One Piece treasure: Can Bandai replicate Pokémon’s trading card success?

Do you remember watching Pawn Stars when a bloke walked into the shop with a binder of Pokémon cards—specifically Charizards (the most sought-after card in the hobby)—and asked Rick for $200,000 USD? At the time, we would have laughed and shouted at the screen that classic line from The Castle: "Tell ’em they’re dreaming!"

What if I told you that same binder is now worth millions? You’d probably say I’m dreaming, too. But for my generation, these are the new collectibles. We grew up with this; these are our stamps, sports cards, and luxury watches. While I’m not claiming they’ll become Van Gogh masterpieces, why can’t they be a legitimate alternative investment? Pokémon cards have outperformed the index over the last 20 years. Although transactions are usually in smaller amounts, the growth over the last five years is staggering. Is it a bubble? It might be, but it might represent a new age of collecting and investing.

This leads me to the "next Pokémon": Bandai’s One Piece Card Game.

The Hidden Treasure in Bandai Namco (TYO: 7832)

Bandai Namco is a Japanese giant operating across four divisions: Digital Business, Toys and Hobby, IP Production, and Amusement. Their share price has dropped 30% in the last six months amid fears that the digital gaming market is declining due to rising memory chip costs (driven by the AI boom). Their price action has mirrored the recent declines of Nintendo and Sony.

However, while the market focuses on the "Digital" slump, it is ignoring a "hidden treasure": the One Piece Trading Card Game (TCG).

The Surge in Demand

Since December 2025, we have seen a massive surge in the popularity of One Piece cards. Secondary market prices show collectors and investors rushing in due to high margins. For example, a card worth $2,100 in late December is now fetching $4,500—a 100% return in just two months. This has triggered a "buy everything on sight" mentality.

Enter Logan Paul. If you aren't familiar with him, he famously flaunted a million-dollar Pokémon card before his fight with Floyd "Money" Mayweather. As of January 2026, he has begun investing heavily in One Piece. Given his history of igniting the Pokémon boom, he is likely to do the same here.

Retail Frenzy and Scarcity

EB Games recently released pre-orders for a new set arriving in August 2026; it sold out within 48 hours. Six months ago, you could walk into a shop and buy these easily; now, people are literally fighting for them. In the US, videos show crowds lining up at dawn to strip shelves bare.

This mirrors the "Labubu" phase from Pop Mart, whose share price grew 1,000% from early 2024. Pop Mart was a $5 billion USD business in 2024 with a P/E of 23x. Bandai is currently trading at a modest 20x P/E with a market cap of $17 billion USD ($26 billion AUD). Given that the global average P/E is around 18x, In comparison to their historical P/E, they have been trading between 18-22x which is where they are. The exception that they were trading at 30+ P/E is when everyone was indoors and the gaming market exploded during and just after covid. Bandai appears fairly valued even before accounting for this potential trading card game explosion.

The Financial Lag

The Toys and Hobby section makes up 50% of Bandai's total sales. In the latest quarterly earnings, management "loosely" mentioned continued strong performance, but the figures don't yet reflect the current frenzy which started in late December.

Consider this:

• The US Gap: North America is the world's largest consumer market ($19 trillion annually), yet it accounts for only 10% of Bandai’s total sales.

• The Pokémon Benchmark: Pokémon produces ~10.2 billion cards annually. With One Piece currently generating only $1 billion USD across North America, Asia, and Europe, a 20–30% annual growth rate is definitely not a crazy assumption
• Supply Signals: On 12 February 2026, Bandai confirmed massive reprints for July 2026. This is a clear "clue" that demand is far outstripping current supply—revenue that will hit the books in the back half of 2026.

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A Generational Wealth Transfer

As we undergo the biggest wealth transfer in history, the next generation will dictate what is valuable. We are seeing a dynamic shift toward collectibles fuelled by nostalgia. Whether it is One Piece, Dragon Ball Z, or Gundam (all owned by Bandai), these assets are being treated as serious investments but on a smaller scale.

With a modest valuation (P/E around 20x and potential growth exceeding 20%, we are excited to see if Bandai can replicate the success of Pokémon and Pop Mart.

Next time you see your kids, grandkids, or nieces and nephews, ask them what they are collecting. You might be surprised by the answer.