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Metaplanet CEO Simon Gerovich met Japanese lawmaker Junichi Kanda on 18 May 2026 to discuss the company’s bitcoin strategy and potential regulatory changes. Meanwhile, North America’s largest Bitcoin ATM operator, Bitcoin Depot, filed for Chapter 11 bankruptcy, citing a hostile regulatory environment that made its business model unsustainable.

Background

Metaplanet, a Tokyo‑listed firm, has positioned itself as “Japan’s MicroStrategy,” aggressively buying Bitcoin and expanding into related infrastructure. The company has launched Metaplanet Ventures and Metaplanet Asset Management, planning to invest about 4 billion yen ($25 million) in Bitcoin‑related infrastructure. It also aims to raise up to 21 billion yen ($137 million) to purchase more Bitcoin and reduce debt, and is pursuing a first‑in‑Japan Bitcoin‑based perpetual preferred share listing.

Bitcoin Depot, which operated over 9,000 ATMs across North America, had faced a series of challenges: a 49.2 % revenue decline in Q1 2026, a $9.5 million net loss, a 79.48 % drop in stock price, leadership changes, a $3.7 million hack, and regulatory crackdowns in multiple U.S. states and Canada.

What Happened

On 18 May 2026, Gerovich met with Junichi Kanda, a Japanese lawmaker involved in digital‑asset policy. The meeting was part of Metaplanet’s effort to secure a seat at the policy table as it seeks to raise capital and launch Bitcoin‑linked securities. Gerovich described Japan’s regulatory environment as “strong and conducive for Bitcoin adoption,” framing the company as aligned with policymakers rather than working around them.

In contrast, Bitcoin Depot’s CEO Alex Holmes announced the company’s Chapter 11 filing in the U.S. Bankruptcy Court for the Southern District of Texas. Holmes blamed a “significantly shifted” regulatory landscape, citing new transaction limits, outright restrictions in some jurisdictions, and increased litigation and enforcement. He stated that the crackdown had “materially affected Bitcoin Depot’s business and financial position,” leading the company to seek court‑supervised wind‑down and asset sale.

Market & Industry Implications

  • Metaplanet’s push for Bitcoin‑based perpetual preferred shares could signal a broader acceptance of crypto‑linked securities in Japan if regulators approve, potentially opening new capital‑raising avenues for crypto firms.
  • Bitcoin Depot’s bankruptcy underscores the vulnerability of Bitcoin ATM operators to regulatory changes, especially in states that have enacted bans or stringent limits.
  • The simultaneous focus on regulatory engagement by Metaplanet and regulatory backlash against Bitcoin Depot highlights the divergent paths within the crypto industry: institutional adoption versus retail infrastructure.

What to Watch

  • Japanese regulators’ decision on Metaplanet’s proposed perpetual preferred shares, which could set a precedent for crypto‑linked securities in the country.
  • The outcome of Bitcoin Depot’s Chapter 11 proceedings, including asset sales and potential restructuring in Canada.
  • Future U.S. state legislation on Bitcoin ATMs, particularly in states that have recently banned or restricted operations.