Expanding Crypto Treasury: Metaplanet Raises Funds Through Bond Issue

Japanese investment firm Metaplanet is making waves in the financial world, doubling down on its Bitcoin strategy. Fresh from recent significant Bitcoin purchases that positioned it as Asia’s largest public corporate Bitcoin holder, the company is now raising additional capital through a bond issue, with all proceeds earmarked to further expand its crypto treasury.

Metaplanet’s Bold Bitcoin Bet: The Bond Issuance Details

Metaplanet is not shying away from its commitment to Bitcoin. The company has announced a significant move to bolster its holdings:

• Fundraising Goal: Metaplanet is issuing ‘$21.25 million in 0% Ordinary Bonds’.
• Purpose: 100% of the funds raised will be used to purchase Bitcoin.
• Bond Type: These are ‘zero-coupon’ bonds. This means they do not pay periodic interest to bondholders. Instead, they are issued at a discount to their face value and pay out the full face value upon maturity, which is set for November 2025.
• Stock Acquisition Rights: Alongside the bond issue, Metaplanet will issue its 14th Stock Acquisition Rights to EVO Fund, a Cayman Islands-based investment management firm. These rights are designated to help purchase Bitcoin and ensure funds are available for bond redemption.
• Potential Bitcoin Acquisition: With the full $21.25 million, it’s estimated that Metaplanet could acquire approximately 206 additional Bitcoin, further solidifying its position.

The ‘Why’ Behind the Bitcoin: Strategic Rationale

Metaplanet’s aggressive adoption of Bitcoin as a primary treasury reserve asset is a calculated strategic decision driven by several key factors:

• Hedging Against Yen Devaluation: A primary motivator is the weakening Japanese yen. Metaplanet views Bitcoin as a crucial safe-haven asset, offering protection against currency devaluation and inflation, a strategy famously pioneered in the corporate world by MicroStrategy.
• Enhancing Shareholder Value: The company is focused on long-term growth and believes its Bitcoin strategy is key to enhancing shareholder value. This commitment is reflected in its stock performance, which has surged over 1,600% in the past year, and more specifically, over 15-fold since it began its Bitcoin accumulation in April 2024.
• Performance Tracking: Metaplanet utilizes a key performance indicator (KPI) known as ‘BTC Yield’ to measure the effectiveness of its Bitcoin acquisition strategy in driving value for its shareholders.

Bitcoin’s Midas Touch: Impact on Metaplanet’s Stock and Market Cap

The market has responded enthusiastically to Metaplanet’s Bitcoin-centric approach. The impact on its financial metrics has been remarkable:

• Soaring Stock Price: Investor confidence is high, as evidenced by the dramatic surge in Metaplanet’s stock price. This echoes the success seen by other Bitcoin-holding companies.
• Favorable Comparisons: Industry observers, like Adam Back, have noted Metaplanet’s rapid growth, suggesting it is expanding its market-cap-to-net-asset-value (mNAV) coverage at a rate 3.8 times faster than MicroStrategy.
• Significant Bitcoin Holdings: As of recent reports, Metaplanet holds a substantial amount of Bitcoin, with over 34% of its market capitalization comprised of the digital asset (as of April 11, 2025). Its BTC-to-market cap ratio stands at 34.9%.
• Valuation Premium: The company’s Net Asset Value (NAV) multiple is 2.86x. This indicates that investors are valuing Metaplanet at 186% higher than its net asset value, a premium largely attributed to its Bitcoin strategy. This is reminiscent of MicroStrategy, whose stock soared approximately 440% in 2024 due to its similar Bitcoin focus.

Metaplanet currently holds over $536 million in Bitcoin, acquired at an average price of $86,672 per coin, making it a formidable player in the corporate Bitcoin space.

A Growing Trend: Corporations Embrace Bitcoin

Metaplanet’s strategy is part of a broader, accelerating trend of corporations incorporating Bitcoin into their financial strategies. This movement, largely popularized by MicroStrategy, sees companies viewing Bitcoin not just as an investment, but as a core treasury asset.

Other notable firms exploring or adopting Bitcoin include:

• MicroStrategy: The well-known pioneer in corporate Bitcoin adoption, holding a vast amount of BTC.
• Strive Asset Management: An investment firm that has also indicated interest or involvement in Bitcoin.
• GameStop Corporation: The video game retailer has also been reported to be exploring crypto strategies.

These companies, each with their unique motivations, signal a growing acceptance and integration of digital assets into mainstream corporate finance.

What’s Next for Metaplanet? Ambitious Expansion Plans

Metaplanet is not resting on its laurels. The company has ambitious plans to further expand its Bitcoin operations:

• US Subsidiary: Plans are underway to establish a US subsidiary, signaling an intent to broaden its operational footprint and potentially tap into US capital markets.
• Major Fundraising Goal: Metaplanet aims to raise an additional $250 million specifically for further Bitcoin investments.

These moves indicate a long-term vision and a deep conviction in Bitcoin’s potential as a store of value and a growth driver.

Conclusion: Metaplanet’s Bold Foray into the Future of Finance

Metaplanet’s decision to raise $21.25 million through a bond issue solely to purchase more Bitcoin is a bold testament to its commitment to a Bitcoin-centric treasury strategy. By seeking to protect against yen devaluation and aiming to maximize shareholder value, the company is carving out a unique path in the Asian market, following in the footsteps of global pioneers like MicroStrategy.

With its stock price soaring and ambitious expansion plans on the horizon, Metaplanet is a company to watch in the evolving landscape of corporate finance and cryptocurrency adoption. Its journey underscores a growing recognition of Bitcoin’s role beyond a speculative asset, positioning it as a strategic reserve for forward-thinking corporations.