![[OKJ×Metaplanet] The Reason for Continuing to Challenge in a Rapidly Changing Market—Report on the 4th OKJ Academy](/_next/image?url=https%3A%2F%2Fimages.microcms-assets.io%2Fassets%2F7819a9cf917e4bcd862bfa2ff5f14d24%2Fa5c5811607e64394bc88a01c79d7278d%2FOKJMETA-1.jpg&w=3840&q=75)
On September 15, 2026, the domestic cryptocurrency exchange OKJ held the 'OKJ Academy' at the Minato City Industrial Promotion Center as a platform to learn about the integration of Web3.0 and advanced technologies.
The OKJ Academy aims to deepen understanding and lower entry barriers for beginners in cryptocurrencies and Web3.0, students interested in these fields, and those curious about finance and investment but lacking experience.
This event has been held since last year, marking its fourth occurrence this time.
The theme for the fourth session was 'OKJ×Metaplanet: The Reason for Continuing to Challenge in a Rapidly Changing Market.' From Metaplanet, CFO Shinpei Okuno and COO Shika Miyazaki took the stage. They discussed the company's future growth strategy, which centers Bitcoin (BTC) as a core financial strategy, and their approach to conducting business in a highly volatile market.
The latter half of the panel discussion focused on 'Can Cryptocurrencies Become an Asset Class Option?' and involved discussions on the relationship between companies and cryptocurrencies from the perspectives of capital markets, finance, taxation, and regulation, as shared by each speaker's area of expertise.
In the first session, Metaplanet's Executive CFO Mr. Okuno and Metaplanet Securities' Director COO Mr. Miyazaki took the stage. The moderator was Mr. Masaki Saito, Chief Manager of OKJ's Marketing Department. The theme was 'The Reason for Continuing Challenges in a Rapidly Changing Market,' delving into the background and future strategies of Metaplanet's ongoing Bitcoin purchases.
In his introductory remarks, Mr. Okuno shared his background of approximately 20 years in securities companies, supporting corporate fundraising and IPOs. He later became a personal investor and discovered Bitcoin, which led him into this world. Mr. Miyazaki introduced that Metaplanet Securities was established as a fintech startup in 2019 and joined the Metaplanet Group in July this year. He expressed the founding desire to deliver more yield products to Japanese investors.
The first question addressed the circumstances under which Metaplanet began purchasing Bitcoin in April 2024. According to Mr. Okuno, the company originally engaged in the hotel business but faced severe management challenges during the COVID-19 pandemic. Amidst this, CEO Simon Gerovich was inspired by a podcast by Michael Saylor of U.S. Strategy and decided to pursue a similar strategy in Japan. In about two and a half years, they achieved approximately 600 billion yen in fundraising. Mr. Okuno reflected that it was an unconventional shift in thinking.
Regarding the changes that occurred while continuing to buy Bitcoin, Mr. Okuno noted that 'the scale becomes a credit strength.' The company now holds a balance sheet of about 500 billion yen, and the number of shareholders increased from about 10,000 to 250,000 in two years. He described this as a 'pleasant surprise,' realizing the high potential interest of individual investors. This led to a significant change in perception from partner companies, among others. The goal is to reach a scale of 2 to 3 trillion yen as soon as possible. Reaching 3 trillion yen would place them among the top 100 listed companies in Japan, which would contribute to investor confidence and brand strength.
As one of the largest Bitcoin-holding companies in Asia, what are the future goals? Mr. Okuno acknowledged that Metaplanet is often seen as 'just a company holding Bitcoin,' but stated that they aim to go beyond that. The group, including Metaplanet Securities, plans to develop various businesses, such as yield products backed by Bitcoin. They see the potential to offer products with a dividend yield of around 5-6%.
Mr. Miyazaki positioned Metaplanet Securities' role within the group as 'the direct interface with customers.' They aim to design and sell products that were previously difficult for individuals to buy or use directly, making them more accessible and managing them continuously. He expressed the desire to flexibly provide financial products backed by Bitcoin in this manner.
Mr. Okuno shared that he felt the acceleration of inflation firsthand after Russia's invasion of Ukraine occurred just after he retired from a company he worked for 20 years in February 2022. He urged people to enhance their financial literacy, look at various products, and learn how to protect their assets. He also mentioned that Metaplanet could serve as a trigger for considering such asset formation.
Mr. Miyazaki pointed out that in a rapidly changing market, updating the mindset accustomed to a world without interest rates is not easy. Therefore, he emphasized the importance of not fearing diversification and that there are insights to be gained by actually buying. He expressed a willingness to assist in this update as Metaplanet Securities.
The session concluded with the introduction of shareholder benefit initiatives. According to Mr. Miyazaki, Metaplanet shareholders who open an account with Metaplanet Securities and purchase products above a certain amount can receive a cash back. The cash back amount increases according to the number of shares held.
Mr. Saito then announced that OKJ would also implement shareholder benefits in collaboration with Metaplanet. The content includes a return of 88% of trading fees in OKJ's exchange transactions, with a maximum return of up to 150,000 yen per person.
Eligibility: Shareholders holding 100 or more shares of Metaplanet as of the record date of September 30, 2026
Usage Period: Six months from November 2026 to April 2027
Application Method: Select OKJ from the Metaplanet shareholder portal to enter, and the procedure is complete once the application completion email is received
With the enactment of the revised Financial Instruments and Exchange Act, the environment surrounding cryptocurrencies is clearly shifting from a means of payment to a financial product and investment target.
