Simon Gerovich@gerovich
For the first time in half a century, the foundational architecture of money is being rebuilt. Capital is migrating from closed institutions onto open, internet-native networks, where it can form, settle, and be verified without intermediation. At the center of this transition sits Bitcoin.
Bitcoin is digital capital: the world's first truly decentralized monetary asset, with no issuer, absolute scarcity, and global cryptographic settlement. No prior asset in monetary history has combined these properties at scale. We have built our business around it.
The shift to digital-native capital markets is taking shape across both Japan and global markets. In Japan, the early infrastructure is in stablecoins and tokenized fixed income: JPYC, Japan's first yen-denominated stablecoin, commenced commercial operation in October 2025; JPYSC, Japan's first trust-bank-backed yen stablecoin, was announced for Q2 2026 launch; and a consortium involving Japan's major banking groups and financial institutions initiated a task force in May 2026 to explore the tokenization of Japanese government bonds.
In the United States, Bitcoin is moving into the capital stack. STRC, the variable-rate preferred stock issued by Strategy and increasingly described as 'digital credit,' has scaled past USD 8 billion in notional outstanding, the largest single preferred share line globally. The broader settlement and trading infrastructure is forming alongside: the SEC has approved 23-hour weekday equity trading, tokenization of real-world assets continues to scale, and programmable settlement, payments, and decentralized finance (DeFi) are moving into practical use.
In parallel, Bitcoin has moved into the core of U.S. wealth and brokerage distribution. Spot Bitcoin ETFs now rank among the most successful product launches in the history of the U.S. fund industry, and the country's largest asset managers, banks, and broker-dealers have rolled out or are rolling out Bitcoin custody, trading, and financing services across their institutional and retail client franchises.
In April 2024, Metaplanet became the first listed Japanese company to adopt a Bitcoin Standard, designating Bitcoin as our primary treasury reserve asset. The decision was an early one, taken with conviction in the structural transition outlined above, and in the view that a publicly listed operating company built around Bitcoin, a model pioneered by Strategy and most fully developed in U.S. capital markets, could compound shareholder value on a BTC-per-share basis through disciplined access to capital markets and the build-out of Bitcoin-native operating businesses. Since then, we have built a BTC treasury of over ¥500 billion, and today operate one of the strongest balance sheets among listed Japanese companies, with access to hundreds of millions of dollars of liquid financing on demand from a growing universe of U.S. and global institutional lenders specializing in BTC-backed financing.
Within Japan, we hold approximately 87% of all BTC held by listed companies as of May 2026, a position we intend to continue building. At the same time, we are preparing for the broader institutionalization of the asset class. On April 10, 2026, Japan's Cabinet approved an FIEA amendment bill establishing a regulatory framework for crypto-assets. Subject to Diet passage, the amendment is expected to take effect during fiscal year 2027 (April 2027 to March 2028).
We have not been a passive observer of this transformation. We do not intend to become one. Our ambition runs along two tracks: continuing to build our Bitcoin position with discipline and patience, while developing the services and businesses that operate atop that foundation. We are that thesis put into practice, a leading digital capital platform anchored in Japan, with global reach to follow.
Over the decade ahead, we believe Bitcoin and the broader digital capital architecture will transition from an emerging phase to one of institutionalization, in Japan and globally. New collateral standards, settlement rails, and new categories of financial products are expected to develop around it. We intend to build at the center of that transition, as issuer, counterparty, and partner inside the new architecture, not only as a holder of the asset beneath it. With Japan's regulatory framework realigning, Bitcoin-backed credit markets deepening, and global settlement infrastructure maturing, we are positioned to operate at the intersection of all three.
We are building a Bitcoin-focused public company that serves the long-term interests of our shareholders and strengthens Japan's participation in the digital capital markets forming around the asset. We will continue to accumulate Bitcoin, grow Bitcoin per share, and allocate capital with discipline. Over time, we intend to develop financing capabilities, operating businesses, and institutional relationships that make our Bitcoin position more productive and durable. This work sits inside a larger shift in how money and capital markets are organized. We intend to contribute to the development of Japan's digital capital markets.