Metaplanet Doubles Down on Bitcoin: $21M Bond Raise to Bulk Up Crypto Reserves

Tokyo’s Metaplanet is going all-in on Bitcoin—again. The firm just announced plans to raise another ¥3.2 billion ($21M) through ordinary bonds, funneling the proceeds straight into its growing BTC treasury. Because nothing says ’stable investment’ like doubling down on digital gold while traditional finance scrambles for yield.

Why bonds? Cheap capital. With Japan’s rates still floored, borrowing to buy Bitcoin is a calculated gamble—one that’s already paid off handsomely during their Q1 2025 BTC accumulation spree.

Watch the purists squirm: This isn’t your grandpa’s corporate treasury strategy. Metaplanet’s pivot from real estate to crypto reserves has turned it into a de facto Bitcoin proxy stock—volatility included.

Metaplanet plans to issue another bond for Bitcoin purchase

*Metaplanet Issues 21.25 Million USD in 0% Ordinary Bonds to Purchase Additional $BTC* pic.twitter.com/tofk3rKMO8

— Metaplanet Inc. (@Metaplanet_JP) May 9, 2025

Metaplanet announced its plans to raise funds to buy more Bitcoin. The firm said it would issue another bond to help it expand its increasing crypto stash. In a statement released on May 9, Metaplanet announced a $21.25 million issue of ordinary bonds. The firm revealed all the money earned from the bond would be allocated to buying more Bitcoin. 

The Tokyo-listed crypto firm said it WOULD issue its 14th Stock Acquisition Rights to an investment firm based in the Cayman Islands, EVO Fund. The firm revealed the bonds would have zero interest, and its redemption date would be November 7. Metaplanet could reportedly buy 206 BTC at the current price if it managed to raise a total of $21.25 million. 

Data from BitcoinTreasuries showed that Metaplanet was Asia’s largest corporate Bitcoin holder. The data revealed that Metaplanet ranked 11th globally. The crypto firm recently revealed it spent $53.4 million to purchase 555 Bitcoin. Metaplanet said it bought the BTC at the average price of $96,134. The firm revealed that it held a total of 5,555 Bitcoin, bought for $481.5 million at the price of $86,672. 

On May 7, the firm said it would issue another $25 million in “0% Ordinary Bonds” to fund the purchase of more Bitcoin. Metaplanet joined a growing list of firms transitioning into a Bitcoin treasury strategy. Strategy, Michael Saylor’s firm, ventured into the Bitcoin treasury realm in August 2020. Since then, other firms, including Metaplanet, have also adopted the Bitcoin acquisition strategy. 

Strive Asset Management also said on May 7 that it would transition into a Bitcoin strategy firm. GameStop Corporation, a video game retailer, completed a debt offering last month that raised about $1.5 billion, with some funds reserved for purchasing Bitcoin.

Metaplanet plans to open a US subsidiary 

Metaplanet recently announced that it would open a US-based arm in a bid to improve its Bitcoin accumulation strategy. The firm aimed to raise $250 million to tap into US institutional investors. While citing Florida as the most favorable city, the crypto company also revealed the US subsidiary would be headquartered in Miami. 

Metaplanet’s statement read in part, “Florida, a rapidly emerging hub for Bitcoin-focused companies and financial innovation, recognized for its business-friendly policies and rising status as a global center of capital and technology.”

The crypto firm explained that it opted to set up its subsidiary in Florida because of its pro-Bitcoin environment which allegedly led to the adoption of Bitcoin by corporates. The subsidiary would also help the firm expand its operations into a new timezone. It added that the US subsidiary would support its strategic positioning in the US market, which would be a global hub for crypto-related innovation, capital formation, and corporate adoption. 

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