Metaplanet aims to accumulate 1% of Bitcoin’s total supply over the long term as the Japanese company seeks to expand from a corporate Bitcoin holder into a full-service financial platform, Dylan LeClair, Director of Bitcoin Strategy at Metaplanet, said during a keynote address at BFC in New York.

“Our goal is to onboard all of Japan, as many as we can into the asset and build a foundation on Bitcoin for the long term. And so in due course, we will find a bottom. Bitcoin will do what it always does and rip the faces off all of the bears,” LeClair said.

“And at that point in time, when Bitcoin doesn’t die for the 15th time in a row, we will be positioned. Our goal is to be a full stack financial platform domiciled in Japan, operating at a global scale. And our goal on a long time frame is to accumulate one percent of the network,” he added.

Metaplanet, the world’s third-largest corporate Bitcoin treasury, currently holds about 40,000 Bitcoin, implying the company would need to acquire roughly 170,000 more coins to reach its goal.

LeClair used the presentation to argue that Bitcoin remains in a cyclical bear market rather than facing a structural decline.

He pointed to several on-chain indicators, including Bitcoin’s price relative to its 200-week moving average, the share of coins currently held at a loss and the proportion of supply held by long-term investors, arguing that current market conditions resemble previous bear-market bottoms.

“This is what the bottom looks like,” LeClair said, adding that approximately 82% of Bitcoin’s supply is currently held by long-term holders who are unlikely to sell.

According to LeClair, Bitcoin’s long-term appreciation is driven by supply dynamics rather than short-term market narratives.

“Eventually, all of the willing sellers, all of the forced sellers … they sold,” he said. “Who’s buying? It’s the convicted long-term holders.”

Beyond accumulating Bitcoin, LeClair outlined plans to transform Metaplanet into a Bitcoin-focused financial services company centered in Japan. The company recently acquired Siiibo Securities, an online brokerage with a Type 1 securities license, which will be renamed Metaplanet Securities after the transaction closes, he said.

The acquisition is intended to provide the foundation for a comprehensive suite of Bitcoin-related financial products, including securities, lending, asset management and structured investment products backed by Bitcoin.

LeClair argued that many institutional investors cannot directly hold spot Bitcoin because of regulatory and operational constraints, creating demand for regulated investment vehicles built around the cryptocurrency.

“The reality is 90% to 95% of the capital in the world can’t actually interact with a commodity,” he said. “They need a security.”

He also highlighted Metaplanet’s growing retail shareholder base in Japan, saying the company now has roughly 250,000 shareholders, or about one out of every 600 people in the country. He attributed the growth to Japanese investors’ familiarity with brokerage accounts and lingering caution towards crypto exchanges following the collapse of Mt. Gox.

LeClair said Metaplanet ultimately aims to build a “full stack financial platform” using Bitcoin as the foundation for equity, credit and lending products, while continuing to expand its Bitcoin treasury.