Top 7 Japanese Cryptocurrency-Related Stocks

Introduction: What Are Cryptocurrency-Related Stocks?

With the expansion of the crypto asset market, "cryptocurrency-related stocks" are drawing significant attention from investors on Japan's equity markets.

Cryptocurrency-related stocks are publicly listed companies engaged in businesses related to crypto assets such as Bitcoin (BTC) and Ethereum (ETH). These typically include the following types of companies:

• Companies that hold large amounts of crypto assets like Bitcoin
• Companies that operate crypto asset exchanges or provide related financial services
• Companies developing businesses that utilize blockchain technology

During recent Bitcoin bull runs, these stocks have surged in tandem, emerging as a new investment theme that has captured the market’s interest.

Three Reasons Cryptocurrency-Related Stocks Are in the Spotlight

Tax Advantages

Profits from direct trading of crypto assets are taxed as miscellaneous income, subject to progressive rates up to 55%. In contrast, profits from stock investments are taxed separately at a flat 20%. In addition, by using NISA (the Japanese tax-exempt small investment savings account), you can invest tax-free up to a certain amount, significantly reducing your tax burden.

This tax benefit is particularly attractive for high-income earners and long-term investors.

Alternative Investment Vehicle

Since Bitcoin ETFs (exchange-traded funds) have not yet been approved in Japan, equities offer an important means of indirect exposure to crypto assets. By purchasing shares of companies that hold substantial amounts of Bitcoin, investors can effectively gain exposure to Bitcoin price movements.

This alternative investment demand supports the popularity of cryptocurrency-related equities.

Ease and Security of Trading

Direct ownership of crypto assets requires technical knowledge and vigilance regarding wallet management, security, and hacking risks. By contrast, stock investment allows for safe and convenient trading through securities firms.

Since publicly listed companies have specialists managing their crypto assets, individual investors can feel more secure. The convenience of trading via existing brokerage accounts also lowers barriers to entry.

For these reasons, investment in cryptocurrency-related stocks is growing among investors who want exposure to the sector’s growth or tax efficiency but are hesitant to engage in direct crypto trading. In recent years, the share prices of these equities have tended to rise sharply alongside Bitcoin’s rallies.

Next, we’ll provide a detailed overview of seven notable Japanese companies in the crypto asset space, including their business models, investment highlights, and the latest trends.

Metaplanet (TSE Standard: 3350): A New Star in Long-Term Bitcoin Holdings

Basic Information and Background of Business Shift

Metaplanet was originally a hotel operator, but business slumped due to COVID-19. To address this, management made a bold strategic pivot, announcing a "Bitcoin First, Bitcoin Only" policy.

This strategy—allocating most capital to long-term Bitcoin holdings—is highly unusual for a Japanese company. By shifting from the traditional hotel business to a crypto asset-focused financial strategy, Metaplanet has drawn attention as "Japan’s MicroStrategy."

Status of Bitcoin Investment

Over the relevant period, Metaplanet’s cumulative Bitcoin holdings surpassed 10,000 BTC, ranking among the top publicly listed companies globally. This scale exceeds even Tesla’s holdings and makes Metaplanet a standout among Japanese firms.

The average acquisition price is reported at approximately ¥14 million per BTC. As long as the market price exceeds this level, the company continues to post unrealized gains.

Impact on Share Price and Market Perception

Before announcing its Bitcoin investment strategy, Metaplanet’s stock price hovered around several tens of yen. In the year following the announcement, it quickly climbed above ¥900, with market capitalization ballooning to several hundred billion yen.

This dramatic rise reflects the strong correlation with Bitcoin prices and the market’s recognition of the company’s aggressive investment stance. As "Japan’s only pure-play Bitcoin investment company," Metaplanet is now considered a flagship stock for capturing crypto market growth.

Investment Highlights and Risks

Japan’s Only Bitcoin-Focused Company

Frequently compared to MicroStrategy in the US, Metaplanet has secured a unique position as the only Bitcoin-focused listed company in Japan. This scarcity value is a major driver of investor attention.

Large-Scale Fundraising and International Expansion

The company has proactively raised capital through equity offerings and warrants, using the proceeds to buy more Bitcoin. It has also established a subsidiary in the US, securing access to global funding and enhancing strategic flexibility.

Ambitious Long-Term Target

Metaplanet has set an ultra-long-term target of holding 210,000 BTC, equivalent to about 1% of all Bitcoin issued. If achieved, it could become one of the world’s top corporate Bitcoin holders.

