BTC reserves are being realized, and the Asian coin king Metaplanet's stock price has doubled in a month.

Original | Odaily Daily Report (@OdailyChina)

Author | Dingdang (@XiaMiPP)

On May 20, the stock price of the Japanese listed company Metaplanet surged past 780 yen, with a single-day increase of 14.6%, and it has even doubled over the past month. The company's CEO Simon Gerovich revealed that Metaplanet has become one of the most shorted stocks in the Japanese market.

This situation inevitably brings to mind the US stock company Strategy (formerly MicroStrategy), whose decision to incorporate Bitcoin into its corporate balance sheet not only brought it financial success but also sparked a global wave of traditional companies embracing crypto assets. However, as its market value soared, Strategy also became a prime target for short sellers. Now, Metaplanet seems to be replaying this script of bull and bear battles, writing its own legend driven by a Bitcoin strategy.

Metaplanet: Financial Breakthrough Under Bitcoin Strategy

The reason Metaplanet boldly establishes Bitcoin as a core treasury asset is by no means an impulsive decision. Behind this is a profound understanding and forward judgment of the increasingly complex global financial environment.

As a local Japanese company, Metaplanet is facing the dual predicament of the continuous depreciation of the yen and the long-term coexistence of ultra-low interest rates, making it difficult for traditional assets to achieve effective preservation and appreciation in value under this background. Bitcoin, with its scarcity, decentralization, and censorship resistance, has become a powerful hedging tool—not only to hedge against inflation but also to combat the uncertainty of monetary policy.

Starting from 2024, Metaplanet, with the assistance of Sora Ventures, will continuously purchase Bitcoin through stock issuance and bond financing, becoming the first publicly listed company in Japan to hold a large amount of cryptocurrency. This not only marks a firm step towards the global crypto economy but also sets a groundbreaking example for Japanese companies in the field of digital assets.

Metaplanet's Q1 2025 earnings report is a testament to the success of this strategy. According to the report, the company's revenue reached $6.139 million, an increase of 8% quarter-on-quarter and a surge of 943% year-on-year; Net income reached $4.151 million, an increase of 11% sequentially. Among them, 88% of the profits came from Bitcoin options trading, which shows that crypto assets have become the backbone of their income structure.

As of now, Metaplanet holds 6,796 Bitcoins, ranking 10th among publicly listed companies globally and 1st in Asia. The company also plans to increase its Bitcoin reserves to 10,000 by the end of the year. Despite being continuously hunted by short sellers, its stock price has doubled in the short term, and the market has clearly cast a vote of confidence in its "Bitcoin-based" strategy.

Expanding Perspective: Global Companies Are Climbing Aboard Bitcoin

The success of Metaplanet is just a microcosm of global companies embracing the Bitcoin craze. Since 2025, more and more companies have been incorporating Bitcoin into their balance sheets in diverse ways, building their own crypto strategies.

Strive: Hold coins at a low price by borrowing Mt.Gox debt

Strive, led by Vivek Ramaswamy, has chosen an alternative path—acquiring the claims of the bankrupt Mt.Gox exchange at a discount to obtain approximately 75,000 bitcoins. According to regulatory filings, the company is collaborating with 117 Castell Advisory Group LLC, intending to complete the acquisition of this batch of court-approved claims before Mt.Gox initiates payouts on October 31, 2025.

This "reverse investment" strategy not only fully utilizes structural opportunities in the market but also enhances the per-share Bitcoin holdings by diluting equity through reverse mergers, thereby bringing potential appreciation to shareholders.

AsiaStrategy: Dual-track transformation from luxury goods to Bitcoin

AsiaStrategy, formerly known as the Asian watch manufacturer Top Win, completed its rebranding in 2025 and initiated a strategic transformation towards Bitcoin. After partnering with Sora Ventures, the company’s stock price soared over 60% in pre-market trading. Not only did founder Jason Fang join the board, but he also took on the role of co-CEO alongside CEO Tony Ngai, marking the official transition of the company from traditional manufacturing to the integration of financial technology.

AsiaStrategy will continue to purchase Bitcoin while maintaining its watch business, providing new imaginative space for traditional industries to explore digital assets.

Meliuz: The Inflation Hedge Path of Brazilian Retail Enterprises

In the context of high inflation and domestic currency depreciation, South American companies are also seeking ways to hedge. Brazilian listed company Meliuz has proposed amending its articles of association to include Bitcoin investment as part of its official corporate purpose. This proposal will be voted on at the shareholders' meeting scheduled for May 6, 2025. Once approved, the company will continue to invest in Bitcoin based on its operating cash flow, demonstrating its recognition and reliance on the long-term value of crypto assets.

GameStop: A Cautious Attempt by the Retail Giant

The American video game retailer GameStop is also gradually embracing crypto assets. Its revised investment policy for 2025 allows the company to include Bitcoin and stablecoins in its treasury asset portfolio for the first time. Although the document emphasizes the risks of volatility, this move is enough to reflect its cautious affirmation of the potential of crypto assets, providing an important signal for the transformation of more traditional enterprises.

Conclusion

The breakthrough of Metaplanet may just be the beginning. What it represents is the exploration and transformation of global enterprises in new asset allocation methods during uncertain times. Whether it is through direct purchases, bond arbitrage, business integration, or strategic experimentation, Bitcoin is becoming an indispensable part of the asset management logic for enterprises.

As more and more companies begin to view Bitcoin as "digital gold" and incorporate it into their core financial strategies, we are witnessing the unfolding of a new global asset restructuring experiment.