Metaplanet to Raise $21M via Bonds for More Bitcoin Purchases

Japanese investment firm Metaplanet is ramping up its Bitcoin acquisition strategy, announcing a new $21.25 million bond issuance to expand its growing crypto treasury. The firm plans to use the proceeds from this latest round of 0% Ordinary Bonds to purchase more Bitcoin, according to a statement released on May 9.

Zero-coupon bonds offer no periodic interest and are typically issued at a discount, with the full face value paid out at maturity. Metaplanet said the new issuance was approved during a board meeting and includes the 14th Stock Acquisition Rights to EVO Fund, a Cayman Islands-based investment management company. The bonds are set to mature on November 7.

Source: Metaplanet

At current market prices of $103,178 per BTC, Metaplanet could add approximately 206 Bitcoin to its holdings if the entire bond issue is executed, according to CoinGecko data.

Metaplanet Now Holds 5,555 Bitcoin

The announcement comes just two days after Metaplanet revealed a $53.4 million purchase of 555 Bitcoin on May 7, acquired at an average price of $96,134 per coin. With that acquisition, the firm’s total Bitcoin holdings have now reached 5,555 BTC, worth an estimated $573 million at current prices.

The company said it has invested approximately $481.5 million in Bitcoin to date, averaging a purchase price of $86,672 per coin.

Metaplanet’s share price has shot up significantly in the last year. Source: Google Finance

A Strategic Push into U.S. Markets

Metaplanet’s Bitcoin strategy isn’t limited to Japan. On May 1, the firm announced plans to launch a wholly owned U.S. subsidiary, Metaplanet Treasury, based in Florida. The goal is to raise $250 million to accelerate Bitcoin accumulation and tap into U.S. capital markets.

The Tokyo-listed company’s stock (3350T) has soared more than 1,600% over the past year, currently trading at 511 Japanese yen ($3.50), according to Google Finance.

Institutional Trend Toward Bitcoin Treasuries

Metaplanet is among a growing number of companies converting parts of their balance sheets to Bitcoin, following the model pioneered by MicroStrategy, now renamed Strategy.

On May 7, Strive Asset Management announced it would transition into a Bitcoin treasury firm. Meanwhile, GameStop raised $1.5 billion via a convertible debt offering in April, with part of the funds reportedly earmarked for Bitcoin purchases.

According to BitcoinTreasuries.NET, Metaplanet is now Asia’s largest public corporate holder of Bitcoin and ranks 11th globally.