High Risk Tied to Bitcoin Price Volatility

However, Metaplanet’s stock is extremely closely tied to Bitcoin’s price, so it faces significant downside risk during market downturns. If Bitcoin falls below the average acquisition price, concerns about financial health may arise and the stock could plummet.

As a stock serving as an "alternative to spot Bitcoin ETFs," it is highly volatile and should be considered a high-risk, high-reward investment.

The company has already hit its 10,000 BTC acquisition target ahead of schedule and continues to rank among the world’s top public Bitcoin holders.

Remixpoint (TSE Standard: 3825): From Energy Company to Crypto Asset Investor

Basic Information and Background of Business Shift

Remixpoint’s core business is corporate electricity sales and renewable energy, but in recent years it has stepped up its crypto asset investments as part of its financial strategy. Notably, it holds a diversified portfolio—not just Bitcoin, but also Ethereum (ETH), Solana (SOL), Ripple (XRP), and Dogecoin (DOGE).

The shift aims to avoid overreliance on yen-denominated assets and to hedge against inflation and diversify assets. Remixpoint’s intention to leverage its capital and tap into crypto market growth is clear.

Crypto Asset Holdings

Remixpoint’s crypto asset holdings for the relevant period are as follows:

The combined market value of all holdings exceeds ¥10 billion, underscoring the growing importance of crypto assets in the company’s financial strategy.

Investment Policy and Impact on Stock Price

Remixpoint incorporates crypto assets into company assets as part of "cash management," clearly aiming to reduce yen exposure. This is positioned as a hedge against inflation and currency risk.

Since announcing its Bitcoin acquisition, the stock price has remained in an uptrend. Over the relevant period, the stock jumped from the ¥100 range to over ¥600 at one point, with market cap expanding to around ¥75 billion.

Key Highlights

Aggressive Crypto Asset Investment Strategy

The company has raised several billion yen through third-party share placements, with most of the proceeds earmarked for additional Bitcoin purchases and investment in Web3 businesses. This bold stance demonstrates management’s strong belief in the sector’s growth.

Synergy with Exchange Operations

Remixpoint’s subsidiary operates a crypto asset exchange, creating potential synergy. The expertise and security technology developed through exchange operations are significant advantages for asset management.

Risk Diversification Through Business Portfolio

By maintaining its energy and medical businesses, Remixpoint diversifies risk from crypto price fluctuations. This diversified portfolio is vital for financial stability.

Growth Investment Strategy with No Dividends

Currently, Remixpoint does not pay dividends, instead reinvesting profits in Web3 and crypto asset initiatives. This signals a focus on medium- to long-term growth rather than short-term shareholder payouts.

Overall, Remixpoint maintains high correlation with Bitcoin but offsets risk with a stable core business. However, short-term volatility remains high. When considering investment, track both crypto markets and the company’s core business performance.

gumi (TSE Prime: 3903): Games Meet Blockchain

Basic Information and Strategic Background

gumi is a TSE Prime-listed game developer with strengths in VR and social games. In recent years, it has accelerated its entry into Web3 spaces such as blockchain gaming and NFTs, and has begun direct investment in Bitcoin. As a result, gumi has gained attention as a cryptocurrency-related stock.

The convergence of gaming and blockchain technology is expected to create new business models. gumi is pioneering this field, targeting new users—especially among younger generations.

Main Crypto Asset Initiatives

Establishing a Venture Capital Fund

gumi established "gumi Cryptos Capital" to invest in promising blockchain startups and contribute to the ecosystem.

Capital and Business Alliances with Major Financial Institutions

The company has entered into alliances with leading financial groups and is collaborating on technology for Bitcoin staking and related services. This enables the development of new offerings that combine finance and blockchain technology.

Bitcoin Acquisition and Management Strategy

gumi resolved to gradually acquire several billion yen worth of Bitcoin, which it manages using protocols like Babylon. The company aims to generate both price appreciation and staking rewards.

This marks the first instance of a Japanese company participating in Bitcoin staking.

Establishing a Joint Investment Fund

Together with a leading financial group, gumi launched a crypto asset fund worth several billion yen. The fund pursues both capital gains (appreciation) and income gains (returns from operations).

Investment Highlights and Risks

Synergy Between Games and Crypto Assets

Through NFT marketplaces and blockchain game development, gumi is building new business models for the Web3 era. Leveraging its technological strengths and user base, it is well positioned for medium- to long-term growth—especially among young users.

