Metaplanet issues 2B yen in zero-interest bonds for additional BTC acquisition

Metaplanet has issued ¥2 billion ($13.3 million) through a zero-interest bond to increase its Bitcoin holdings.

According to the company’s announcement, the bonds were approved on Mar. 12 and will mature on Sep. 11, 2025. The funds raised will be used to buy more Bitcoin (BTC), while repayment is expected to come from the exercise of Metaplanet’s 14th to 17th Series of Stock Acquisition Rights.

The bonds allow for early redemption. Metaplanet can repay them at face value if it secures enough funds from stock acquisition rights. Additionally, bondholders can request an early redemption with advance notice. Collateral and guarantees are not included in the issue. 

Metaplanet has been gradually growing its Bitcoin holdings since it adopted a Bitcoin-focused strategy in 2023. Metaplanet’s approach is similar to that of Strategy (formerly MicroStrategy), which has employed a comparable debt-financing model. The company is taking advantage of Japan’s low borrowing costs to build its Bitcoin reserves, positioning itself as a major corporate BTC holder in Asia.

As of its latest Bitcoin purchase on Mar. 5, Metaplanet holds 2,888 BTC, recently surpassing Chinese gaming firm Boyaa Interactive International as the largest corporate Bitcoin holder in Asia. It currently holds the 12th position among corporate Bitcoin holders worldwide.

With an overall investment of ¥36.44 billion ($242 million), the company’s average BTC buying price is ¥12.62 million ($84,000) per BTC. Metaplanet aims to reach 21,000 BTC by 2026 and 10,000 BTC by the end of 2025. From Jan. 1 to Mar. 5, 2025, its BTC Yield, a measurement of Bitcoin per fully diluted share, hit 45.1%, after growing by 309.8% in Q4 2024.

As more institutions embrace Bitcoin and supply becomes more limited, Metaplanet’s approach mirrors a rising trend of businesses using cutting-edge financial instruments to expand their exposure to digital assets.