Metaplanet Inc. Acquires 1,005 BTC, Surpasses Major Institutional Players

Metaplanet Inc., a Japanese investment firm, has made a significant move in the cryptocurrency market by issuing ¥30 billion ($208 million) in zero-coupon bonds. The proceeds from this bond issuance will be used to acquire an additional 1,005 BTC, bringing the company's total Bitcoin holdings to 13,350 BTC. This acquisition surpasses the holdings of major institutional players such as Galaxy Digital and CleanSpark, positioning Metaplanet as one of the most aggressive corporate Bitcoin buyers globally.

Metaplanet's strategy involves not only acquiring more Bitcoin but also refinancing its debt. The company has used part of the bond proceeds to buy back ¥1.75 billion in older secured bonds, which were interest-bearing and secured by hotel mortgages. This move reduces Metaplanet's liabilities and increases its capital flexibility, allowing it to focus more on Bitcoin accumulation. The bond issuance was fully subscribed by EVO FUND, a private institutional investor, indicating strong institutional support for Metaplanet's strategy.

The bond details include a size of ¥30 billion, a zero-coupon rate, no collateral, and a redemption date of December 29, 2025. By eliminating interest costs and freeing up real estate collateral, Metaplanet has streamlined its balance sheet, positioning Bitcoin at the center of its treasury strategy. This move is part of a broader trend where companies are increasingly storing their reserves in Bitcoin instead of traditional fiat currencies.

With the acquisition of an additional 1,005 BTC, Metaplanet now holds 13,350 BTC at an average price of $97,832 per coin. This milestone puts Metaplanet ahead of major U.S.-based firms such as Galaxy Digital, which holds 12,830 BTC, and CleanSpark, which holds 12,502 BTC. Metaplanet's aggressive Bitcoin-centric strategy has resulted in a quadrupling of its BTC holdings in under one quarter, signaling a strong commitment to this approach.

According to BitcoinTreasuries.net, Metaplanet is now the fifth-largest publicly listed corporate holder of BTC, trailing behind MicroStrategy, Marathon Digital, Hut 8, and Coinbase. MicroStrategy, led by Michael Saylor, still dominates with over 592,000 BTC. Metaplanet's strategy has garnered significant market attention, with its stock jumping 9.9% on the day of the announcement and surging over 370.7% year-to-date. This reflects growing market confidence in Metaplanet's Bitcoin-as-treasury strategy, especially as inflation hedges and crypto adoption are increasing in Asia.

The issuance of unsecured zero-coupon bonds by Metaplanet is unusual in Japan's conservative bond market. However, the full subscription by EVO FUND suggests strong institutional conviction in Metaplanet's crypto-driven approach. The regulatory climate in Japan is relatively favorable for Bitcoin and digital asset holdings by corporations, with the Financial Services Agency recognizing Bitcoin as a legitimate financial instrument. This allows Metaplanet to expand its BTC holdings under a compliant framework.

Metaplanet's strategy of borrowing non-dilutive debt capital at no cost to stack BTC is a unique aspect of its approach. This strategy, which can be seen as both sophisticated and risk-tolerant, positions Metaplanet as a leader in the corporate crypto strategy space. If Metaplanet continues its momentum, its target of holding 210,000+ BTC by 2027 could make it a transformative power in both the crypto industry and the traditional finance world. This move aligns with a growing global trend where companies are increasingly adopting Bitcoin as a treasury reserve, joining the likes of MicroStrategy, Marathon Digital, Hut 8 Mining, and Tesla (historically, though it reduced its holdings).