Metaplanet's Bitcoin Bet: $26M Bond for Crypto Expansion

Metaplanet, often referred to as Japan's Microstrategy, has made a significant announcement regarding its expansion into the cryptocurrency market. The company, which has seen its stock price surge by an impressive 4,800% over the past year, is now shifting towards a "Bitcoin-first strategy."

In a recent development, Metaplanet has revealed plans to issue 4 billion yen (approximately 26.3 million USD) in ordinary bonds to purchase more Bitcoin. This move is part of the company's bold strategy to ramp up its crypto investments. The bond, which is not interest-bearing, is set to be issued to EVO FUND, with the proceeds intended to be used for Bitcoin purchases.

Metaplanet's commitment to Bitcoin is evident in its financial results for 2024. The company reported an unrealized gain of about $36 million from holding 1,761 BTC, which were purchased for $137 million. Furthermore, Metaplanet has previously announced plans to accumulate 10,000 bitcoin (BTC) by the end of 2025 and 21,000 bitcoin by the end of 2026. Dylan LeClair, Director of Bitcoin Strategy at Metaplanet, has emphasized the company's commitment to accumulation, stating, "Bitcoin is not just an asset; it’s the exit strategy. We’re here to accumulate and lead, not sell."