In this session, Mr. Okuno from Metaplanet, Mr. Miyazaki from Metaplanet Securities, Mr. Gaku Saito, Co-CEO of pafin, and Mr. Shusaku Fujino, CCO of OKJ, took the stage. Under the moderation of Mr. Yamada from OKJ's President's Office, a multifaceted discussion unfolded from the perspectives of companies holding Bitcoin, securities firms, cryptocurrency exchanges, and tax services. Topics included the anticipated tax reforms in 2028, the impact of lifting the ban on cryptocurrency ETFs on market structure, the role distribution among players, and the future outlook 5 to 10 years ahead.
At the outset, moderator Mr. Yamada clarified that the two major factors—the enactment of the revised Financial Instruments and Exchange Act and the anticipated tax reform reducing the comprehensive taxation from a maximum of 55% to a separate taxation of 20.315%—will trigger new capital inflows into the domestic market.
In response, Mr. Okuno from Metaplanet cited the increase in the number of shareholders as an example, pointing out the strong latent demand to invest in Bitcoin through stocks. He expressed optimism that if regulatory frameworks provide a sense of security, the Japanese market will follow a similar path of development as seen with the approval of ETFs in the United States.
Additionally, Mr. Miyazaki from Metaplanet Securities, which operates under strict regulations of the Financial Instruments and Exchange Act, emphasized that the elimination of businesses unable to establish compliance systems will create an environment where general investors can participate with confidence. Mr. Fujino from OKJ also noted that the current situation, where discussions can be held alongside executives from listed companies and securities firms, contrasts with the lukewarm reactions around 2020 and serves as evidence of recognition as a financial product at the national level. He praised the introduction of insider trading regulations and the lifting of the ETF ban for contributing to market health.
Regarding the tax reform scheduled for 2028, Mr. Saito from pafin highlighted the "three-year carryforward deduction of losses" as a more important point than the tax rate reduction. Previously, the inability to offset losses due to volatility in cryptocurrency investments in subsequent years was a barrier to risk-taking. However, with the introduction of carryforward deductions, risk management equivalent to that of stocks becomes possible, significantly enhancing convenience for individual investors.
When asked about changes in the competitive advantage of their own stock due to tax reform, Mr. Okuno responded that the overall market expansion is a complete win-win. In contrast to passive ETFs that simply track prices, the company aims to differentiate itself as an "active" player by offering unique products and services leveraging a strong Bitcoin balance sheet.
Meanwhile, Mr. Fujino from OKJ, from the perspective of an exchange, mentioned three changes due to tax reform: "activation of dormant accounts," "enhancement of support systems for tax returns," and "selection of specific cryptocurrencies." He expressed expectations that assets previously immobilized due to significant unrealized gains will start moving, creating liquidity in the market and further invigorating order book trading.
Regarding the roles of various industries after the ETF ban is lifted, Mr. Fujino explained the cryptocurrency ecosystem by comparing it to "plumbing." Exchanges, responsible for providing liquidity, price formation, and safe asset management in the spot market, serve as the "pipes" of the infrastructure. On the other hand, Bitcoin-holding companies and securities firms, delivering user-friendly products and services to investors and companies, fulfill the role of the "faucet," establishing a mutually complementary relationship.
Regarding the hurdles of holding Bitcoin as a corporate financial strategy, Mr. Saito pointed out that it is essential to provide an accounting rationale that leads to shareholder value enhancement, rather than mere possession. He mentioned the achievements of the Japan Crypto Asset Business Association (JCBA) in corporate tax reform (exclusion from end-of-period market value taxation) and stated that legal developments will support corporate financial strategies.
Mr. Okuno also expressed his vision that if the company can issue highly liquid short-term yield products backed by Bitcoin in the market, general companies will be able to use them for fund management while mitigating price fluctuation risks.
As the session concluded, each company outlined their future outlook. Mr. Miyazaki indicated plans to develop yield-return products backed by Bitcoin, expanding portfolio options. While welcoming the entry of securities, Mr. Fujino expressed a desire to leverage the unique strengths of exchanges, such as 24/7 real-time trading, to venture into derivatives and stablecoin areas.
Mr. Saito emphasized the intention to simplify complex profit and loss calculations associated with regulatory changes through services like "Cryptact," supporting individuals in tax returns and fund management. Finally, Mr. Okuno concluded by aiming to become a central figure in solving the analog challenges of traditional financial practices through digitalization, such as issuing securities that can be traded 24/7 using on-chain technology, and integrating traditional finance with DeFi.
With the revision of the Financial Instruments and Exchange Act and the upcoming 2028 tax reform, cryptocurrencies are steadily shifting to become a "natural choice" in personal asset formation and corporate financial strategies. The session was filled with great expectations for a future where leaders in each field join hands to elevate the entire ecosystem.
After the session, a networking event was held where speakers also participated and exchanged words directly with attendees.
The 4th 'OKJ Academy,' held amidst a rapidly changing market environment, highlighted new investment possibilities opened up by the fusion of traditional finance and Web3.0. The collaborative stance of Bitcoin-holding companies, securities, exchanges, and tax authorities expanding the ecosystem strongly indicates that cryptocurrencies, on the brink of regulatory reform, are evolving into a 'standard choice' supporting the financial future of individuals and companies.
We look forward to the realization of each company's vision and the further expansion of the significance and utilization of cryptocurrencies domestically.
Image: Iolite Editorial Department
The Inevitable Fusion of AI Agents and Web3.0 Infrastructure—Report on the 3rd 'OKJ Academy'
Public Companies Discuss the Current State of Web3.0 Strategies—Report on the 2nd 'OKJ Academy'