Tokyo-listed Metaplanet has quietly become one of the world’s biggest corporate holders. It owns 15,555 BTC today. Based on reports, its CEO Simon Gerovich wants to boost that to more than 210,000 BTC by 2027. That goal would put the firm’s stash at 1% of all Bitcoin that will ever exist.

Racing To Build A Bitcoin Nest Egg

According to Gerovich, the company started in 2024. At first, it was just a hedge against rising prices. Now it feels more like a sprint. On Monday, Metaplanet spent $237 million to add 2,204 BTC to its vault.

Image: Bankless Times

At about $108,600 per coin, that purchase lifted its average price per BTC to roughly $99,985. Investors have taken notice. The share price is up 340% this year, even though the company still makes only modest revenue.

Japanese microstrategy Metaplanet announced that its Bitcoin strategy has entered the second phase, planning to use BTC as collateral leverage to acquire cash flow businesses. Potential targets include Japanese digital banks, providing digital banking services that are better… — Wu Blockchain (@WuBlockchain)

Plans To Turn Crypto Into Cash

According to reports, has two phases for this strategy. Phase one is about accumulation. Phase two will use Bitcoin as collateral to borrow cash. That borrowed money would fund deals to buy profitable businesses. Gerovich has mentioned a in Japan as an example. He thinks the firm could offer better services than current banks provide. In April, big names such as Standard Chartered and OKX began pilot programs for crypto‑backed loans. Metaplanet hopes to follow their lead but on a larger scale.

The biggest public Bitcoin treasury companies. Source: 

Sizing Up The Competition

Metaplanet now ranks among the top five companies in Bitcoin holdings. For comparison, holds over 597,000 BTC and sports a $112 billion market cap. Metaplanet, by contrast, has a market value above $7 billion. Both companies believe that Bitcoin will outperform cash over the long haul. But Gerovich has ruled out convertible debt. He prefers issuing preferred shares. He doesn’t want to face arbitrary repayments tied to a shifting share price.

BTCUSD trading at $108,499 on the 24-hour chart: TradingView

Promises And Pitfalls Of A Bitcoin‑Powered Model

Borrowing against Bitcoin carries risks. Banks usually put steep “haircuts” on collateral. If Bitcoin’s price slides, Metaplanet could face margin calls. Regulators in Japan have yet to fully embrace crypto‑backed lending. That uncertainty could slow down or even halt the plan.

BTC price nearing the $109k mark. Source: Coingecko

Then there is the challenge of integrating a digital bank. Metaplanet started as a hotel operator. Running a bank requires a very different skill set. Metaplanet’s gamble is bold. It offers a fresh twist on how companies can use Bitcoin. If all goes well, it could pioneer a new breed of corporate finance. If things go wrong, this Tokyo firm may struggle under the weight of its own ambition. Either way, its next moves will be watched closely by both crypto bulls and wary bankers. Featured image from Meta, chart from TradingView