Metaplanet Buys the Dip and Snaps Up $13.3M in BTC with Zero-Interest Bonds

Japanese Bitcoin treasury firm Metaplanet has announced a new issuance of 0% ordinary bonds worth 2 billion yen (around AU$21 million), continuing its series of Bitcoin (BTC) purchases that began in May 2024. 

According to the February 27 notice, the company will issue 40 bonds, each with a face value of 50 million yen, redeemable in full by August 26, 2025. The proceeds will go to Evo Fund, Metaplanet’s dedicated BTC acquisition fund.

Since May 13, 2024, Metaplanet has purchased Bitcoin on 17 separate occasions, including its largest one-time acquisition of 619.7 BTC on December 20, 2024. These ongoing efforts have brought the firm’s total BTC holdings to 2,235, currently valued at about US$192 million (AU$308 million).

Founded in 1999, Metaplanet’s stock was relatively stagnant until it began accumulating Bitcoin, rising from 200 yen (AU$2.15) to an early 2025 peak of 6,650 yen (AU$ 71.59) —a 3,225% increase in less than a year. 

Although the price has since pulled back to roughly 4,000 yen (AU$43.06), Metaplanet has outlined ambitious targets for Bitcoin, with the firm planning to acquire 10,000 BTC by Q4 2025 and expand its total holdings to 21,000 BTC by the end of 2026, worth approximately US$2 billion (AU$3.21 billion) at current market prices.

Metaplanet’s move toward Bitcoin has drawn comparisons to Strategy (formerly MicroStrategy), the US software company that pioneered Bitcoin treasury investments under co-founder Michael Saylor.

Strategy’s Influence on The Market

The recent cryptocurrency market slump has significantly impacted Bitcoin’s price, but the effect on Strategy has been even more pronounced. With its stock, MSTR, falling over 50% from November 2024 highs, concerns have arisen about whether the company might be forced to liquidate portions of its substantial BTC reserves.

Strategy carries US$8.2 billion (AU$13 billion) in debt, including two notable convertible bonds totaling US$5 billion (AU$8 billion) that mature in 2029 and 2030. Market observers have suggested that a further 50% drop in Bitcoin’s price, to AU$50K (AU$80K) or below, could force Strategy to sell BTC to meet debt or liquidity requirements.

However, Executive Chairman, Michael Saylor has dismissed liquidation fears, emphasising Strategy’s capacity to raise capital through equity sales and additional convertible notes if necessary. He has also signaled the firm’s willingness to acquire more BTC at lower prices.