Idk, but I think they probably raise fiat first before they buy bitcoin

Japanese government stash like usa and microstrategy

I thought they owned a string of hotels. I'm pretty sure I remember Dylan saying that's what the operating business is.

From Yahoo:

Metaplanet Inc. engages in hotel development and operations. It is also involved in various other fields of IR and Web3 consulting, real estate development, investments, and distribution businesses. Metaplanet Inc. was incorporated in 1999 and is based in Tokyo, Japan.

He explains it in

TFTC: A Bitcoin Podcast: #542: The Bitcoin Treasure Strategy Is A Game Changer with Dylan LeClair

🤠🤙

Someone called them a Japanese Expedia on a Space. Not sure how accurate that is.