The impact of President Donald Trump’s pro-cryptocurrency stance has triggered a surge in Bitcoin interest in Japan, leading one hotel operator to shift gears and reap substantial gains. Metaplanet Inc. has seen its stock skyrocket nearly 4,800% over the past year, making it the top-performing stock in Japan and one of the highest-gaining equities worldwide, according to Bloomberg data.
The firm is among several companies attempting to follow in the footsteps of Michael Saylor’s firm, previously known as MicroStrategy Inc. Based in Tysons Corner, Virginia, the company has become a major Bitcoin investment vehicle, holding over $45 billion worth of BTC.
Simon Gerovich, the CEO of Metaplanet and a former equities derivatives trader at Goldman Sachs, was moved by Saylor’s strategy after hearing a podcast. Before switching to Bitcoin, he had been running a hotel development company called Metaplanet (previously Red Planet Japan Inc.) since 2013. Early in 2024, the company decided to adopt a “BTC-first strategy” when the pandemic caused the closure of the majority of its hotels, leaving just one open.
Since adopting its new approach, the company’s shareholder base has expanded dramatically, reaching nearly 50,000 investors in 2024, a fivefold increase. Among its investors is Capital Group, which also has a stake in Saylor’s firm, though the majority of Metaplanet’s shareholders are retail investors with little experience in cryptocurrency trading.
The company reported an operating profit of $2.3 million for the year ending Dec. 2024 after six consecutive years of losses.
Metaplanet is not alone in adopting MicroStrategy’s model. Software firm Remixpoint Inc. disclosed plans to acquire $7.9 million in BTC last year, leading to a 300% surge in its stock price.
Many of Metaplanet’s retail investors purchased shares through Japan’s Nippon Individual Savings Account (NISA), a program that was revamped in 2024 to encourage long-term investments. Direct BTC investments in Japan are subject to capital gains taxes as high as 55%, making stock alternatives like Metaplanet an attractive and cost-effective choice for individual investors.
Gerovich noted that Japan’s weakening yen has also made Bitcoin an appealing investment as many look for protection against currency devaluation.
As of January 28, Metaplanet held 1,762 BTC valued at approximately $172 million. It aims to increase its holdings to 10,000 by the end of this year and to 21,000 by 2026. The company intends to use moving strike warrants to issue 21 million shares to finance the purchases. Additionally, the company intends to rebrand its last remaining hotel, the Royal Oak, to “The Bitcoin Hotel.” The venue will host BTC-related events and seminars.
This uptick in the trajectory of cryptos like Bitcoin is providing tailwinds for the entire industry, including established businesses like Marathon Digital Holdings Inc. (NASDAQ: MARA).
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