- Metaplanet boosts BTC reserves to 10,000 through a $210M bond deal as it accelerates its push toward a 210K BTC target by 2027.
- Despite becoming Asia’s largest corporate Bitcoin holder, Metaplanet remains Japan’s most shorted stock amid valuation concerns.
- Metaplanet’s BTC Yield hit 87.2% this quarter, reflecting aggressive expansion funded through bonds, share issuances, and strategic buys.
Japanese investment firm Metaplanet has acquired 1,112 BTC for $117.2 million, pushing its total Bitcoin holdings to 10,000 BTC. The purchase aligns with its earlier 2024 target and comes as the firm announced a $210 million bond issuance to EVO Fund. The zero-interest bonds mature in December 2025. While the firm did not specify whether it purchased the BTC before or after the funds were raised, the timeline indicates a close correlation. At Monday’s price of $105,831, Metaplanet’s Bitcoin portfolio is worth over $1.05 billion, up from a $947 million cost basis.
Bold Treasury Shift and Strategic Execution
Originally a hotel and tech business, Metaplanet rebranded in 2024 to become a full-fledged Bitcoin treasury company. The firm’s strategy mirrors that of MicroStrategy, aiming to serve as Asia’s go-to Bitcoin proxy. Besides the recent bond sale, Metaplanet plans to raise $5.3 billion through 555 million new shares.
Moreover, it previously granted EVO Fund rights to 21 million new shares, issued in tranches. These shares come with flexible pricing and no discounts, offering the company further liquidity without compromising shareholder value.
Additionally, Metaplanet measures its BTC growth using an internal metric called BTC Yield. This metric tracks the number of Bitcoin held per fully diluted share. As of June 16, the BTC Yield stood at 87.2% for the current quarter. In Q4 2024, the metric surged by 309.8%, showing strong performance.
Aggressive Goals Amid Market Skepticism
Metaplanet aims to hold 210,000 BTC by 2027—1% of Bitcoin’s total supply. It initially planned to hit 21,000 BTC by 2026 but raised its target in June. Consequently, the company now aims for 100,000 BTC by the end of 2026, followed by 210,000 BTC the year after.
However, despite its rising Bitcoin holdings, Metaplanet remains Japan’s most shorted stock. Analysts from 10x Research noted that its market valuation implies a BTC price exceeding $596,000. CEO Simon Gerovich has criticized short sellers, questioning the logic of betting against Bitcoin’s long-term strength.
