Nakamoto Bets Big on Japan’s Bitcoin Power Play

Nakamoto, a subsidiary of KindlyMD, has made its largest investment to date, committing up to $30 million to Tokyo-based Metaplanet Inc. through an international equity offering. This marks Nakamoto's first significant investment in an Asian public company with a Bitcoin treasury strategy, following KindlyMD's August 2025 merger with Nakamoto Holdings, creating a diversified entity focused on both healthcare and digital asset investment. The investment is set to be funded on September 16, 2025, with shares to be delivered on the following day.

Metaplanet, which recently added 136 BTC to its holdings, now owns 20,136 BTC in total, placing it sixth among public companies globally in terms of Bitcoin reserves. The firm has previously raised significant capital to expand its Bitcoin holdings, including a recent approval for an additional 550 million new shares to raise about 130.3 billion yen ($884 million). These funds are expected to be primarily used for Bitcoin acquisition, aligning with the company’s strategy to hedge against the depreciation of the Japanese yen and Japan’s broader economic challenges.

The investment by Nakamoto comes at a pivotal time for Metaplanet, which is also planning to issue 385 million new shares at 553 yen ($3.75) each in an international offering. This move is expected to raise approximately 212.9 billion yen ($1.44 billion), with the issue price set at a 9.9% discount to Metaplanet’s closing price on September 9. The proceeds from this offering are intended to further expand Metaplanet’s Bitcoin holdings and related business operations, including trading BTC options.

Despite recent volatility in its stock price, Metaplanet remains a major player in the corporate Bitcoin space. Its stock has surged more than 150% over the past year, though it has seen a decline of nearly 39% in the past month. Analysts note that Metaplanet’s strategy, while innovative, faces challenges such as the compression of Bitcoin premiums and the increased dilution risk for existing shareholders. Additionally, the company’s reliance on a "flywheel" financing model, which uses moving strike warrants to generate cash, has faltered as its stock price has declined.

Nakamoto’s investment in Metaplanet is also a strategic move to gain exposure to Asia’s growing digital asset market. David Bailey, Chairman and CEO of KindlyMD, highlighted Metaplanet’s leadership in Japan’s Bitcoin landscape and its commitment to advancing financial innovation. With Metaplanet’s recent creation of two classes of perpetual preferred shares, the company aims to pioneer Japan’s Bitcoin-backed fixed income products, further aligning with Nakamoto’s vision of integrating Bitcoin into global capital markets.

As public companies increasingly adopt Bitcoin treasury strategies, the collective Bitcoin holdings of such firms now exceed 1 million BTC. Metaplanet’s ambition to reach 100,000 BTC by the end of 2026 and 210,000 BTC by 2027 reflects the broader trend of institutional adoption in the digital asset space. This trend underscores the growing recognition of Bitcoin as a hedge against inflation, negative interest rates, and long-term economic uncertainties, particularly in markets such as Japan.