Metaplanet Hits 10,000 BTC Milestone With $210 Million Bond Issuance

Japanese investment firm Metaplanet has intensified its Bitcoin (BTC) acquisition strategy with the issuance of $210 million in zero-interest bonds. This move reflects the company's growing commitment to Bitcoin as a treasury reserve asset. The company, often referred to as “Japan’s MicroStrategy,” announced the bond issuance on Monday, alongside the purchase of 1,112 additional Bitcoins worth approximately $117.2 million, officially pushing its total holdings to the 10,000 BTC milestone.

The $210 million worth of zero-interest bonds marks the 18th series of ordinary bonds that Metaplanet is issuing. Already approved by Metaplanet’s board of directors, the new bonds will be subscribed entirely by Evo Fund, a Cayman Islands-based investment firm. These zero-interest bonds are scheduled to mature on December 12, 2025, although an early redemption option remains in place. According to the company, all proceeds from the bond issuance will be directed toward acquiring more BTC, reinforcing Metaplanet’s long-term belief in the cryptocurrency’s potential to outpace traditional assets.

After the recent purchase of 1,112 BTC at an average price of $105,435 per coin, the Japanese company has raised its total holdings to 10,000 BTC, surpassing US-based Coinbase Global. The total cost of Metaplanet’s Bitcoin stash stands at approximately $947 million, with an average acquisition price of $94,697 per BTC. This milestone was reached just two weeks after Metaplanet bought another 1,088 BTC, signalling an accelerated pace in its accumulation efforts.

Metaplanet’s Bitcoin strategy is underpinned by an ambitious plan to acquire 210,000 BTC, approximately 1% of Bitcoin’s total supply, by the end of 2027. To finance this strategy, the firm recently launched Asia’s largest-ever equity raise for Bitcoin accumulation, aiming to secure $5.4 billion through the issuance of 555 million shares via a novel moving strike warrant mechanism. This followed the success of the company’s earlier “210 Million Plan,” which raised $650 million in just 60 trading days and tripled the firm’s share price during that period.

Despite concerns raised by some analysts about the risks of leveraging corporate balance sheets for Bitcoin purchases, Metaplanet has maintained strong support from investors, thanks to its transparency and execution speed. Notably, the company’s latest moves come at a time when institutional demand for Bitcoin remains resilient, even in the face of market volatility and geopolitical tensions. Bitcoin exchange-traded funds (ETFs) saw over $1.3 billion in net inflows last week alone, while other corporate giants such as MicroStrategy continue to increase their exposure.

Metaplanet’s approach, however, stands out for its pace, scale, and financial creativity, especially within the traditionally conservative Japanese market. CEO Simon Gerovich has repeatedly emphasised the firm’s unwavering focus on Bitcoin, describing the latest bond deal simply as “All Bitcoin,” underscoring the clarity of Metaplanet’s vision. With 10,000 BTC already in the vault and billions more in capital on the way, the company is firmly positioning itself as a dominant force in corporate Bitcoin adoption. However, whether this bold bet pays off in the long run remains to be seen, but for now, Metaplanet has captured the attention of both investors and the global crypto community.