From MicroStrategy to Metaplanet, Bitcoin is increasingly being incorporated into the balance sheets of more and more companies.

Written by: Ding Dong (@XiaMiPP)

On May 20, the stock price of Japanese listed company Metaplanet surged past 780 yen, with a daily increase of 14.6%, doubling in the past month. 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 American company Strategy (formerly MicroStrategy), which was the first to incorporate Bitcoin into its corporate balance sheet. This decision not only brought financial success to itself but also sparked a wave of traditional companies embracing crypto assets globally. However, as its market value rose, Strategy also became a prime target for short sellers. Now, Metaplanet seems to be replaying this script of long and short battles, writing its own legend driven by a Bitcoin strategy.

Metaplanet: Financial Breakthrough Under Bitcoin Strategy

Metaplanet's bold decision to establish Bitcoin as a core treasury asset is not a spur-of-the-moment impulse. Behind this is a profound understanding and forward-looking judgment of the increasingly complex global financial environment.

As a local Japanese company, Metaplanet is facing the dual dilemma of the yen's continuous depreciation and the long-term coexistence of ultra-low interest rates, making it difficult for traditional assets to achieve effective preservation and appreciation in this context. 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 in 2024, with the assistance of Sora Ventures, Metaplanet began to continuously buy Bitcoin through stock issuance and bond financing, becoming the first listed company in Japan to hold Bitcoin on a large scale. This not only marks its firm step into the global crypto economy but also sets a groundbreaking example for Japanese companies in the field of digital assets.

Metaplanet's Q1 2025 financial report fully confirms the effectiveness of this strategy. The report shows that the company's revenue reached $6.139 million, an 8% increase quarter-on-quarter and a staggering 943% increase year-on-year; net profit reached $4.151 million, an 11% increase quarter-on-quarter. Notably, 88% of the profit comes from Bitcoin options trading, highlighting that crypto assets have become a cornerstone of its revenue structure.

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

Expanding Perspective: Global Companies Jumping on the Bitcoin Bandwagon

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

Strive: Holding Bitcoin at a Low Price through Mt. Gox Claims

Led by Vivek Ramaswamy, Strive has chosen an alternative path—acquiring claims against the bankrupt Mt. Gox exchange at a discount to obtain approximately 75,000 Bitcoins. According to regulatory documents, the company is working with 117 Castell Advisory Group LLC, intending to complete the acquisition of these court-awarded claims before Mt. Gox starts compensation on October 31, 2025.

This "reverse investment" strategy not only fully utilizes structural market opportunities but also enhances the per-share Bitcoin holding by diluting equity through reverse mergers, providing potential value appreciation for shareholders.

AsiaStrategy: A Dual-Track Transformation from Luxury Goods to Bitcoin

Formerly known as the Asian watch manufacturer Top Win, AsiaStrategy completed its name change in 2025 and initiated a Bitcoin strategic transformation. After collaborating 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 co-served as co-CEO with CEO Tony Ngai, marking the company's formal transition from traditional manufacturing to fintech integration.

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

Meliuz: Inflation Hedging Path for Brazilian Retail Companies

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

GameStop: Cautious Attempts by a Retail Giant

American game retailer GameStop is also gradually embracing crypto assets. Its revised investment policy in 2025 allows the company to include Bitcoin and stablecoins in its treasury asset portfolio for the first time. Although the document emphasizes volatility risks, 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 companies.

Conclusion

Metaplanet's breakthrough may just be the beginning. It represents the exploration and transformation of global companies in uncertain times regarding new asset allocation methods. Whether through direct purchases, claims arbitrage, or business integration and strategic experimentation, Bitcoin is becoming an indispensable part of corporate asset management logic.

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

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