Metaplanet Acquires Significant Bitcoin Holdings Following Bond Approval
Tokyo-based investment firm Metaplanet announced on Monday it has acquired an additional 1,112 BTC worth approximately $117.2 million, pushing its total Bitcoin holdings to exactly 10,000 BTC.
Key Financial Moves
- Purchased 1,112 BTC for $117.2 million
- Total holdings reach 10,000 BTC
- Board approved $210 million bond issuance to EVO Fund
- Proceeds earmarked for further Bitcoin purchases
Details and Context
Metaplanet’s achievement of 10,000 BTC follows its strategic rebranding from a hospitality and tech firm in 2024, focusing exclusively on Bitcoin treasury management. The company aims to amass 210,000 BTC (approx. 1% of total supply) by 2027.
The timing connects two significant events: simultaneous approval of the $210 million bond issuance to EVO Fund, and completion of the 1,112 BTC acquisition. Origin of those funds is unclear to investors despite a post by CEO Simon Gerovich regarding the target.
CEO Simon Gerovich indicated that as of Sunday, “we hold 10,000 $BTC acquired for ~$947 million,” stating the per-bitcoin cost at approximately $94,697 despite Monday’s trading at $105,831.
Strategy and Capital Raising
Metaplanet’s Bitcoin accumulation strategy relies on diverse capital sources. Besides the bond program, the company has recently proposed raising up to $5.3 billion via a share issuance.
Controversy Surrounding Valuations
Despite significant Bitcoin holdings backing increasing investor interest, Metaplanet remains a primary target for short sellers in the Japanese market.
CEO Simon Gerovich has directly addressed short sellers, questioning “whether they really think betting against Bitcoin is a winning strategy?” citing reports by 10x Research.