Strong Financial Partnerships

Partnerships with major financial groups enable large-scale crypto projects and the development of innovative, integrated services, differentiating gumi from competitors.

Returns from Bitcoin Management

As the first Japanese company to participate in Bitcoin staking, gumi can generate ongoing income, not just price appreciation, through Bitcoin holdings.

Stock Price Trends and Financial Risk

Following the Bitcoin purchase announcement, gumi’s stock price jumped but has since traded within a range. Market cap is in the tens of billions of yen, but persistent losses in the core gaming business are a concern.

Heavy upfront investments pose short-term financial risks. When investing, track both Web3 progress and improvements in the gaming business.

gumi is leveraging its game development foundation and aggressive Web3 investment for future growth. While volatility is high, it’s a pioneering stock in the "game × blockchain" space with strong medium- and long-term appeal.

S. Science (TSE Standard: 5721): Established Company Back in the Spotlight with Bitcoin Investment

Basic Information and Crypto Asset Entry Background

S. Science is a long-standing manufacturer of specialty steel and chemicals. To adapt to changing business conditions, it carried out major restructuring—including entering Bitcoin investment as a financial strategy.

The rationale was to rebalance a portfolio concentrated in yen and use Bitcoin as an inflation hedge and store of value.

Overview of Bitcoin Investment

The company set an investment cap of several hundred million yen and started acquiring and holding Bitcoin. It also takes a flexible approach, considering sales depending on market conditions.

The strategy appears inspired by Metaplanet’s example and aims to enhance corporate value through large Bitcoin holdings.

Impact on Stock Price

After announcing its Bitcoin investment, S. Science’s stock price surged about 340% in a month—from several tens of yen to the high ¥150s—lifting market cap to tens of billions of yen.

This rapid rise has drawn attention from retail investors, with some calling it "the second Metaplanet."

Investment Highlights and Risks

Value Enhancement from Bitcoin Financial Strategy

By holding large amounts of Bitcoin, S. Science could significantly boost corporate value, especially if Bitcoin prices rise.

Short-Term Stock Volatility

The sharp price rise has attracted speculative capital, resulting in high volatility. Investors should be alert to short-term price swings.

Weak Financial Base and Related Risks

S. Science has a history of prolonged underperformance and excess liabilities, so its financial base is not robust. A sharp drop in Bitcoin prices could quickly worsen its financial position and threaten its survival.

Unclear Future Business Development

Bitcoin investment is only part of S. Science’s strategy. The company is also exploring renewable energy and M&A, but concrete plans and revenue outlooks remain uncertain, making the long-term growth scenario unclear.

S. Science is currently attracting attention as a "Bitcoin-related stock," but financial risks are significant. Future stock price will likely be highly sensitive to the crypto market, so investors should carefully assess their risk tolerance.

SBI Holdings (TSE Prime: 8473): Major Financial Institution’s Deep Commitment to Crypto

Overview and Crypto Asset Business Features

SBI Holdings is a diversified financial group listed on the TSE Prime, with main businesses in securities, banking, and insurance. Its market cap exceeds ¥1 trillion, making it a key player in Japanese finance.

SBI entered the crypto asset sector early and is recognized as a rare "crypto market leader" among Japanese financial institutions. In addition to investing, SBI operates exchanges, conducts market making, and pursues blockchain-driven innovation across multiple fronts.

Major Initiatives

Operating a Crypto Asset Exchange

The group runs a domestic crypto exchange, leveraging its banking group credibility. In addition to Bitcoin and Ethereum, USDC trading is also available.

Market Making Business Expansion

SBI has acquired overseas market making firms, providing global crypto liquidity—helping develop healthy markets and serving as a stable revenue source.

Partnerships with Major Crypto Projects

SBI is a major shareholder in global crypto projects, holding roughly 8.7% equity. It has used XRP for shareholder incentives, among other unique initiatives.

If partner firms go public, SBI could realize significant investment gains.

Developing the Digital Securities Market

SBI launched the Osaka Digital Exchange, building a marketplace for tokenized real assets like real estate—a key step in developing blockchain-based financial infrastructure.

Earnings and Financial Status

Crypto business revenue exceeded ¥80 billion in the relevant period, up more than 40% year-on-year. Pre-tax profit more than doubled, making crypto a major earnings pillar.

Investment Highlights and Risks

Integration with a Robust Business Base

Core securities, banking, and insurance businesses generate stable profits, providing resilience against crypto market swings. This business diversity is a major financial strength.

