Metaplanet Goes Big—$53.4M BTC Buy + $250M US Expansion
Japanese company Metaplanet has bought 555 Bitcoin (BTC) at an average price of $96,134, totalling $53.4 million.
Quick overview
- Metaplanet has purchased 555 Bitcoin at an average price of $96,134, increasing its total holdings to 5,555 BTC worth approximately $574 million.
- This acquisition positions Metaplanet as the 12th largest public corporate holder of Bitcoin globally, reflecting a growing trend among corporations to diversify reserves amid economic uncertainty.
- To fund further Bitcoin purchases, Metaplanet plans to issue $21.25 million in zero-coupon bonds, with all proceeds dedicated to acquiring more BTC.
- The company is also establishing a U.S. subsidiary and aims to raise $250 million in the U.S. capital markets to enhance its Bitcoin-focused balance sheet.
Japanese company Metaplanet has bought 555 Bitcoin (BTC) at an average price of $96,134, totalling $53.4 million. This brings Metaplanet’s total BTC holdings to 5,555 coins, worth around $574 million at current prices. Their average purchase price across all buys is $86,672.
These big buys make Metaplanet the 12th largest public corporate holder of Bitcoin and the 11th largest corporate holder of Bitcoin in the world, according to BitcoinTreasuries.net . This is a trend we’re seeing more and more corporations follow as they diversify their reserves in the face of inflation and monetary policy uncertainty.
Metaplanet’s stock (TSE: 3350) has gone up 1,600% in the past year and is now trading at 511 Japanese yen ($3.50), according to Google Finance.
Zero-Coupon Bonds
To fund more Bitcoin buys Metaplanet will issue $21.25 million of zero-coupon ordinary bonds on May 9. These bonds have no interest but are sold at a discount and can be used to reinvest upfront. All proceeds from the bond sale will be used to buy more Bitcoin.
Key points:
Bond Type: 0% Ordinary Bonds
Amount: $21.25 million
Purpose: 100% for BTC buys
Estimated BTC Buy: ~206 BTC at $103,111
Metaplanet will also issue its 14th Stock Acquisition Rights to EVO Fund, a Cayman Islands based investment management firm, with redemption on November 7.
U.S. Expansion
Metaplanet will establish Metaplanet Treasury, a fully owned U.S. subsidiary in Florida and raise $250 million in the U.S. capital markets to strengthen its Bitcoin centered balance sheet. This is similar to what other Bitcoin forward companies like MicroStrategy and GameStop are doing.
Other companies that are pivoting to Bitcoin treasuries:
Strive Asset Management – Pivoting to Bitcoin holdings
GameStop – $1.5 billion convertible debt, some for BTC
Metaplanet is just getting started.
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