Metaplanet, a Japanese listed company, has announced the issuance of $210 million in zero-coupon, non-interest-bearing bonds exclusively subscribed by EVO Fund. The proceeds from this issuance will be used to acquire additional Bitcoin (BTC). It will further solidify the company’s position as a major player in the cryptocurrency space.
The announcement, made on June 16, 2025, highlights Metaplanet’s aggressive strategy to expand its Bitcoin holdings. The goal is to achieve 210,000 BTC by the end of 2027. This move is part of the company’s broader “555 Million Plan”. It aims to raise $5.4 billion through equity and debt instruments to fund its Bitcoin acquisition spree.
Details of the Bond Issuance
The 18th Series of Ordinary Bonds issued by Metaplanet totals $210 million and is scheduled to mature on December 12, 2025. These zero-coupon bonds do not pay periodic interest, making them an attractive financing tool for the company. Early redemption options are tied to future fundraising activities. This provides flexibility in managing the company’s capital structure.
According to Metaplanet, the issuance is expected to have a minimal impact on the company’s consolidated financial results for the fiscal year ending December 2025. This reflects the company’s confidence in its ability to manage large-scale fundraising while maintaining financial stability.
A Strategic Push Toward 10K BTC
Metaplanet’s recent bond issuance comes on the heels of its milestone achievement of holding 10,000 BTC. On June 16, 2025, the company acquired 1,112 BTC for approximately $117.2 million at an average price of $105,435 per BTC. This acquisition brought the company’s total Bitcoin holdings to 10,000 BTC. They purchased these for approximately $947 million at an average cost of $94,700 per BTC.
Metaplanet’s CEO, Simon Gerovich, highlighted the company’s impressive performance metrics, noting a 266.1% yield year-to-date (YTD) in 2025. However, the company’s quarterly performance shows signs of moderation, with yields dropping to 87.2% quarter-to-date (QTD) as of June 16.
The Road to 210K BTC
Metaplanet’s ultimate goal is to join the Bitcoin 1% club. This refers to entities holding 1% or more of Bitcoin’s total supply (21 million BTC). To achieve this, the company has outlined a phased approach.
- End of 2025: Increase holdings from 10,000 BTC to 30,000 BTC.
- End of 2026: Expand holdings to 100,000 BTC.
- End of 2027: Reach 210,000 BTC.
To fund this ambitious plan, Metaplanet intends to use a mix of financial instruments, including moving strike warrants, convertible bonds, preferred shares, and ordinary bonds. The company’s recent equity raise campaign aims to issue 555 million shares. This represents 92.4% of its total shares outstanding through Japan’s version of an at-the-market equity facility.
Recent Fundraising and Redemption Activities
Metaplanet has been actively raising funds and managing its debt obligations in recent months:
- February 13, 2025: Raised JPY 4 billion (~$27.7 million) through the 6th Series bonds.
- February 19–21, 2025: Completed early redemption of JPY 2 billion (~$13.9 million) of the 6th Series bonds. They repaid the remaining balance ahead of schedule.
- March 12 and 18, 2025: Raised JPY 2 billion (~$13.9 million) each through the issuance of the 8th and 9th Series of Ordinary Shares.
- April–May 2025: Issued multiple series of zero-coupon bonds. They raised $10 million, JPY 3.6 billion (~$25 million), $15 million, $50 million, and $21 million respectively.
These activities demonstrate Metaplanet’s disciplined approach to fundraising and debt management, ensuring liquidity for its Bitcoin acquisition strategy.
Market Impact of Metaplanet’s BTC Purchases
Metaplanet’s aggressive Bitcoin acquisitions have had a noticeable impact on the market. Following the announcement of its latest purchase, Bitcoin’s price saw an immediate uptick of 2.3%. It rose from $105,400 to $106,900 on major exchanges like Binance and Coinbase, according to data from CoinGecko.
This price movement underscores the growing influence of institutional players like Metaplanet in shaping Bitcoin’s market dynamics. As the company continues to expand its holdings, its actions could further drive demand and volatility in the cryptocurrency market.
Challenges and Opportunities Ahead
While Metaplanet’s strategy demonstrates boldness and foresight, it is not without challenges. The company must navigate potential risks, including:
- Market Volatility: Bitcoin’s price fluctuations could impact the company’s yield and overall financial performance.
- Regulatory Scrutiny: Increased regulatory oversight of cryptocurrencies could pose hurdles to Metaplanet’s fundraising and acquisition plans.
- Execution Risk: Scaling operations to achieve its 210K BTC target requires meticulous planning and execution.
Despite these challenges, Metaplanet’s strategic vision positions it as a leader in the institutional adoption of Bitcoin. By leveraging innovative financial instruments and maintaining a disciplined approach to fundraising, the company is well-equipped to pursue its long-term goals.
