Metaplanet's Market Cap Surges 20% to $2.41 Billion on Bitcoin Strategy

On May 16, David Bailey, CEO of Nakamoto, took to X to announce that the market capitalization of Metaplanet had reached $2 billion. He extended his congratulations to Metaplanet CEO Simon Gerovich and Dylan Leclair, the Director of Bitcoin Strategy since 2024, describing this achievement as a significant milestone. Gerovich responded with a humorous question, "Why so bearish?" in response to Bailey's typo that changed "trillion" to "billion." This announcement followed strong Q1 results that boosted Metaplanet’s shares and valuation.

Metaplanet's Q1 financial report indicated steady progress, with revenue increasing by 8% quarter-over-quarter to ¥877 million. Notably, 88% of this revenue was derived from Bitcoin-related income. Operating profit reached a company record of ¥593 million, while net assets surged by 197% to ¥50.4 billion. These positive financial indicators contributed to a 5.06% increase in the share price to 623 JPY, pushing the Metaplanet market cap to around 350.8 billion JPY, or roughly $2.41 billion USD. These figures underscore the benefits of Metaplanet’s strong focus on its Bitcoin reserve.

In addition to these results, Metaplanet announced the issuance of $15 million in zero-interest bonds aimed at increasing its Bitcoin holdings. The bonds, sold exclusively to EVO FUND, each have a face value of $375,000 and mature in November 2025. Investors will receive their principal back, but no interest payments. This strategy aims to steadily grow the Metaplanet BTC reserve while managing market risks and maintaining financial discipline.

Currently, Metaplanet’s BTC reserve holds 6,796 coins, including a recent purchase of 1,241 Bitcoin valued at $126.7 million. The company plans to reach 10,000 BTC by the end of 2025, signaling a long-term commitment to accumulating Bitcoin. Funds from the bond sales will be used to buy more Bitcoin, while future stock acquisition rights will help cover bond redemptions. This reflects a well-planned, gradual approach to expanding the BTC reserve.

David Bailey now leads the combined Nakamoto and KindlyMD group and is driving efforts that follow a Bitcoin treasury strategy similar to that of Metaplanet. This merger included a $710 million capital raise, consisting of $510 million from private stock placements and $200 million from convertible notes. This financial backing supports building a large Bitcoin treasury, showing a growing trend where companies hold Bitcoin as part of their financial strategy.

Metaplanet’s market cap growth, reported in both USD and JPY, closely relates to its Bitcoin income and asset management. The increase in share prices and asset value reflects investor confidence tied to Bitcoin’s performance and Metaplanet’s ability to manage its BTC holdings well. Using bonds and stock acquisition rights to fund Bitcoin purchases demonstrates a smart mix of financial tools for managing capital and risks.

Metaplanet CEO Simon Gerovich’s leadership plays a crucial role in the company’s strategy. His cautious yet optimistic approach balances expanding the Bitcoin reserve with managing liabilities such as bonds and convertible notes. Gerovich’s calm and measured responses on social media avoid overly bullish hype common in the crypto space. This careful planning shows a focus on steady growth rather than risky speculation. Overall, Metaplanet’s recent milestones highlight a company steadily strengthening its Bitcoin treasury and market position through disciplined expansion.