Metaplanet issues $13M bonds to grow Bitcoin reserves

Japanese Bitcoin (CRYPTO:BTC) treasury firm Metaplanet Inc. has raised $13.3 million through a zero-coupon bond issuance to expand its Bitcoin holdings, continuing its strategy of leveraging debt financing for cryptocurrency accumulation.

The bonds, fully subscribed by EVO FUND, mature on September 30, 2025, and carry no interest payments—a rare structure for corporate debt instruments.

Metaplanet’s Bitcoin reserves have grown significantly since July 2024, rising from 161.268 BTC to 3,350 BTC by March 24, 2025.

The company’s average purchase price per BTC ranged between ¥9.3 million and ¥12.6 million ($62,000–$84,000), with CEO Simon Gerovich publicly endorsing the strategy as “Buying The Dip” amid market volatility.  

The bond issuance aligns with Metaplanet’s Bitcoin Plan for 2025–2026, which targets 10,000 BTC by year-end 2025 and 21,000 BTC by 2026.

The company combines debt financing with equity strategies, including stock acquisition rights, to maximise BTC Yield—a metric measuring Bitcoin growth per share.

Metaplanet holds a 15.5% weighting in the BetaShares Innovators ETF (CRYP), which tracks crypto and blockchain firms, surpassing competitors like Strategy and Coinbase.

However, the ETF has declined 23% year-to-date, reflecting broader market challenges.

Critics note the uncollateralised bond structure and reliance on Bitcoin’s price stability, though Metaplanet asserts the issuance will have a “minimal impact” on its financial results.

The company’s pivot to Bitcoin in 2024—including rebranding a Tokyo hotel as The Bitcoin Hotel and securing a Bitcoin Magazine Japan license—underscores its commitment to fostering adoption in Japan.

With Bitcoin reserves now valued at $278 million, Metaplanet’s strategy hinges on disciplined accumulation and leveraging capital markets to outperform Bitcoin’s standalone returns.

While the zero-coupon bond issuance signals confidence in Bitcoin’s long-term value, the company’s success depends on navigating regulatory and market risks in Japan’s evolving crypto landscape.

At the time of reporting, the Bitcoin (BTC) price was $83,293.95.