Japan's Bitcoin Treasury Pioneer Takes Bold Step to Scale Global Reserve Ambitions

KindlyMD’s subsidiary, Nakamoto Holdings, has committed up to $30 million to Metaplanet Inc.’s international equity financing, marking a significant move in the Bitcoin treasury landscape. Metaplanet, Japan’s leading Bitcoin treasury company, intends to use the proceeds primarily for Bitcoin acquisition and the expansion of its Bitcoin net asset value. This investment is scheduled to be funded on September 16, 2025, and represents Nakamoto’s largest single investment to date, as well as its first in an Asian public company with a Bitcoin-focused strategy.

The investment underscores KindlyMD’s growing focus on Bitcoin treasury management, following its August 2025 merger with Nakamoto Holdings. The strategic partnership positions the company to diversify its operations, combining KindlyMD’s healthcare innovation with Nakamoto’s expertise in Bitcoin treasury management. By investing in Metaplanet’s common stock offering, rather than directly purchasing Bitcoin, KindlyMD achieves a leveraged exposure to the cryptocurrency while building a strategic partnership with a publicly traded entity in Japan.

Metaplanet has also expanded its capital structure to support its aggressive Bitcoin accumulation strategy. On September 1, 2025, the company’s shareholders authorized two classes of perpetual preferred shares, signaling Metaplanet’s intent to pioneer Japan’s Bitcoin-backed fixed income market. This innovative approach aligns with its broader objective of integrating Bitcoin into global capital markets, alongside the issuance of common equity.

Meanwhile, Metaplanet’s Bitcoin holdings have grown significantly. As of early September 2025, the firm holds 20,136 BTC, valued at approximately $2.08 billion, making it the sixth-largest publicly traded corporate holder of Bitcoin globally. CEO Simon Gerovich emphasized the firm’s strategic BTC accumulation as a key treasury asset, highlighting a 487% BTC yield year-to-date in 2025. The company has also revised its long-term targets, aiming to hold 30,000 BTC by the end of 2025 and 100,000 BTC by 2026.

To fund these purchases, Metaplanet has secured shareholder approval for an $884 million capital raise. However, the company’s stock has declined nearly 65% from its 2025 peak, with concerns about potential shareholder dilution and a shrinking premium over its Bitcoin holdings. Analysts have noted that the company’s flywheel model—where rising stock prices fund further Bitcoin purchases—has slowed in recent weeks. This reflects broader challenges in maintaining financial stability amid market volatility and capital constraints.

The growing institutional adoption of Bitcoin as a corporate treasury asset is evident, with over 200 publicly traded companies now holding Bitcoin in their treasuries, collectively controlling over 1 million BTC—approximately 4.5% of the asset’s circulating supply. Metaplanet’s continued expansion into this space highlights the increasing confidence in Bitcoin’s role as a long-term reserve asset. However, the company must navigate regulatory, market, and capital challenges to meet its ambitious 2026 target of 100,000 BTC.

---