Key Points
- Metaplanet has issued a zero-interest bond worth $13.3 million to boost its Bitcoin holdings.
- The company’s approach is similar to Strategy (formerly MicroStrategy), using low borrowing costs to expand Bitcoin reserves.
Metaplanet has raised ¥2 billion ($13.3 million) via a zero-interest bond to increase its Bitcoin holdings.
Bond Details
The company revealed that the bonds were sanctioned on March 12 and are set to mature on Sep. 11, 2025. The raised funds will be used to purchase more Bitcoin (BTC), with repayment expected from the exercise of Metaplanet’s 14th to 17th Series of Stock Acquisition Rights.
The bonds have a provision for early redemption. Metaplanet can repay them at face value if it secures adequate funds from stock acquisition rights. Additionally, bondholders have the option for early redemption with prior notice. The issue does not include any collateral or guarantees.
Bitcoin Strategy
Since adopting a Bitcoin-centric strategy in 2023, Metaplanet has been steadily increasing its Bitcoin holdings. The company’s approach mirrors that of Strategy (formerly MicroStrategy), which has also utilized a similar debt-financing model. By leveraging Japan’s low borrowing costs, Metaplanet is building its Bitcoin reserves and establishing itself as a significant corporate BTC holder in Asia.
As of its latest Bitcoin purchase on March 5, Metaplanet holds 2,888 BTC, recently surpassing Chinese gaming firm Boyaa Interactive International to become the largest corporate Bitcoin holder in Asia. The company currently ranks 12th among corporate Bitcoin holders worldwide.
With a total investment of ¥36.44 billion ($242 million), Metaplanet’s average BTC buying price stands at ¥12.62 million ($84,000) per BTC. The company aims to hold 21,000 BTC by 2026 and 10,000 BTC by the end of 2025. From January 1 to March 5, 2025, its BTC Yield, a measure of Bitcoin per fully diluted share, reached 45.1%, after growing by 309.8% in Q4 2024.
As more institutions adopt Bitcoin and supply becomes more limited, Metaplanet’s strategy reflects a growing trend of businesses leveraging innovative financial instruments to increase their exposure to digital assets.
