Metaplanet Acquires 1,112 BTC for $117.2 Million Reaching 10,000 BTC Target

Metaplanet, a Japanese investment firm, announced on Monday that it had acquired 1,112 BTC for approximately $117.2 million, reaching its target of 10,000 BTC for the year. This acquisition brings Metaplanet's total Bitcoin holdings to 10,000 BTC, a significant milestone in its strategic plan to accumulate Bitcoin.

The announcement came alongside the approval of a $210 million bond issuance to EVO Fund, a Cayman Islands-based investment firm. The bonds, which are part of the company’s 18th series of ordinary bond issuances, carry no interest and are set to mature in December. The proceeds from this bond sale are earmarked for additional Bitcoin purchases, as stated in a regulatory filing.

Metaplanet did not specify whether the 1,112 BTC acquisition preceded the bond funding, but the timing of these events suggests a close link between the two. CEO Simon Gerovich confirmed in a post that as of Sunday, Metaplanet holds 10,000 BTC, acquired for approximately $947 million at an average price of $94,697 per Bitcoin. At the time of the announcement, Bitcoin was trading at $105,831.

Metaplanet, which rebranded in 2024 from a hotel and technology firm to a dedicated Bitcoin treasury, has set an ambitious goal to accumulate 210,000 BTC, or about 1% of the total supply, by 2027. In January, the company outlined plans to increase its holdings by 470% this year to reach the 10,000 BTC mark, utilizing "accretive capital market tools" to fund this strategy.

The company has modeled its approach on U.S.-based MicroStrategy, positioning itself as a publicly traded proxy for Bitcoin exposure in Asia. In addition to its bond program, Metaplanet recently unveiled plans to raise up to $5.3 billion through the issuance of 555 million new shares.

Despite the significant buildup in Bitcoin holdings, Metaplanet remains one of the most shorted stocks in Japan. In May, analysts at 10x Research suggested that the firm’s valuation implied a Bitcoin price of more than $596,000, over five times current levels. CEO Simon Gerovich responded to this by questioning the strategy of betting against Bitcoin, highlighting the firm's confidence in its investment approach.