Unlock the Editor’s Digest without spending a dime
Roula Khalaf, Editor of the FT, selects her favorite tales on this weekly e-newsletter.
Shares in Japanese lodge developer turned bitcoin investor Metaplanet soared on Monday after it unveiled plans to lift about $5.4bn so as to add to its giant stockpile of the cryptocurrency.
The corporate on Friday mentioned it needed to lift the funds to extend its bitcoin holdings greater than twenty fold to 210,000 by the top of 2027, a hoard of 1 per cent of the overall provide of the cryptocurrency that might be price $22bn at present costs.
The Japanese group underwent “a strategic pivot” to the cryptocurrency in 2024, turning, within the phrases of its chief government Simon Gerovich, from “hotelier into hodler” and turning into a bitcoin treasury firm.
The aggressive shopping for spree follows a path blazed by Michael Saylor, the billionaire who turned US software program group Technique right into a extremely leveraged bitcoin funding car by purchasing thousands of the cryptocurrency. Technique’s market valuation has hit $104bn, outstripping the worth of the 580,000 bitcoin it has amassed as buyers wager the worth of the corporate’s bitcoin holdings will rise quicker than the corporate dilutes its shares.
The fast beneficial properties have impressed a number of copycats all over the world. Metaplanet’s goal of 210,000 bitcoin would make it the world’s second-largest company holder of the cryptocurrency behind Technique.
The value of bitcoin has been boosted by Donald Trump’s US election victory and promise to enact industry-friendly insurance policies. His sons have additionally moved to trip market enthusiasm. Final month the Trump household media firm introduced plans to lift $2.5bn to purchase bitcoin, emulating Technique. Eric Trump, the president’s son, joined Metaplanet’s strategic board of advisers in March.
The corporate has not solely been steadily buying bitcoin for its company treasury for a 12 months, however has additionally been rising the dimensions of its purchases. The coverage has helped increase its share worth greater than 8,850 per cent previously two years, to ¥1,544 ($10.71).
It’s concentrating on holding 100,000 bitcoin by the top of 2026, a rise from its unique aim of 21,000.
The corporate’s shares surged 15 per cent on Monday as buyers backed its plans to lift extra capital through warrants, which give buyers the correct to purchase shares, in what the corporate known as the “largest inventory acquisition rights issuance in Japan capital markets historical past”.
The corporate says its administration “measures its efficiency by way of the Key Efficiency Indicator (KPI), ‘BTC Yield’, which displays the share progress in bitcoin per share, guiding all capital market actions”.
In addition to its “bitcoin-focused operations”, Metaplanet mentioned it “owns and operates a lodge in Tokyo, which is being rebranded as The Bitcoin Lodge” and is about to open in early 2026.
“The corporate holds the unique license for Bitcoin Journal in Japan, selling bitcoin schooling and adoption,” it added.
In April, the corporate additionally appointed David Bailey, chief government of the corporate behind Bitcoin Journal, to its board of strategic advisers. Bailey can also be establishing his personal US-listed company treasury car known as Nakamoto Holdings, which is merging with healthcare group KindlyMD.