Strategic Commitment to Crypto

Management positions crypto at the heart of finance, leading industry regulation and policy formation—driving long-term growth.

Unrealized Gains on Unlisted Assets

SBI holds significant unrealized gains on unlisted partner shares. If realized, these could boost profits substantially.

Balanced Shareholder Returns and Growth Investment

SBI maintains a 3–4% dividend yield, providing stable returns while continuing to invest in crypto—striking a balance between returns and growth.

SBI Holdings offers both the stability of a financial leader and progressive crypto initiatives. Its stable core earnings support risk-taking in crypto, making it an attractive, well-balanced investment.

Monex Group (TSE Prime: 8698): Global Crypto Expansion Centered on a Major Exchange

Overview and Crypto Business Features

Monex Group is a leading online securities company listed on the TSE Prime and the parent of one of Japan’s largest crypto exchanges, with a market cap of about ¥180 billion.

Monex’s strength lies in offering comprehensive financial services, leveraging both securities and crypto expertise.

Major Initiatives

Rebuilding and Growing a Major Crypto Exchange

Monex acquired a major domestic exchange after a security incident, successfully rebuilding it. Post-acquisition, accounts exceeded 2 million, and assets under custody topped ¥800 billion.

The turnaround included robust security, compliance, and improved user services.

Overseas Listing Plans

Monex plans to list its exchange subsidiary on a major US exchange via a SPAC, accelerating global expansion. Listing preparation costs are a short-term earnings drag.

IEO and NFT Business Expansion

Monex pioneered Japan’s first IEO and is expanding into Web3, including NFT marketplaces.

Overseas Business Growth

Monex is expanding globally through its US subsidiary’s crypto trading and investment in a Canadian crypto asset manager, reducing dependence on the domestic market.

Earnings and Financial Status

Crypto business revenue exceeded ¥10 billion, up over 40% year-on-year. Excluding listing costs, Monex has remained profitable.

Investment Highlights and Risks

Growth and Profitability of Major Exchange

The exchange subsidiary’s business model generates significant fee revenue during market booms. If market conditions improve, revenue could expand substantially.

Revaluation Potential from Overseas Listing

An overseas listing could significantly boost Monex’s value—but delays or cancellations are risks.

First-Mover Advantage in IEOs and NFTs

Monex’s early move into IEOs and Web3 provides a competitive edge and strong medium- and long-term growth potential.

Stable Dividend and Shareholder Incentives

Monex maintains a roughly 4% dividend yield and offers robust shareholder rewards, appealing to long-term investors.

Monex Group combines crypto and securities businesses for both stability and growth. Short-term, monitor costs and listing uncertainties; long-term, global expansion and crypto market growth should enhance corporate value.

GMO Internet Group (TSE Prime: 9449): Leading Crypto with Combined IT and Financial Power

Overview and Crypto Business Features

GMO Internet Group handles internet infrastructure, domain registration, and FX trading, among other businesses. It is listed on the TSE Prime, with a market cap in the hundreds of billions of yen.

GMO was an early entrant into crypto, developing businesses including exchange operations, mining, and stablecoin issuance. Its strength lies in integrating IT and financial services.

Major Initiatives

Operating a Crypto Asset Exchange

GMO launched its crypto exchange over the relevant period, offering Bitcoin and major altcoin trading. Accounts have surpassed 1 million. The group’s FX system expertise ensures a stable trading environment.

High liquidity and a user-friendly interface make the service popular with both beginners and advanced users.

Bitcoin Mining Business

GMO began mining with proprietary chips, but after scaling back for profitability, the focus is now cloud mining and partnerships. The technology and expertise developed are applied in other business areas.

Stablecoin Issuance

Through its US subsidiary, GMO issues the yen-pegged GYEN and the dollar-pegged ZUSD, distributed overseas and supporting efficient global payments.

As a pioneer in stablecoins among Japanese firms, GMO is well positioned for domestic expansion as regulations evolve.

Earnings and Financial Status

The group has continued to grow revenue and profit, absorbing mining losses with strong performance elsewhere and maintaining financial health.

Investment Highlights and Risks

Reliability as a Comprehensive IT Company

GMO’s track record in infrastructure, payments, and securities establishes its credibility. In crypto, it offers one-stop services for users.

Stable Earnings Base

The group’s diversified profits help offset crypto downturns, ensuring long-term stability for investors.

Brand Power as a Pioneer

GMO’s pioneering efforts in mining and stablecoin issuance enhance its negotiating position with banks and overseas companies.

