Metaplanet Accelerates Bitcoin Acquisition with New $31 Million Bond Issuance

Metaplanet Inc. plans to issue 5 billion yen ($31.9 million) in ordinary bonds to accelerate its Bitcoin purchases.

The company announced this in a December 20 post on X, adding that the redemption will be made through the exercise of its series 12 stock acquisition rights.

Details of the Fifth Series Ordinary Bonds

in a separate mailMetaplanet CEO Simon Gerovich said the money accrued from the offering will be used to push BTC purchases initially planned for 2025 until before the end of 2024.

“These funds will accelerate Bitcoin purchases originally planned for 2025 into the current year.”

The bond issue consists of 5 billion yen in total, divided into units of 250 million yen each. The offer will bear no interest and will be redeemed at face value, with each bond worth 100 yen for every 100 yen principal amount. The expected issuance date is December 20, 2024, with an expiration date set for June 16, 2025.

The entire value will be allocated to EVO FUND, a private investment entity, and will be subject to redemption provisions. In addition, the bonds can be redeemed early if EVO FUND gives at least one business day’s written notice or if the funds from the exercise of the rights to purchase series 12 shares of the Tokyo-listed company reach a threshold specific.

This development follows that of Metaplanet. advertisement on December 17, 2024, from a separate bond issue worth 4.5 billion yen ($28.7 million) that will also mature on June 16, 2025. This means that in just a few days, the company has raised a total of 9.5 billion yen, or about $60.6 million.

Bitcoin-Centric Approach

Metaplanet’s Bitcoin-centric approach aligns with its strategic approach of embracing the asset as a hedge against economic instability. In June 2024, he acquired 23,351 BTC for approximately $1.6 million, followed by 42.4 BTC for $2.4 million, bringing his total holdings to 203.7 BTC.

The company continued to increase its holdings, purchasing 57,273 BTC for $3.4 million and 106,976 BTC worth $6.6 million in October. Additionally, it made a significant purchase of 156.7 BTC in October, valued at $10.4 million.

In addition to its buying strategy, the Japanese investment firm recently established a new Bitcoin treasury trading business line. This division will focus on purchasing, holding and managing cryptocurrencies through various financial instruments, including loans, share issues and convertible bonds.

According to data from BitcoinTreasuries, as of December 20, 2024, the group holds 1,142 BTC, valued at approximately $109.6 million. Its shares have also seen notable growth, trading at ¥3,575, reflecting a 58.05% increase in the past month and a 2,134.38% increase so far this year, according to data from Google Finance.