Metaplanet's 210,000 Bitcoin Ambition: How an Asian Giant Is Reshaping the Crypto Asset Landscape

As of December 25, according to Gate market data, Bitcoin is priced at $88,011.3, fluctuating at recent highs. This price level is at the center of a grand plan by a Japanese publicly listed company called Metaplanet.

The company’s board of directors approved a key resolution on December 24 to raise funds through the issuance of new equity instruments, unwaveringly advancing its goal: to acquire a total of 210,000 Bitcoins by the end of 2027.

01 Grand Vision

Metaplanet’s Bitcoin strategy is not a sudden impulse but a clear and aggressive long-term plan. The company aims to reach a Bitcoin holding of 210,000 by the end of fiscal year 2027.

This number is symbolic because it exactly represents 1% of Bitcoin’s total supply cap of 21 million. Metaplanet calls this the “Join the 1% Club” strategy.

The achievement of this goal is divided into clear phased milestones. According to its plan, the company first intends to increase its holdings to 30,000 by fiscal year 2025 end (i.e., March 2026).

Subsequently, the target increases to 100,000 by fiscal year 2026 end, and ultimately reaches 210,000 by fiscal year 2027 end. This roadmap demonstrates its determination to accelerate accumulation.

02 Financial Engine

To achieve such large-scale asset accumulation, Metaplanet must address significant funding issues. Its core strategy is to innovatively finance through capital markets rather than directly selling existing Bitcoin.

At the recent special shareholders’ meeting, the company approved a series of equity-related proposals. Its Chief Strategy Officer Dylan LeClair pointed out that these measures will help the company raise funds to purchase more Bitcoin.

A key step is that Metaplanet’s board of directors substantially increased the number of Class A and Class B shares that the company can issue, and plans to give these new shares flexible features, such as floating interest rates and quarterly dividends, to attract investors seeking regular income.

More innovatively, the company added special terms to its “preferred shares,” including a “10-year 130% issuer redemption right.” This means Metaplanet can buy back these shares in the future at 130% of the issuance price. These complex financial instruments are designed to attract capital at lower immediate costs and with more flexible terms, supporting its Bitcoin purchase plan.

03 Market Attention

Metaplanet’s strategy and growth rate have attracted the attention of top figures in the crypto asset field. Adam Back, CEO of blockchain technology company Blockstream, publicly commented that Metaplanet has the potential to surpass industry benchmark MicroStrategy in Bitcoin yield.

Back cited a professional metric called “months to mNAV cover” for analysis. His calculations show that Metaplanet needs only 3 months to achieve a Bitcoin asset-to-net value double coverage, with an estimated growth rate 3.8 times that of MicroStrategy.

Market data also supports this optimistic view. According to calculations, Metaplanet’s Bitcoin yield in 2025 could reach 136.7%, demonstrating its strategy’s strong explosive power in a bull market environment.

As of December 25, Bitcoin is quoted at $88,011.3 on Gate. Based on this price, the total value of Metaplanet’s ultimate goal of 210,000 Bitcoins would approach $18.5 billion. This staggering figure highlights the grandeur and ambition of the plan.

04 Strategic Differences

Although often called the “Japanese version of MicroStrategy,” Metaplanet’s approach has its unique features. Unlike MicroStrategy, which mainly relies on issuing convertible bonds and its own cash flow, Metaplanet emphasizes a combination of equity financing and innovative financial derivatives.

In addition to direct purchases, Metaplanet also participates in the cryptocurrency options market. For example, the company sells cash-secured Bitcoin put options.

The benefit of this approach is that: when Bitcoin rises, it can earn premiums to boost returns; when Bitcoin falls, it may buy Bitcoin at a lower strike price, achieving the goal of adding on dips. This adds a layer of active risk management and hedging to its simple “buy and hold” strategy.

05 Risks and Challenges

Despite the promising outlook, Metaplanet’s aggressive strategy also carries significant risks. The implied valuation premium reflected in its stock price has become a focus of market attention.

Some analysts point out that, ignoring its original hotel business, the valuation implied by the market for Metaplanet far exceeds the actual coin price, indicating that the stock price contains high expectations for future growth.

This high premium means that if Bitcoin prices experience a sharp correction, Metaplanet’s stock price may face a correction exceeding Bitcoin’s own decline. Additionally, global digital asset reserve institutions are under pressure, with many such companies’ trading prices below the value of their crypto holdings, suggesting that the entire business model could face a winter test.

Although Metaplanet just received key approval from shareholders for its financing plan on December 24, whether it can successfully execute such a large-scale financing and purchase plan over the next two years remains subject to macro market conditions and regulatory changes.

Future Outlook

While the market is still digesting Bitcoin’s $88,011.3 price fluctuations, Metaplanet’s board has already painted a picture of Bitcoin assets worth $18.5 billion for the next two years.

This Japanese company is no longer content to follow in MicroStrategy’s footsteps. By designing complex preferred shares, engaging in options markets, and setting a final goal of holding 210,000 Bitcoins—accounting for 1% of the total supply—it is attempting to define the next generation of digital asset reserve companies.

The prediction by Blockstream’s CEO may come true: An Asian company could outperform all Western competitors in the Bitcoin asset-liability race.