Metaplanet Raises ¥30B via 0% Bonds to Acquire 1,005 BTC

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Japanese investment firm Metaplanet Inc. is making bold moves in the global cryptocurrency landscape, emerging as one of the most aggressive corporate Bitcoin accumulators. The company recently completed the issuance of its 19th series of zero-coupon bonds, raising ¥30 billion (approximately $208 million), with the majority of funds allocated toward purchasing additional Bitcoin. This strategic capital raise enabled Metaplanet to acquire 1,005 BTC, bringing its total holdings to 13,350 BTC—surpassing major institutional players like Galaxy Digital and CleanSpark.

This latest transaction not only strengthens Metaplanet’s position in the crypto treasury space but also reflects a growing trend among forward-thinking firms leveraging innovative financing models to build Bitcoin reserves.

Strategic Debt Refinancing Fuels Bitcoin Accumulation

Metaplanet’s recent financial strategy combines debt optimization with aggressive Bitcoin acquisition. The company issued ¥30 billion in unsecured, zero-interest bonds—all fully subscribed by EVO FUND, a private institutional investor. With no coupon payments or collateral requirements, this financing structure significantly reduces financial burden while maximizing capital efficiency.

A portion of the proceeds—¥1.75 billion—was used to repurchase and retire its earlier 3rd series secured bonds, which carried a 0.36% interest rate and were backed by a hotel mortgage. By eliminating interest obligations and freeing up real estate collateral, Metaplanet has streamlined its balance sheet and enhanced capital flexibility.

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The remaining funds are being deployed exclusively for Bitcoin purchases, reinforcing the company’s long-term conviction in digital assets as a superior treasury reserve.

Key Bond Terms at a Glance

This innovative approach allows Metaplanet to grow its Bitcoin holdings without diluting shareholder equity or incurring interest expenses—a model that is attracting increasing attention from institutional investors.

Surpassing Institutional Giants with Rapid BTC Growth

With the acquisition of 1,005 BTC at an average price of approximately $108.1 million, Metaplanet’s total Bitcoin holdings now stand at **13,350 BTC**, valued at over $1.3 billion based on current market prices. According to CEO Simon Gerovich, the company’s average entry price per BTC is $97,832.

This milestone places Metaplanet ahead of prominent U.S.-based firms:

Just months ago, Metaplanet held only 3,350 BTC. Its rapid accumulation—quadrupling holdings in under a quarter—demonstrates an aggressive and focused strategy centered on Bitcoin as a core treasury asset.

According to data from BitcoinTreasuries.net, Metaplanet is now the fifth-largest publicly listed corporate holder of Bitcoin, trailing only:

  1. MicroStrategy (over 592,000 BTC)
  2. Marathon Digital
  3. Hut 8
  4. Coinbase

While still far behind industry leader MicroStrategy, Metaplanet’s trajectory suggests it could become a dominant player in Asia’s corporate Bitcoin movement.

Market Reaction: Strong Investor Confidence

Metaplanet’s bold financial maneuvers have resonated strongly with investors. On the day of the announcement:

These figures reflect growing market confidence in Bitcoin-centric treasury models, particularly within Japan’s evolving financial ecosystem. As inflation concerns persist and traditional safe-haven assets face volatility, investors are increasingly viewing Bitcoin as a credible long-term store of value.

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Metaplanet’s ability to secure interest-free debt at scale signals strong institutional trust in its strategy. Unlike conventional corporate financing, which often involves equity dilution or interest-bearing loans, Metaplanet’s model leverages low-cost capital to accumulate an appreciating asset—Bitcoin.

Regulatory Tailwinds in Japan

Japan’s regulatory environment has played a crucial role in enabling Metaplanet’s strategy. The Financial Services Agency (FSA) continues to recognize Bitcoin as a legitimate financial instrument under the country’s Payment Services Act. This regulatory clarity allows corporations to hold and transact in digital assets within a compliant framework.

While Japan’s bond market remains traditionally conservative, the successful issuance of unsecured zero-coupon bonds highlights shifting investor sentiment. The fact that EVO FUND fully underwrote the offering suggests growing institutional appetite for crypto-native corporate strategies—even in markets known for risk aversion.

Bitcoin as Corporate Treasury: A Global Shift

Metaplanet is part of a growing global trend where companies are shifting away from traditional fiat reserves and adopting Bitcoin as a long-term treasury asset. This movement is led by firms such as:

While most early adopters are U.S.-based, Metaplanet is positioning itself as Asia’s flagship advocate for corporate Bitcoin adoption. Its strategy stands out due to its use of non-dilutive, zero-cost debt—allowing it to scale BTC holdings without sacrificing equity control.

This model mirrors sophisticated macro investing principles: borrowing at low or zero cost to invest in high-potential assets. Given Bitcoin’s historical performance and scarcity-driven supply model, such strategies may prove prescient in an era of monetary expansion and currency devaluation.

Future Outlook: Aiming for 210,000 BTC by 2027

Metaplanet has publicly stated an ambitious goal: to hold over 210,000 BTC by 2027. If achieved, this would place the company among the top-tier global holders of Bitcoin and fundamentally transform its financial profile.

To reach this target, Metaplanet will likely continue leveraging creative financing mechanisms—including future bond issuances and potential asset-backed credit lines—while maintaining strict discipline in its acquisition strategy.

Should market conditions remain favorable and regulatory support continue, Metaplanet could emerge as a bridge between traditional finance and the decentralized economy—one bond issuance at a time.

Frequently Asked Questions (FAQ)

Q: Why does Metaplanet use zero-coupon bonds?
A: Zero-coupon bonds allow Metaplanet to raise capital without paying interest or diluting equity. This cost-efficient financing method enables the company to allocate more funds directly toward Bitcoin purchases.

Q: How does Metaplanet compare to MicroStrategy?
A: While MicroStrategy holds over 592,000 BTC and pioneered the corporate Bitcoin treasury model, Metaplanet is following a similar path with a focus on Japan and Asia. It uses comparable debt-financed strategies but operates on a smaller scale—for now.

Q: Is holding Bitcoin on a corporate balance sheet risky?
A: Bitcoin is volatile in the short term, but many companies view it as a long-term hedge against inflation and currency debasement. With prudent risk management and strategic financing, firms like Metaplanet aim to mitigate downside exposure.

Q: Can other companies replicate Metaplanet’s model?
A: Yes—especially in jurisdictions with supportive regulations. Companies with access to low-cost capital can use non-dilutive financing to accumulate Bitcoin, provided they have strong governance and long-term vision.

Q: What happens when the bonds mature in 2025?
A: Metaplanet will need to repay the ¥30 billion principal by December 29, 2025. The company may refinance through new debt, sell a portion of its BTC holdings, or use operating cash flows—depending on market conditions.

Q: How transparent is Metaplanet about its Bitcoin holdings?
A: The company regularly discloses its BTC balance through official filings and public announcements. Independent blockchain analytics platforms like BitcoinTreasuries.net also verify these figures in real time.

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