Metaplanet holds 7,800 BTC worth over $807 million, ranking 10th globally in Bitcoin holdings, while Japan’s debt-to-GDP ratio hits 235%—worse than Greece’s 142%. The company’s stock has surged 427% over the past year to $9.10 as short sellers bet against its Bitcoin-first treasury strategy.
As Japan grapples with a debt crisis that makes Greece look fiscally responsible, an unlikely corporate champion has emerged from Tokyo’s financial district that many traders and investors might not have heard about.
Metaplanet, originally a budget hotel operator, has transformed itself into Asia’s most aggressive Bitcoin accumulator and is now Japan’s most shorted stock (according to its CEO). This sets up what could be a historic short squeeze while highlighting Bitcoin’s role as a hedge against sovereign debt crises, a story that both crypto and traditional investors should pay more attention to.
Japan’s “Most Shorted” Stock Sets Up for Epic Battle
Metaplanet has become the epicenter of a brewing financial storm in Japan, earning the dubious distinction of being the country’s most shorted stock, according to CEO Simon Gerovich.
The company’s shares have skyrocketed over 400% in the past year, reaching as high as 816 JPY on the Tokyo Stock Exchange before settling at $9.10 on the OTC markets as of the 4:00 PM EDT close on May 22, 2025.
The short interest represents a fundamental disagreement about the company’s radical pivot from hospitality to Bitcoin. Hedge funds are betting heavily against Metaplanet’s aggressive cryptocurrency accumulation strategy, while believers see it as a prescient move in an era of mounting sovereign debt concerns.
The stock’s extreme volatility—with a 52-week range from $1.51 to $16.00—reflects this polarized sentiment.
Trading volume has exploded to over 15 million shares, more than four times the average volume of 3.45 million, indicating intense interest from both sides of the trade. The Tokyo Stock Exchange has implemented multiple trading halts as the stock experiences dramatic price swings, creating the technical conditions that often precede massive short squeezes.
What makes this situation most compelling, however, is the timing.
As traditional safe-haven assets like Japanese government bonds face unprecedented pressure, Metaplanet’s strategy is being tested in real-time against one of the world’s most severe sovereign debt crises.
The company’s year-to-date return of 291.33% dramatically outpaces the ’s decline of 4.97%, suggesting that investors increasingly view Bitcoin exposure as superior to traditional Japanese assets.
Michael Saylor, the architect of MicroStrategy’s (NASDAQ:) Bitcoin strategy, has publicly acknowledged Metaplanet’s approach, lending credibility to what critics dismiss as a reckless gamble.
CEO Simon Gerovich’s mantra that “Bitcoin is the key. Metaplanet unlocked” has become a rallying cry for supporters who see the company as a pioneer in corporate treasury management.
Aggressive Bitcoin Accumulation Amid Japan’s Fiscal Crisis
Metaplanet’s Bitcoin strategy is breathtaking in its scope and timing.
The company currently holds 7,800 BTC worth over $807 million, ranking it 10th globally among Bitcoin-holding public companies. This represents a staggering transformation for a company that began as a budget hotel operator with just 17 employees and has pivoted to become Asia’s most prominent Bitcoin investment vehicle.
The accumulation strategy has been particularly aggressive in 2025. In May alone, Metaplanet purchased 2,245 BTC across two major transactions: 1,241 BTC in the first purchase and 1,004 BTC in the second, totaling approximately $104.3 million at an average price of around 15.13 million yen per Bitcoin.
The company’s immediate goal is to overtake Galaxy Digital’s 8,101 BTC holding, with longer-term ambitions to own 1% of the world’s total Bitcoin supply.
The performance metrics are compelling. Metaplanet reported a 309.8% return in Q4 2024, followed by 95.6% in Q1 2025, and 47.8% in Q2 2025 as of May.
These returns are measured using proprietary metrics like “BTC Gain” and “BTC ¥ Gain,” reflecting the company’s sophisticated approach to tracking Bitcoin-denominated performance rather than traditional fiat-based accounting.
Metaplanet also follows an interesting financing strategy. Rather than taking on traditional debt, Metaplanet has used creative warrant issuance to fund Bitcoin purchases, maintaining shareholder value while enabling aggressive accumulation. This approach contrasts sharply with Japan’s government, which continues to issue bonds into an increasingly skeptical market.
The strategy’s boldness becomes even more apparent when viewed against Japan’s deteriorating fiscal backdrop. With the country’s debt-to-GDP ratio at 235%—significantly worse than Greece’s 142%—Prime Minister Shigeru Ishiba has admitted Japan’s fiscal position is “worse than Greece’s.”
As bond yields have surged to 3.7%, up a full percentage point since early April, and bond auctions face declining demand, Metaplanet’s bet on Bitcoin appears increasingly prescient.
The company’s approach represents more than just corporate treasury management; it’s a hedge against potential sovereign debt crisis. As Japan faces contraction of 0.2% in Q1 2025, at 3.6% for over three years, and mounting recession fears, traditional -denominated assets offer little protection. Metaplanet’s Bitcoin holdings provide exposure to an asset uncorrelated with Japanese fiscal policy and immune to currency debasement.
This positioning has attracted significant attention from global Bitcoin advocates who see Metaplanet as a proof-of-concept for Bitcoin adoption in countries facing fiscal stress.
The company’s success or failure could influence other Asian corporations considering similar strategies, making it a bellwether for Bitcoin’s role in corporate treasury management beyond the United States.
***
This article was written by Shane Neagle, editor in chief of The Tokenist. To get trade ideas and pre-market insights delivered to your inbox every morning premarket, click here to sign up for Bull Whisper (free), brought to you in partnership with The Tokenist.
