Metaplanet Boosts Bitcoin Holdings by 1,005 BTC, Share Price Jumps 9%

Metaplanet Inc., a Tokyo-listed holding company, has significantly increased its Bitcoin holdings by acquiring 1,005 BTC, valued at approximately $108 million. This purchase has elevated Metaplanet to the fifth position on the leaderboard of publicly traded companies with the largest Bitcoin treasuries, surpassing CleanSpark and Tesla. The company has also filed to issue ¥30 billion ($208 million) in zero-coupon bonds to fund further Bitcoin acquisitions.

This strategy differs from previous equity raises as it involves issuing ordinary bonds with a 0 percent coupon. This approach allows the company to capture potential Bitcoin upside without sacrificing operating liquidity, as zero-interest debt means no cash outflow while yen real yields remain deeply negative. The bonds are expected to be settled with a single institutional buyer, EVO Fund, indicating strong demand for leveraged crypto exposure among alternative asset managers.

Metaplanet is leveraging Japan’s ultra-loose monetary policy, which keeps funding costs near record lows. By exploiting this gap, the company mirrors MicroStrategy’s convertible-note playbook but uses yen, an even cheaper currency in real terms. Analysts have highlighted the structural spread: Bitcoin’s long-term annualized growth rate still outpaces Japan’s near-zero funding curve, creating a positive carry as long as the asset remains broadly bullish.

Tokyo traders responded positively to the move, with Metaplanet’s share price increasing by nine percent. This brings the firm’s total Bitcoin holdings to 13,350 BTC, valued at about $1.44 billion at $108,000 per coin. On-chain observers note that Metaplanet now holds more BTC than Coinbase and Galaxy Digital, positioning Asia as a significant player in corporate treasuries.

The funding mix behind the Bitcoin purchase is becoming clearer: management has deployed roughly $515 million in equity proceeds since January and plans to refinance older, interest-bearing paper with the new 0 percent bonds. These instruments mature at par and carry no coupon, classifying them as debt rather than equity, which preserves shareholder ownership while amplifying potential gains. The liability side remains manageable; even if Bitcoin revisits $60,000, the loan-to-value ratio would hover near 35 percent.

Analysts compare Metaplanet’s strategy to a digital-gold standard for balance sheets. By parking excess cash in Bitcoin, the firm hedges against yen debasement and positions itself as an inflation-protected equity. This move could spur similar strategies among other corporate giants, potentially deepening institutional demand and further legitimizing Bitcoin as a treasury reserve asset.

However, skeptics argue that the strategy exposes shareholders to extreme volatility. A 40 percent drawdown would erase roughly $576 million in market value, dwarfing current bond headroom. Regulatory scrutiny is another unknown; while Japan’s Financial Services Agency has tolerated crypto-heavy treasuries, ballooning leverage might prompt tighter disclosure rules. Rating agencies could adjust outlooks if Bitcoin’s price slips below bond break-even levels.

If the yen weakens further, a follow-on Bitcoin purchase funded by additional zero-coupon debt appears likely, according to CEO Simon Gerovich’s recent social-media comments. Momentum traders are already positioning; options desks report rising open interest in out-of-the-money calls on both Metaplanet stock and Bitcoin itself.

Metaplanet’s aggressive, bond-financed Bitcoin strategy marks a significant moment in corporate crypto adoption outside the United States. By pairing 0 percent yen debt with one of the world’s most finite assets, the company is betting that monetary tailwinds will outweigh short-term volatility. Whether that wager proves visionary or reckless now hinges on Bitcoin’s next macro leg and on how swiftly other Asian giants decide to follow the blueprint laid out by this bold strategy.