Tokyo-listed Metaplanet is set to issue 2 billion JPY (approximately 13.6 million USD) in bonds to EVO FUND, with the proceeds dedicated to expanding its Bitcoin holdings.
This move aligns with the company’s ongoing strategy to strengthen its position in digital assets. It follows its recent acquisition of 135 BTC, reinforcing its status as one of Japan’s most active corporate Bitcoin investors.
In a regulatory filing on February 27, Metaplanet disclosed that the bonds are interest-free and will be redeemed at face value on August 26. However, EVO FUND retains the flexibility to request early redemption at any time, with partial or complete redemption permitted if requested at least one business day in advance. Metaplanet plans to use proceeds from the exercise of its 13th to 17th Series of Stock Acquisition Rights to facilitate bond repayment. The company may opt for partial early redemption if these exercises generate at least 50 million JPY.
Despite the strategic nature of this bond issuance, Metaplanet’s shares have declined by nearly 25%, reflecting a broader downturn in crypto prices over the past week. The bonds will be allocated entirely to EVO FUND without any guarantee or collateral, underscoring the company’s confidence in its capital allocation strategy.
The announcement comes just two days after Metaplanet acquired 135 BTC, bringing its total holdings to 2,235 BTC as of February 25, an increase from 1,761.98 BTC at the end of 2024. In a move to enhance transparency, Metaplanet has also introduced two new Bitcoin treasury performance metrics “BTC Gain” and “BTC ¥ Gain”—to supplement its existing “BTC Yield” metric from 2024. Designed to isolate dilution effects, BTC Gain estimates hypothetical BTC increases without new share issuance, while BTC ¥ Gain converts this into yen. These metrics will be included in quarterly Bitcoin acquisition reports detailing total holdings, issued shares, and performance indicators.
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