Metaplanet Eyes Digital Bank Acquisition as Bitcoin Treasury Strategy Evolves
Japanese firm Metaplanet, best known for its bold pivot into Bitcoin investment, is now setting its sights on a broader financial future. According to The Financial Times, the company plans to leverage its rapidly growing Bitcoin holdings to acquire profitable, cash-generating businesses — with a particular interest in digital banking.
Metaplanet CEO Simon Gerovich, a former Goldman Sachs banker, described the company’s approach as participating in a “Bitcoin gold rush” — a first phase of intense accumulation intended to position the firm as a long-term leader in crypto-financed expansion.
“We need to accumulate as much Bitcoin as we can to get to a point where we've reached escape velocity,” Gerovich told the FT, “and it just makes it very difficult for others to catch up.”
On Monday, Metaplanet revealed its latest purchase: 2,205 BTC valued at $238.7 million, pushing its total holdings to 15,555 BTC, or approximately $1.7 billion. This makes Metaplanet the fifth-largest publicly listed corporate Bitcoin holder, trailing only giants like MicroStrategy, Marathon Digital (MARA), Tether-backed Twenty One, and Riot Platforms.
A Bitcoin-Backed Financial Strategy
Metaplanet’s long-term vision centers on transforming Bitcoin from a passive asset into a tool for corporate growth. Gerovich envisions a future where the cryptocurrency functions similarly to securities or government bonds — an asset that can be used as collateral for financing, rather than something to be sold.
That financing, he explained, could then fund the acquisition of cash-flowing businesses, with a strong preference for targets that align with Metaplanet’s broader strategy.
“Maybe it is acquiring a digital bank in Japan,” Gerovich said, noting a desire to offer superior digital financial services compared to what's currently available to retail customers.
The move marks a potential evolution into what Gerovich calls “phase two” of Metaplanet’s journey: the financialization of its Bitcoin treasury, using its holdings not just as a store of value, but as a springboard for operational growth and profitability.
Skepticism and Soaring Valuation
Not everyone is on board with Metaplanet’s ambitious plans. Some investors have raised concerns about the company's premium to net asset value (NAV) and the growing number of firms adopting corporate Bitcoin strategies without clear revenue models. Gerovich remains unfazed.
“I encourage people to short our stock if they don’t believe in the story,” he said confidently.
Despite the skeptics, Metaplanet’s market performance has been staggering. Since pivoting to a Bitcoin treasury strategy in April 2024, the company’s market capitalization has surged past ¥1 trillion ($6.8 billion). Shares have risen 60-fold, including a 318% increase year-to-date, despite minimal traditional revenue.
Looking Ahead
Metaplanet has set an audacious goal: joining the so-called “Bitcoin 1% club” by acquiring 210,000 BTC — roughly $23 billion — by the end of 2027. If achieved, the firm would hold approximately 1% of Bitcoin’s maximum supply, a symbolic and strategic milestone that could cement its status as a key player in the intersection of crypto and corporate finance.
While it’s still “really, really early days,” as Gerovich cautioned, the company’s trajectory points to a future where Bitcoin-backed business expansion could become a mainstream model — especially in sectors like digital banking that are ripe for disruption.