Metaplanet Splits Bitcoin Holdings to Build Institutional Powerhouse

Metaplanet, a Japanese company previously known for its real estate and hospitality operations, is accelerating its transformation into a major player in the institutional Bitcoin (BTC) market. The firm has launched two new subsidiaries—Metaplanet Income Corp. in Miami and Bitcoin Japan Inc. in Tokyo—as part of its strategy to diversify revenue streams and expand its Bitcoin-related operations. The American subsidiary, with a capital of $15 million, is focused on generating income through Bitcoin derivatives and trading activities, while the Japanese entity will oversee domestic media and event initiatives, including Bitcoin Magazine Japan and the Bitcoin Japan Conference.

The creation of these subsidiaries marks a strategic shift in Metaplanet’s business model. Rather than maintaining a single corporate treasury approach, the company has now separated its Bitcoin holdings from income-generating activities to enhance transparency and governance. Metaplanet CEO Simon Gerovich, alongside Dylan LeClair and Darren Winia, will lead the U.S. operations. The company emphasized that this initiative is expected to have a limited impact on its consolidated financial results for the 2024 fiscal year but will establish a foundation for a more sustainable Bitcoin-based revenue model.

Metaplanet's global positioning in the Bitcoin space is also growing. With over 20,136 BTC recorded on its balance sheet, the firm ranks sixth in the global ranking of institutional Bitcoin holders, according to BitcoinTreasuries.NET. This places it behind U.S.-based giants such as Strategy, which leads with 638,985 BTC, and Mara Holdings, which holds 52,477 BTC. The company’s aggressive Bitcoin acquisition strategy, including a recent $1.4 billion international share offering, has allowed it to rapidly scale its holdings. The funds raised will be used to expand both its treasury and income-generating operations, with a specific focus on derivatives trading in the U.S. market.

Despite its growing influence in the Bitcoin ecosystem, Metaplanet’s stock has experienced volatility in recent months. Shares have dropped nearly 31% over the last 30 days, according to Yahoo Finance data, despite a year-to-date gain of 71%. The company has continued issuing new shares to raise capital for Bitcoin purchases, a strategy that has drawn both investor enthusiasm and concerns about shareholder dilution. Analysts note that narrowing premiums—differences between share prices and net asset values—could further impact the stability of Bitcoin treasury firms like Metaplanet.

In Japan, Metaplanet’s new subsidiary, Bitcoin Japan Inc., is based in the Roppongi Hills district and will play a key role in strengthening the company’s domestic footprint. It will manage media platforms, events, and the newly acquired Bitcoin.jp domain, aiming to enhance public understanding and adoption of Bitcoin in the region. The company’s dual approach—combining international expansion with localized engagement—reflects its broader vision of positioning Bitcoin as a central pillar of global finance.