Metaplanet has announced plans to issue ¥8 billion (approximately $50 million) in zero-interest bonds aimed at expanding its Bitcoin holdings, reflecting a strategic pivot towards digital assets. This marks the 20th series of ordinary bonds for the company, with a maturity date set for April 2027. Notably, these bonds are unsecured and will not generate any interest, allowing Metaplanet to raise capital without incurring additional debt servicing expenses.
The funds raised from this bond issuance are earmarked specifically for purchasing Bitcoin. At current Bitcoin prices, which hover around $78,000, the company could potentially acquire between 640 and 700 BTC. With this latest financing round, Metaplanet continues its aggressive accumulation strategy; the firm currently holds 40,177 BTC, valued at about $3.1 billion, making it Japan’s largest corporate Bitcoin holder and the third largest among public companies globally.
Metaplanet has set ambitious targets for its Bitcoin accumulation, aiming for 100,000 BTC by the end of 2026 and 210,000 BTC by the end of 2027. This latest issuance follows a productive first quarter for the firm, during which it added 5,075 BTC to its portfolio and reported a BTC Yield of 2.8%. Despite its substantial holdings, the company faced a ¥95 billion net loss for fiscal year 2025, largely due to unrealized losses associated with Bitcoin price fluctuations. The average acquisition cost of its Bitcoin stands at $104,106 per coin, which is currently above market prices.
The bond issuance was allocated to EVO FUND, a Caymen Islands-based investor associated with Evolution Financial Group, which has previously supported several of Metaplanet’s fundraising efforts. Under the bond terms, EVO FUND has the option to request early redemption with five business days’ notice, while Metaplanet can redeem part or all of the bond issuance if it secures additional financing with the same counterparty.
The strategy employed by Metaplanet has parallels in the U.S., where public companies have increasingly turned to capital markets to bolster their Bitcoin holdings as a treasury reserve asset. A notable example is Strategy, which recently disclosed the purchase of 34,164 bitcoin for approximately $2.54 billion, bringing its total holdings to 815,061 BTC and surpassing BlackRock’s investments.
Despite the expansion of its Bitcoin position, Strategy’s shares fell in pre-market trading, as investors assessed the implications of its aggressive capital strategy. As both companies navigate the evolving landscape of digital assets, the financial markets continue to closely scrutinize their moves within this volatile sector.
