Japanese company Metaplanet plans to ultimately use its Bitcoin reserves to acquire cash-generating businesses, including potentially acquiring a digital bank in Japan.
In a recent interview with the Financial Times, CEO Simon Gerovich stated that the company is racing to accumulate as much Bitcoin (BTC) as possible and then leverage its holdings for expansion.
"We see this as a Bitcoin gold rush," Gerovich said. "We need to accumulate as much Bitcoin as possible… to reach escape velocity so that others find it hard to catch up."
The Tokyo-listed company, originally a hotel operator, began accumulating Bitcoin in 2024 as a hedge against inflation. It currently holds 15,555 BTC, with a goal of increasing that number to over 210,000 by 2027, accounting for 1% of the total Bitcoin supply.
The second phase of Metaplanet's plan involves using Bitcoin as collateral to obtain financing, similar to securities or government bonds. "We will obtain cash to purchase profitable businesses," Gerovich said.
Gerovich indicated that Metaplanet's future acquisitions would ideally align with its strategy, suggesting "perhaps acquiring a digital bank in Japan that offers better digital banking services than what retail customers currently receive."
While cryptocurrency-backed loans remain rare in traditional banking, some institutions are beginning to explore this area. In April, Standard Chartered and OKX launched a pilot program allowing institutions to use cryptocurrencies and tokenized money market funds as collateral.
Gerovich ruled out the possibility of issuing convertible bonds but is open to using preferred stock to fund growth. "I don't want to have to repay the funds in three or four years and tie [repayment] to any stock price," he said.
On Monday, Metaplanet added 2,204 BTC to its reserves for $237 million, with an average purchase price of about $107,700 per Bitcoin. The latest acquisition brings its total holdings to 15,555 BTC, with an average purchase price of approximately $99,985 per Bitcoin.
Metaplanet's stock price has risen over 345% this year, and despite limited revenue, its market capitalization has exceeded $7 billion. The company is following the strategy of Michael Saylor, who holds over 597,000 BTC with a market cap of $112 billion.
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Original article: “Metaplanet Targets Digital Bank Acquisition in Bitcoin (BTC) Strategic Phase Two”
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