Strategists shaping Metaplanet’s 10,000 BTC treasury after bond upsize

The scale of the Bitcoin stack

Metaplanet holds 43,000 BTC, a treasury valued at approximately $2.6 billion. This position makes the Tokyo-listed firm the third-largest publicly traded corporate holder of Bitcoin, trailing only MicroStrategy and Marathon Digital Holdings. I find that Metaplanet’s holdings exceed Tesla’s 11,509 BTC. CEO Simon Gerovich leads the company through its Bitcoin-centric pivot. Gerovich, a Harvard University graduate and former Chairman of Red Planet Hotels, has invested in digital assets since 2014. He manages the company’s capital raising and investor relations. The company recently added 2,823 BTC in a single purchase worth $170 million at a price of $61,692 per coin. This accumulation happened during a period when the company pivoted its core strategy toward Bitcoin. Metaplanet’s aggressive Bitcoin accumulation outpaces the growth seen in many other public companies in the sector.

Financing through zero-coupon bonds

Metaplanet’s subsidiary, Bitcoin Japan, signed a financing agreement with EVO Fund for up to ¥9.66 billion, or roughly $59.5 million. This agreement uses zero-coupon convertible bonds and stock acquisition rights. The company allocates ¥662 million, about $4 million, for immediate Bitcoin acquisition. This initial amount is a small portion of the total ¥9.66 billion facility. The remaining capital is for broader private equity and operational expansion. EVO Fund, a Cayman-based investor tied to Evolution Financial Group, has backed several of the company’s prior raises. The fund can request early redemption with five business days’ notice.

The financing structure provides flexibility because bondholders can convert debt into equity at a predetermined price. This avoids immediate dilution of existing shareholders. The company faces hard repayment deadlines because its bonds mature on fixed dates. This differs from the dividend-based costs seen at Strategy. Metaplanet’s strategy relies on the weak yen to make yen-denominated borrowing feel inexpensive.

Building a Bitcoin-centric ecosystem

The company works toward "Project Nova" by building a Bitcoin-centric financial services platform. It approved the creation of Metaplanet Asset Management Asia Limited in Hong Kong this month. This unit is specialized in Bitcoin-related asset management, including the deployment of client funds and proprietary capital. The unit will have an initial planned capital of $1 million and include directors Simon Gerovich, Darren Winia, and Kelvin Lee. This operation complements the Miami-based Metaplanet Asset Management arm established in March 2026. The Hong Kong unit handles trade execution, position monitoring, and risk management during Asian trading hours to provide global operational coverage for the group’s specialized and increasingly complex Bitcoin-related asset management activities throughout the region. Metaplanet also acquired Siiibo Securities for $13.1 million in cash. This online corporate bond platform for individual investors in Japan has facilitated over 100 bond issues for more than 40 companies. The firm will rename this unit Metaplanet Securities. This acquisition gives the company a regulated route to develop Bitcoin-linked bonds for Japanese investors. You should recognize that these expansions increase the firm’s operational complexity.

Metaplanet reported a ¥95 billion net loss for fiscal year 2025 because of unrealized valuation declines. This massive loss makes the company’s aggressive debt expansion look dangerous during market downturns. The stock fell to a 52-week low of ¥192 in July 2026, and the price has dropped approximately 59% over the last 12 months. I find the company’s heavy reliance on fixed bond maturities to be a significant risk compared to other treasury models. How will the company satisfy these debt obligations if Bitcoin prices fall far below the current average acquisition cost of $104,106?