The Metaplanet Model: Redefining Corporate Bitcoin Strategy

PLUS: Corporate Bitcoin holders face stock drops despite strong year performance, bipartisan crypto bill targets year-end passage, Riot Platforms surges on mining growth, and GOP seeks review of Chinese mining firms.

Author

Michael Stinson
September 12, 2025

Happy Friday, Maestros!

Welcome to another edition of the Bitcoin Renaissance!

This week, corporate Bitcoin strategies face market pressure as MicroStrategy see sharp stock declines despite being up over 100% annually. Senators Gillibrand and Lummis push their bipartisan crypto market structure bill for year-end passage, while Riot Platforms stock surges on strong mining output and institutional demand. Meanwhile, GOP lawmakers call for federal review of Chinese mining companies Bitmain and Cango over U.S. market presence concerns.

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🚀 Featured Stories

Companies heavily invested in Bitcoin, like MicroStrategy and Japan’s Metaplanet, are seeing sharp drops in share prices as excitement around crypto cools. Metaplanet, despite being up over 100% for the year, is down more than 60% from its peak in June.


Senators Kirsten Gillibrand and Cynthia Lummis say they are continuing work on a bipartisan “market structure” bill, with hopes to pass it by end of year. The legislation aims to clarify regulatory oversight of crypto trading, including rules that could directly affect Bitcoin markets

Riot Platforms’ Stock Surges on Strong Mining Output and Institutional Buying. Bitcoin miner Riot saw its stock break out this week amid a rally in Bitcoin, supported by significant increases in month-over-month production, a strong quarterly revenue jump, and growing institutional investor demand.

GOP Lawmaker Seeks Formal Review of Bitmain & Cango by U.S. Authorities. A Republican congressperson has urged federal regulators to review Bitmain Technologies Ltd. and Cango Inc. over concerns about their growing presence in the U.S. bitcoin mining market. This reflects increasing scrutiny of foreign-manufactured mining hardware, supply chain security, and industry transparency.

💡Spotlight: Metaplanet

Metaplanet is a Tokyo-listed company (TSE: 3350) that transformed from a budget hotel operator into Japan's first dedicated Bitcoin treasury company, positioning itself as Asia's answer to MicroStrategy. Led by CEO Simon Gerovich, the company has adopted an aggressive Bitcoin accumulation strategy as its core business model, pivoting from traditional operations to focus entirely on building Bitcoin reserves. The strategy serves as a hedge against Japan's economic challenges including massive national debt, prolonged negative real interest rates, and a weakening yen.

🛠️ Key Features

  • Bitcoin Treasury Operations: Metaplanet currently holds over 20,136 BTC worth approximately $700+ million, making it the sixth-largest publicly traded bitcoin treasury company globally. Since adopting this strategy, the company has seen its BTC net asset value increase 103.1x and its market cap grow by 138.1x.

  • Innovative Capital Raising: The company utilizes moving-strike warrants and zero-coupon bonds to accumulate Bitcoin while minimizing dilution and interest costs. Metaplanet issues zero-interest bonds and generates additional revenue by trading bitcoin options, reportedly earning JPY 1,904 million in sales revenue from this business in Q2 2025.

  • The 210 Million Plan: CEO Simon Gerovich announced an ambitious plan to raise $5.4 billion to acquire 210,000 Bitcoin by 2027, representing 1% of Bitcoin's total supply. The company targets 30,000 BTC by end of 2025, 100,000 BTC by end of 2026, and 210,000 BTC by end of 2027.

  • U.S. Expansion: Metaplanet established a Florida-based subsidiary, Metaplanet Treasury Corp, in May 2024 and approved a capital injection of up to $5 billion to accelerate its global bitcoin treasury operations.

The Future

Metaplanet's market cap has grown from $13 million to $5.5 billion in one year, making it the tenth largest corporate Bitcoin holder globally and biggest in Asia. With over $1.4 billion already raised toward their Bitcoin accumulation goals, the company represents a new model for corporate Bitcoin adoption focused on disciplined BTC Yield optimization rather than speculative strategies.

Learn more here!

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