What Happened?
Japanese companies exhibit polarized attitudes towards Bitcoin: some companies are seeking Bitcoin as a “lifeline” under financial pressure, accompanied by high risks and uncertainties; while others are incorporating Bitcoin into their long-term strategic asset allocation to seek greater growth potential.
Many financially struggling Japanese firms view Bitcoin as a means to turn their fortunes around. They hope to attract market attention and diversify risks by purchasing Bitcoin, with some analysts considering it a “branding strategy,” aimed at reshaping corporate image rather than fundamentally addressing financial issues.
In contrast to these struggling companies, Metaplanet demonstrates a markedly different Bitcoin strategy. Under the leadership of its CEO, Metaplanet regards Bitcoin as a core asset and has set extremely aggressive accumulation targets. They continue to increase their Bitcoin holdings through capital market fundraising, becoming the second-largest corporate holder of Bitcoin, only behind MicroStrategy.
Bitcoin Bets of Financially Struggling Companies
Recently, Japanese companies have displayed a polarized attitude towards Bitcoin. 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 a more solid foundation are integrating Bitcoin into their long-term asset allocation strategies, aiming to significantly increase their holdings and become major market players.
Tokyo-based AI company Quantum Solutions and its Hong Kong subsidiary GPT Pals Studio announced plans to acquire up to 3,000 Bitcoins within the next 12 months, despite weak reserves and significant doubts about their ongoing viability raised by their latest financial report. Quantum Solutions views this move as a way to manage excess funds, diversify their portfolio, and reduce foreign exchange risk. The company plans to fund the initial $10 million Bitcoin purchase through borrowing, but 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-ridden coffee chains, an increasing number of financially troubled companies are turning to Bitcoin as an eye-catching financial transformation strategy. For instance, Australian AI biotech company Opyl Limited saw its stock price soar by 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 remain cautious regarding such strategies. Vincent Liu, Chief Investment Officer of Taiwan’s high-frequency trading quant firm Kronos Research, remarked, “When a strong company buys Bitcoin, it’s a strategy; when a distressed company does so, it’s a gamble wrapped in hope.”
Active Bitcoin Holder: Metaplanet
Unlike other companies seeking a “lifeline,” Tokyo-listed company Metaplanet showcases a more proactive and long-term Bitcoin accumulation strategy. Metaplanet recently acquired 780 Bitcoins, raising its total holdings to 17,132 Bitcoins, with a total value exceeding $2 billion. Metaplanet stated that its increase in Bitcoin holdings is a result of “strategic growth” funded through capital market activities and operating income.
Metaplanet’s pace of Bitcoin accumulation significantly accelerated in 2025, coinciding with its updated “550 Million Plan.” The company 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 will need to purchase approximately 4,900 Bitcoins per month over the next 17 months to meet its 100,000 Bitcoin target by the end of 2026, totaling around $10 billion. Peter Chung, Head of Research at quant trading firm Presto, pointed out that the sustainability of Metaplanet’s strategy depends on “the demand for Metaplanet’s securities in public capital markets.” He emphasized that the key lies in investors’ confidence in the company’s ability to “increase Bitcoin per share over time.”
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 active corporate Bitcoin holders, its ambitions second only to Michael Saylor’s MicroStrategy. Metaplanet 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 entirely different strategies: for financially distressed companies, holding Bitcoin may represent 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 crucial component of long-term value storage and asset allocation. The success or failure of these two strategies will provide significant insights into how global companies view and utilize cryptocurrencies in the coming years.
References: Decrypt, Decrypt