What is Metaplanet and why does it hold bitcoin?

Metaplanet is a Tokyo-listed company that buys and holds bitcoin on its balance sheet, in a model often compared to Strategy in the US. BitcoinTreasuries.NET describes it as Japan's first publicly listed bitcoin treasury company. Its shares also trade over the counter in the US under the ticker MTPLF.

What is Metaplanet's bitcoin strategy?

Metaplanet pivoted to a bitcoin treasury strategy in April 2024, The Block reported. The idea is the same one behind any crypto treasury company: raise money in the stock and debt markets and use it to buy bitcoin, aiming to grow the amount of bitcoin behind each share.

The company held 1,762 BTC at the start of 2025 and 35,102 BTC by December 31, 2025, The Block reported. As of November 2026, BitcoinTreasuries.NET lists 44,000 BTC as of October 5, 2026, ranking it second among public companies behind Strategy. That places it near the top of the list in our guide to who owns the most bitcoin.

How does Metaplanet pay for its bitcoin?

In June 2025 the company announced a 2025-2027 Bitcoin Plan targeting 100,000 BTC by the end of 2026 and 210,000 BTC by the end of 2027. Its filing described "moving strike warrants," which it called Japan's version of an at-the-market equity program, where shares are sold into the market over time.

In March 2026 the board approved a further share placement and warrants, The Block reported. Metaplanet also had a $500 million bitcoin-backed credit line and said it aimed to keep borrowings below 10 percent of its bitcoin net asset value. It also runs a bitcoin income business that sells options, which it uses to earn revenue from its holdings. CEO Simon Gerovich leads the company.

What is Metaplanet's mNAV?

mNAV compares a company's enterprise value with the value of its bitcoin. The Block describes the calculation as market capitalization plus total debt, divided by the net asset value of the bitcoin reserve. A reading above 1 means the market values the company at more than its bitcoin. Below 1 means less.

Metaplanet's mNAV fell below 1 for the first time on October 14, 2025, The Block reported. The figure matters because issuing new shares is less useful for adding bitcoin per share when mNAV is below 1, and the March 2026 warrants included exercise conditions tied to mNAV.

How is Metaplanet different from owning bitcoin?

Holding Metaplanet stock is a claim on a company, not on bitcoin directly. Its value depends on its debt, share issuance and business results as well as on bitcoin. For the larger US example, see our guide to Strategy.