Bitcoin is the emperor. MicroStrategy (MSTR) is the king—specifically, the king in the US. And Metaplanet (Tokyo Stock Exchange: 3350)? They are the king, or rather the shogun, of Japan.

In October 2024, I made my first purchase of Metaplanet. At the time, I was watching MSTR's relentless climb and wondering, "What else looks like MSTR?" I was looking for the Asian equivalent. That's when Metaplanet caught my eye.

I am not someone who spends hours poring over financial statements. What I look for is brand power and relentless execution. Metaplanet had both. They were deeply embedded with organizations like Bitcoin Magazine Japan and Bitcoin for Corporations. You could feel that they were genuinely serious about Bitcoin. The fact that Dylan LeClair—a recognized expert in Bitcoin treasury operations—had joined their team was a massive signal.

But more than anything, it was the numbers. The sheer speed at which they were accumulating Bitcoin was impressive. They were buying the right brand power, partnering with the right people, and executing at a pace that proved they understood the game.

I bought my first shares when the price was around 100 JPY. I watched it run all the way up to 1,800 JPY—and I didn't sell a single share. In fact, when the price dropped later, I kept buying more. My initial position was substantial, and through the bear market dips, I increased it further. Today, I hold a very significant position.

Why such high conviction? Because the crowd is wrong about the Bitcoin treasury trade. They think it's over because MSTR already ran. That is like saying you missed the internet because Amazon already existed in 2000. The playbook is being replicated globally, and each geography will have its own MSTR. Asia's version is just beginning.

There is also the regulatory diversification argument. A US regulatory crackdown on MSTR does not automatically affect Metaplanet. Holding both is a form of structural hedging. Japan meets all the conditions for this model to thrive: a public company can issue equity or debt to buy Bitcoin, and the local market assigns a premium to Bitcoin exposure.

Metaplanet is the first mover in Japan. In winner-take-most markets, first movers tend to hold their position.

I am an active, committed shareholder. I deeply regretted missing their shareholder meeting in December 2024—I should have been there when they were still flying slightly under the radar. Because of that regret, I made sure to attend the September 2025 event when Donald Trump Jr. and David Bailey showed up. And I am continuing that commitment now. On March 24, 2026, I will be flying back to Tokyo to attend their upcoming shareholder meeting and the Bitcoin Japan Forum.

In ten years, every major economy will have at least one dominant Bitcoin treasury company. Metaplanet's position in Asia today is exactly where MSTR was in the US in 2021—early enough to matter, late enough to be credible. The people who hold through the volatility will be the ones who participate in the full run.