On Might 23, 2025, Metaplanet topped the record of Japanese shares as probably the most lively inventory. The identical day, Metaplanet grew to become the highest loser, which didn’t cease it from being the largest inventory in Japan because it nonetheless leads by a big margin. The corporate is allegedly on the point of an enormous quick squeeze much like the GameStop 2021 state of affairs. How did this small resort operator develop into the fastest-growing inventory in Japan and a global function mannequin Bitcoin accumulator?
Whereas presently Metaplanet poses itself as “Japan’s first and solely publicly listed Bitcoin Treasury Firm,” it hasn’t at all times been like that. The corporate has a wealthy historical past predating Bitcoin’s existence, and Metaplanet’s newfound Bitcoin fame is simply the newest episode of a future.
The corporate began in 1999. On the early stage, it had a unique title and was working in numerous spheres. In 2010, Simon Gerovich, Metaplanet’s CEO, based a resort enterprise with funds motels in Thailand, the Philippines, Indonesia, and Japan.
The COVID quarantine harmed the resort enterprise. Across the identical time, Gerovich realized about Michael Saylor’s Stratgy swap to Bitcoin.
The essential change occurred in 2024. Right here’s how the corporate places it on its web site:
“In 2024, Metaplanet’s administration launched into a strategic pivot, recognizing Bitcoin because the world’s most scarce financial asset and remodeled the corporate right into a Bitcoin Treasury Firm.”
Metaplanet bought all of the motels however one. Ever since, Metaplanet has been following its new plan to aggressively stack bitcoins, that are seen as a long-term reserve asset. The corporate is working to accrue the wealth of Metaplanet’s shareholders and harness transparency and equity. The corporate’s intention is to make its inventory extra worthwhile than Bitcoin. On high of this, Metaplanet consults different corporations about Bitcoin and Web3.
In 2026, Metaplanet plans to open its Bitcoin Resort in Tokyo, mixing its resort enterprise origins and the corporate’s present Bitcoin technique.
Right this moment, Metaplanet is among the few corporations that adopted the footsteps of Technique, turning into a Bitcoin-centred firm, generally referred to as “MicroStrategy of Asia.”
As of Might 23, 2025, Metaplanet holds 7,800 BTC. It could appear that it’s a humble quantity if we evaluate it to Technique, with its BTC stack exceeding 576,000 models. Nevertheless, Technique’s treasury is extraordinary, and Metaplanet is definitely one of many main company Bitcoin holders. Its Bitcoin treasury is round $800 million in worth and ranks tenth globally. To emphasise the importance of Bitcoin over fiat cash, the principle KPI metric utilized by Metaplanet is BTC Yield.
Earlier this Might, the corporate went by way of a robust short-seller stress that didn’t cease it from gaining extra worth and persevering with its exponential progress. It took solely a 12 months for Metaplanet to develop its inventory worth from round 40 JPY to 1,000 JPY. In 2025, the inventory’s worth gained over 420%.
Metaplanet’s year-to-date 291.3% return strikingly contrasts with the almost 5% decline of the Nikkei 225, a compound index reflecting the typical worth of the highest 225 Japanese shares.
Brief squeeze speculations and parallels with GameStop
Regardless of aggressive Bitcoin accumulation and speedy progress, not all of the stats are bullish. In response to Metaplanet CEO Simon Gerovich, Metaplanet is probably the most shorted inventory in Japan. Whereas Bitcoin treasuries are considerably stylish, and this trendiness attracts retail and institutional buyers, hedge funds are betting in opposition to Metaplanet and shorting its shares in bulk. Excessive volatility inside 12 months indicators an intense battle between Metaplanet bears and bulls.
Excessive volatility and nine-digit buying and selling volumes on the inventory alternate sign a doable high-scale quick squeeze of the Metaplanet inventory. It loosely resembles the 2021 GameStop inventory case. In 2021, hedge funds have been betting in opposition to GameStop. Nevertheless, the activism of interest merchants from the Reddit group who collectively began to open lengthy positions resulted in an explosive 3,200% progress of the GME inventory. Hedge funds couldn’t predict such an consequence and misplaced $838 million in a single day.
As of Might 23, 2025, it’s unclear what the long run holds for Metaplanet inventory and if it is going to repeat the GameStop trajectory. If hedge funds usually are not proper about the way forward for Metaplanet, they are going to pay a hefty worth for his or her mistake. Nevertheless, if the Bitcoin technique fails for Metaplanet, the corporate could get a critical slap.
