What Happened?
Japanese companies exhibit a polarized attitude towards Bitcoin: some firms are seeking Bitcoin as a “lifeline” under financial pressure, accompanied by high risk and uncertainty; while others are incorporating Bitcoin into their long-term strategic asset allocation, seeking greater growth potential.
Many financially struggling Japanese companies are viewing Bitcoin as a means to turn their fortunes around. They hope to attract market attention, diversify risk, and even be seen by analysts as a “branding strategy” merely to reshape their corporate image rather than fundamentally solving their financial issues.
In contrast to these distressed companies, Metaplanet showcases a markedly different Bitcoin strategy. Under the leadership of its CEO, Metaplanet regards Bitcoin as a core asset and has set extremely ambitious accumulation targets. They continue to increase their Bitcoin holdings through capital market fundraising, becoming the second-largest corporate holder of Bitcoin after MicroStrategy.
Bitcoin Bets from Financially Troubled Companies
Recently, the attitude of Japanese companies towards Bitcoin has developed in two directions. On one hand, companies in financial distress see Bitcoin as a potential lifeline, hoping to reshape their corporate image and attract investment by holding Bitcoin; on the other hand, companies with more robust foundations are incorporating Bitcoin into their long-term asset allocation, aiming to significantly increase their holdings and become major players in the market.
Tokyo-based AI company Quantum Solutions and its Hong Kong subsidiary GPT Pals Studio announced that despite having weak reserves and significant doubts about their ongoing viability in the latest financial report, they still plan to acquire up to 3,000 Bitcoins within the next 12 months.
Quantum Solutions views this move as a way to manage excess funds, diversify its portfolio, and reduce foreign exchange risk. The company plans to finance the initial $10 million Bitcoin purchase through borrowing, although subsequent financing remains undecided.
The case of Quantum Solutions is not an isolated incident. From century-old textile manufacturers to struggling biotech startups and debt-laden coffee chains, an increasing number of financially troubled companies are turning to Bitcoin as an eye-catching financial transformation strategy.
For example, the Australian AI biotech company Opyl Limited saw its stock price soar over 47% after announcing its adoption of a Bitcoin inventory strategy. Meanwhile, Spanish coffee chain Vanadi Coffee, despite losing $3.9 million last year, received shareholder approval to accumulate up to $1.17 billion in Bitcoin.
However, analysts are cautious about such strategies. Vincent Liu, the Chief Investment Officer of Taiwan’s high-frequency trading firm Kronos Research, stated, “When strong companies buy Bitcoin, it’s a strategy; when distressed companies do so, it’s a gamble wrapped in hope.”
Proactive Bitcoin Holders: Metaplanet
Unlike other companies seeking a “lifeline,” Tokyo-listed Metaplanet demonstrates a more proactive and long-term Bitcoin accumulation strategy.
Metaplanet recently acquired 780 Bitcoins, bringing its total holdings to 17,132, with a total value exceeding $2 billion. The company stated that the increase in its Bitcoin holdings is a result of “strategic growth” funded through capital market activities and operational income.
Metaplanet’s pace of Bitcoin accumulation is expected to accelerate significantly by 2025, coinciding with its updated “5.55 Billion Plan.”
The company has raised its Bitcoin holding target for 2026 from 21,000 to 100,000 Bitcoins and set a new goal of reaching 210,000 Bitcoins by 2027.
If Bitcoin prices remain around $119,200, Metaplanet would need to purchase approximately 4,900 Bitcoins per month over the next 17 months to achieve the 100,000 target by the end of 2026, totaling around $10 billion.
Peter Chung, head of research at the quantitative trading firm Presto, pointed out that the sustainability of Metaplanet’s strategy depends on “public capital market demand for Metaplanet’s securities.” He emphasized that investor confidence in the company’s “ability to increase Bitcoin per share over time” is key.
Since adopting its Bitcoin strategy in 2024, Metaplanet has rapidly developed, aligning with market trends and investor preferences, perfectly fitting the company’s long-term vision.
Today, Metaplanet has become one of the most aggressive corporate Bitcoin holders, with ambitions second only to Michael Saylor’s MicroStrategy. Metaplanet’s CEO, Simon Gerovich, has also been recognized as one of the individual investors driving Asian companies to explore similar strategies.
The attitudes of Japanese companies towards Bitcoin reflect two distinctly different strategies: for financially troubled companies, holding Bitcoin may be a high-risk “branding strategy” and “bet,” focusing more on reshaping their image and attracting attention; while for forward-looking companies like Metaplanet, Bitcoin is seen as a key component of long-term value storage and asset allocation.
The success or failure of these two strategies will provide important insights into how global companies view and utilize cryptocurrencies in the coming years.
References: decrypt, decrypt