Metaplanet Inc., Japan’s prominent Bitcoin investment firm, has emerged as the most traded stock on the Tokyo Standard Market for June, with monthly trading volume reaching 1.86 trillion yen ($12.87 billion), according to data reported by Reuters.
The firm’s trading volume nearly doubled from May’s 997.6 billion yen ($6.82 billion), surpassing major Japanese corporations such as Toyota Motor and Sony Group. Only semiconductor testing giant Advantest outpaced Metaplanet in overall trading activity.
Notably, Metaplanet has maintained top-tier trading status since November 2024, reflecting strong investor interest after it pivoted to a Bitcoin-centric treasury strategy.
A strategic shift toward Bitcoin
Metaplanet, once a hospitality-focused company, rebranded itself in 2024 to become a dedicated Bitcoin acquisition vehicle. Its Tokyo-listed shares have since soared more than 345% year-to-date, as investors seek exposure to BTC through traditional equity markets.
On Monday, the company announced the purchase of an additional 2,205 BTC, continuing its aggressive expansion. Since March 2025, Metaplanet has scaled its Bitcoin holdings from 4,000 BTC to over 15,500 BTC a near fourfold increase in just four months.
With Japan’s 30-year government bond prices declining 45% since 2019, analysts say investors are turning to Metaplanet as a proxy for Bitcoin, especially amid declining confidence in traditional fixed-income products.
Transparency and proof of reserves set Metaplanet apart
Unlike many corporate Bitcoin holders, Metaplanet has embraced full on-chain transparency. CEO Simon Gerovich has publicly released proof-of-reserves data to verify the firm’s BTC holdings, an approach contrasting with Strategy CEO Michael Saylor, who recently dismissed on-chain disclosures as a “bad idea” citing potential security risks.
This commitment to openness has bolstered Metaplanet’s reputation among both retail and institutional investors, even as its market capitalization continues to climb.
Despite its bullish trajectory, some market experts have flagged concerns about long-term sustainability of corporate Bitcoin treasury models. VanEck’s Matthew Sigel cautioned that macroeconomic threats could erode shareholder value, while Glassnode’s James Check questioned the lifespan of firms pivoting solely to BTC-based strategies.
Still, analysts say Metaplanet’s net asset valuation (mNAV) remains reasonable, with room to grow amid institutional interest and wider adoption of Bitcoin as a strategic asset.
As Metaplanet continues to capture investor attention and ramp up BTC accumulation, its rise underscores a broader shift in Japan’s financial landscape, one where digital assets increasingly sit at the center of corporate strategy.