Metaplanet Tops Kioxia in Market Cap as Bitcoin Bet Sends Stock Soaring

Metaplanet Inc., once a modest Japanese hotel operator, has officially become more valuable than memory chipmaker Kioxia Holdings Corp., following a near-400% stock surge in under two months.

The company’s meteoric rise comes on the back of its bold transformation into a Bitcoin-holding powerhouse, riding the coattails of the global crypto rally. On Monday, Metaplanet’s market value topped ¥1 trillion ($6.9 billion)—leapfrogging not only Kioxia but also tech firm Screen Holdings and even Tokyo’s subway operator, Tokyo Metro.

Shares jumped 26% on the day after the firm announced it had purchased an additional ¥16.9 billion worth of Bitcoin, following through on its plan to raise $5.4 billion to massively expand its BTC holdings.

Metaplanet’s strategy mirrors that of U.S. software firm MicroStrategy, whose aggressive Bitcoin accumulation has become legendary. Metaplanet is now part of a growing group of publicly listed companies leveraging BTC as a primary balance sheet asset. Over five years, its stock has surged more than 3,000%, and in total has skyrocketed 4,800% from earlier lows.

Still, not everyone’s convinced. Short interest has climbed to 23% of its free float, the highest among similarly sized Tokyo-listed firms—suggesting growing skepticism about the sustainability of its crypto-fueled rally.

Adding to the intrigue, Metaplanet is also now the largest company on the Tokyo Stock Exchange’s Standard section without any formal analyst coverage—an anomaly for a firm of its size.

Bottom line: Metaplanet’s moonshot rise has put it in league with Japan’s industrial giants—all thanks to Bitcoin. Whether it becomes a long-term case study in corporate crypto strategy or a cautionary tale for overexuberance remains to be seen.