Metaplanet Doubles Down on Bitcoin Bet with $25M Bond Offering
Tokyo-listed Metaplanet just fired another shot in its corporate Bitcoin arms race—issuing $25M in bonds to bulk up its BTC holdings. Because nothing says ’prudent treasury management’ like levering up to buy volatile crypto assets.
The move comes as Japan’s weak yen and negative-rate environment push firms to seek alternative stores of value. Metaplanet’s previous Bitcoin purchases already make it Asia’s closest thing to a MicroStrategy wannabe.
Will this gambit pay off or leave bondholders holding the bag? Either way, the company’s playing the ultimate high-stakes game of balance sheet chicken.
Metaplanet boosts BTC confidence
Previously, Metaplanet covered outstanding debt before its maturity date, and the new bond had the same option. The company aims to build a healthy balance sheet with lower debt, while reflecting its BTC earnings.
Following the news, Metaplanet shares continued their expansion, to trade at 428 JPY. The shares ROSE by nearly 20% in the past working week, matching the company’s social media presence and overall hype for corporate BTC buyers.
The company’s CEO, Simon Gerovich, noted Metaplanet trading volumes were trending up, reflecting the recent BTC rally.
Yesterday marked our 4th consecutive record volume day. A warm welcome to all our new shareholders 🇺🇸 https://t.co/Refk6TpOKR pic.twitter.com/CfA7PeNq9N
— Simon Gerovich (@gerovich) May 2, 2025
The small-scale acquisitions of Metaplanet led to more corporations building treasuries from scratch. In the past weeks, the number of corporate entities rose to a total of 101 holders, up from a recent tally of 92 companies. The total number of BTC stored in treasuries is up to 3.26M coins.
Metaplanet is a relatively small holder, ranked 11th based on corporate treasuries. The company’s high profile and visible marketing, however, earned it the reputation of Japan’s Strategy (MSTR).
Metaplanet continued its BTC buying alongside Strategy, though at a smaller scale. Others, like MARA Holdings, have slowed down their acquisition schedule. Despite the active accumulation of BTC, so far the market price has not responded with a massive rally. However, treasuries have grown significantly, making holders more reluctant of selling or even transferring BTC.
The recent announcement arrived as BTC was hovering around $97,000, pointing to a higher acquisition price for Metaplanet. The company already has an average acquisition price above $85,000 per BTC, with open market operations in the past weeks.
Corporate Bitcoin buyers will also receive additional focus from the Bitcoin for Corporations conference, organized by Strategy. The meeting in Orglando, Florida, will host the most prominent buyers of BTC for the past year.
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