Bitcoin-themed hotel in one of its remaining properties.

On MyRWA, MTPLF trades tokenized across 1 on-chain venue - see the listings below.