Metaplanet

On April 8, 2024, Metaplanet, formerly hotel operator Red Planet Japan, adopted a Bitcoin treasury strategy.

On April 23, 2024, Metaplanet made its first BTC purchase, pivoting from hotels to a Bitcoin treasury firm.

In December 2024, Metaplanet made Bitcoin treasury an official business line and listed on U.S. OTCQX.

In March 2025, Metaplanet named Eric Trump a strategic advisor.

In June 2025, Metaplanet launched the 555 Million Plan to raise up to ¥770.9B, targeting 100k BTC by end-2026.

In December 2025, Metaplanet shareholders approved the plan.

Metaplanet (3350) — latest results: H1 FY2026 (six months ended June 30, 2026; fiscal year ending December 2026). Revenue was ¥4,944 million and net loss attributable to owners of the parent was ¥182,774 million. EPS was -¥150.04, operating profit was ¥3,331 million, gross margin was --, operating cash flow was --, total assets were --, and it held 43,000 BTC (as of June 30, 2026). Active users: --. The business adopts bitcoin as its primary reserve asset and generates bitcoin income through options and similar strategies, alongside legacy businesses such as hotels. Revenue rose 133.7% year over year and operating profit rose 136.3% year over year, but a bitcoin valuation loss pushed the bottom line from profit to loss. Management uses bitcoin per share (0.0263554 BTC) as its core operating metric, aiming to increase per-share holdings over the medium to long term and funding purchases through equity issuance and yen-denominated debt. The main risks are large swings in bitcoin prices and leveraged financing.

Metaplanet bought 5,075 BTC in Q1 2026 and another 2,823 in June, reaching 44,000 BTC worth about $3.7 billion at September 30 — the second-largest corporate treasury after Strategy. In May it said it held roughly 87% of all bitcoin held by listed Japanese companies.

In Q3 it sold 10,000 BTC for about $789.2 million and repurchased 11,000 for about $948.7 million at an average of $86,246, a net gain of 1,000 coins that management framed as proof the reserves can be monetized and as a route to bond and preferred-share financing. On October 5 it revised its capital policy to keep 85–90% of assets in bitcoin and 10–15% in acquisitions and income-generating investments, cap bitcoin-related borrowing near 10% of BTC NAV, and fund purchases mainly with permanent equity; it is also building the Nova Project with Metaplanet Securities and a planned investment in US-listed Super League Enterprise to create a US bitcoin-treasury platform, targeted for Q4 2026. In September it cut potential dilution from its Series 10 purchase rights by 41.1%.

Future strategy and roadmap: Metaplanet's Project Nova addresses the financing problem that appears once the premium disappears. With enterprise mNAV near 0.9x, issuing stock to buy coins no longer works, so it holds 85-90% of assets in bitcoin, puts 10-15% into acquisitions and income assets, funds itself mainly with perpetual preferred equity, keeps bitcoin-backed borrowing under 10% of bitcoin NAV, and issues common stock only above 1.0x mNAV. The July purchase of Siiibo Securities for JPY 2.1 billion created Metaplanet Securities, and four private BitBonds placements in August turned Japanese retail demand for bitcoin yield into underwriting revenue. Whether the securities licence generates enough recurring income to offset bitcoin volatility decides the model.

Simon Gerovich is CEO and chairman of Metaplanet. Raised in Australia and a graduate of the University of New South Wales, he joined Goldman Sachs and sold equity derivatives and structured products from Tokyo and Hong Kong to institutional clients across Asia, becoming a managing director around 2013. He later moved into consumer and hospitality assets, and in 2024 took over the struggling hotel operator Red Planet Japan and renamed it Metaplanet.

Yoshimi Abe is COO, handling hotel disposals and the operational handover; Yoshihisa Ikurumi is CFO, owning capital structure and tax; Naotaka Koyama is chief legal officer, covering disclosure and related-party matters; Shinpei Okuno leads capital markets and investor relations. Dylan LeClair, previously a bitcoin research analyst, is head of bitcoin strategy. Each function reports to the CEO.

Through its subsidiary Metaplanet Securities (formerly Siiibo Securities, acquired July 2026), Metaplanet holds a Japan Financial Services Agency (FSA) Type I Financial Instruments Business Operator licence, enabling it to structure and distribute Bitcoin-linked securities.