Metaplanet's Bitcoin Bet: $179M Loss, 10K BTC by 2025

Metaplanet, a Japanese company known for its significant investment in Bitcoin, is experiencing modest losses as the cryptocurrency's price has fallen to its lowest point in over three months. The company's average cost per Bitcoin is $81,458, and with the current price below $80,000, Metaplanet is facing a 2.0% loss on its Bitcoin investments.

Metaplanet currently holds 2,235 BTC, valued at $179.54 million, which represents a substantial 20.9% of the firm's total market capitalization. The company's stock has also taken a notable hit, with Metaplanet (3350 JP) down 54% since its peak. Despite the dip, Metaplanet remains committed to its Bitcoin strategy, having issued ¥2 billion (approximately $13.3 million) in zero-interest bonds to purchase Bitcoin on February 27, marking its seventh bond issuance for the same purpose.

Metaplanet's ambitious strategy extends beyond 2025, with a target of accumulating 10,000 Bitcoins by the end of the year. The company's CEO, Simon Gerovich, stated, "The market has recognized Metaplanet as Tokyo's preeminent Bitcoin company, and we are seizing this momentum to solidify our position as a global leader. Our vision is to lead the Bitcoin renaissance in Japan and emerge as one of the largest corporate Bitcoin holders globally. This plan is our commitment to that future."

Metaplanet's strategy involves the issuance of 21 million shares through moving strike warrants, representing Asia's largest-ever equity capital raise for Bitcoin, with a funding target of ¥116.65 billion ($785 million). This initiative, known as the "21 Million Plan," aims to accumulate 21,000 Bitcoins by the end of 2026.