Metaplanet expands to U.S. with Miami-based Bitcoin income subsidiary
Tokyo-listed Metaplanet (MTPLF), one of the world’s largest corporate bitcoin holders, has announced the creation of a new U.S. subsidiary, Metaplanet Income Corp., based in Miami.
The new unit, capitalized at $15 million, will focus on bitcoin income generation through derivatives and related products, reports The Block.
According to CEO Simon Gerovich, the derivatives business—launched in late 2024—has already delivered “consistent and growing revenue and net income” and is now considered the company’s main engine of growth. Leadership for the entity includes Gerovich himself, alongside bitcoin analysts Dylan LeClair and Darren Winia. The firm emphasized that the subsidiary will operate separately from its core treasury to manage risk effectively.
Scaling capital and international strategy
The Miami expansion comes as part of a broader push to grow Metaplanet’s global footprint and diversify capital formation. In June, the company announced plans for a $5 billion raise to back its U.S. operations, following an international equity offering that secured $1.4 billion from foreign investors, exceeding its initial $880 million target.
Gerovich said the offering attracted commitments from mutual funds, sovereign wealth funds, and hedge funds, describing it as a strong endorsement of Metaplanet’s bitcoin strategy. These moves are designed to accelerate BTC acquisitions, expand its institutional investor base, and position Metaplanet alongside firms like Michael Saylor’s Strategy, which remains the world’s largest corporate bitcoin holder.
Bitcoin accumulation continues
Metaplanet has maintained its aggressive bitcoin treasury policy, regularly deploying capital from equity raises into direct BTC purchases. Last week, the company disclosed that its holdings had increased to 20,136 BTC, worth over $2.3 billion at current market prices. This solidifies Metaplanet’s role as Asia’s leading bitcoin treasury firm and the second-largest corporate BTC holder after Strategy. While the firm said the Miami build-out would not materially impact 2025 full-year results, it plans additional disclosures under Tokyo Stock Exchange rules. With its derivatives arm scaling in the U.S. and ongoing BTC accumulation, Metaplanet is reinforcing its ambition to become a global powerhouse in bitcoin-based corporate finance.
Recently we wrote that the euphoria did not last long: from May to September, Metaplanet’s shares plunged nearly 60%, while the “premium to net asset value” (NAV) — a key metric for companies of this type — collapsed.
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