Active Shareholder Returns

With a payout ratio target above 50%, GMO offers stable dividends and a progressive corporate culture, including partial salary payments in crypto.

GMO Internet Group is a "top-quality cryptocurrency-related stock with balanced offense and defense." Its prudent management and readiness for growth as the environment improves make it attractive for investors seeking both stability and upside.

Recommended Cryptocurrency-Related Stocks by Investment Style

Japanese crypto-related stocks differ widely in risk and return by company. Investors should select stocks that fit their investment style and risk tolerance. Here, we recommend stocks by investment style.

High-Risk, High-Return Type

These stocks target major short-term gains and are suitable for investors with a high risk tolerance.

Metaplanet (3350)

Metaplanet’s stock is highly correlated with Bitcoin and can soar during rallies—rising about 30x over the relevant period. But the downside risk is also large, making it a high-risk, high-return play.

S. Science (5721)

After entering Bitcoin investment, S. Science’s stock jumped about 340% in a short time. Volatility remains high and, with a weak financial base, the risk is significant if Bitcoin falls.

Balanced Growth and Stability Type

These stocks suit investors seeking both medium-term growth and a certain level of stability.

Stability-Focused, Long-Term Holding Type

These stocks are for investors prioritizing stability and long-term investment.

SBI Holdings (8473)

SBI’s core finance businesses provide a solid earnings base and resilience against crypto market swings. Dividend yields remain in the 3–4% range. With growth potential in both crypto and traditional finance, it suits long-term investors.

GMO Internet Group (9449)

GMO has a strong earnings base, expands steadily into new fields like crypto exchanges, and maintains high financial stability. Its stable dividends and shareholder returns make it attractive for long-term holders.

When investing, clarify your style and risk tolerance, fully understand each stock’s characteristics, and monitor crypto trends and regulations as you build your portfolio.

Summary

As the crypto asset market grows, more investors are turning to "cryptocurrency-related stocks" for indirect exposure to market growth through equities. These stocks offer regulatory security and the ability to start with relatively small amounts via domestic brokerage accounts.

This article provided an in-depth look at seven leading Japanese stocks, covering their characteristics, business models, financial status, and investment highlights. Each company has a different approach—direct Bitcoin holdings, operating exchanges, or leveraging blockchain technology.

When investing, keep these points in mind:

• Clarify Risk Tolerance: Choose stocks to match your appetite for risk, from high-risk/high-return to stability-focused
• Understand Business Models: Know each company’s business and revenue structures
• Monitor Market Trends: Track crypto market and regulatory changes
• Diversify Investments: Reduce risk by diversifying across multiple names

If you’re hesitant to hold crypto directly or want tax advantages, cryptocurrency-related equities are an attractive option. Use the information here to select stocks that suit your investment goals and risk profile.

All investment decisions are your responsibility. Conduct thorough research and careful analysis before investing.

FAQ

Which Japanese listed companies are considered cryptocurrency-related stocks?

Key Japanese cryptocurrency-related stocks include Monex Group, SBI Shin Energy, and GMO Internet. These companies are active in trading, wallet services, blockchain technology, and more.

What are the main businesses of Japanese cryptocurrency-related stocks?

Japanese cryptocurrency-related stocks engage in digital currency R&D, promotion, application, and technical support. Their businesses span mining, distribution, trading, and custody operations.

What risks come with investing in Japanese cryptocurrency-related stocks?

High volatility and large price swings can lead to significant losses. These stocks are also sensitive to regulatory and policy changes, which can rapidly impact company performance.

How do Japanese cryptocurrency-related stocks differ from overseas crypto asset stocks?

Japanese cryptocurrency-related stocks involve investing in Japanese companies listed on conventional stock exchanges. Overseas crypto equities represent global crypto companies. Regulatory environments, trading volumes, volatility, and return profiles differ.

What are the business models and growth prospects for these companies?

Japanese cryptocurrency-related stocks are expected to grow as blockchain adoption, trading volumes, and institutional participation rise. Firms with unique technology and difficult-to-replicate business models are positioned for long-term profit growth.

How do regulations on Japan’s crypto industry affect these stocks?

If Japan’s crypto tax rate is lowered from 55% to 20%, matching stock tax rates, investor confidence could rise. Such changes may boost market activity and improve performance for related stocks.

What’s important when selecting Japanese cryptocurrency-related stocks?

Pay attention to moves by major financial institutions like SBI, new product launches such as crypto ETFs, and overall market and regulatory trends. Choose companies with transparency and stability.