Metaplanet Doubles Down on Bitcoin With Another Bold Bond Issuance—Is This the New MicroStrategy?

Japanese investment firm Metaplanet is making waves yet again, issuing another round of 0% ordinary bonds to fuel its aggressive Bitcoin acquisition strategy. The company has locked in a deal with EVO FUND worth ¥2 billion ($13.35 million), signaling an unwavering commitment to its growing BTC treasury.

This latest issuance, announced on March 18, marks Metaplanet’s ninth ordinary bond issuance and cements its position as one of Asia’s largest corporate Bitcoin holders. With the crypto market in a delicate balance, this bold move raises eyebrows—are we witnessing Japan’s answer to MicroStrategy’s relentless Bitcoin accumulation?

A No-Interest Bet on Bitcoin

Metaplanet’s bond issuance follows the same unconventional model it has used in the past: 0% interest, full redemption on September 17 at face value, and an option for EVO FUND to redeem early with a one-day notice. Unlike traditional bond offerings, these are not backed by collateral or guarantees—essentially a high-stakes play on Bitcoin’s long-term appreciation.

The proceeds? All are earmarked for Bitcoin purchases. The Tokyo-based firm is doubling down on BTC at a time when institutional adoption is ramping up, but regulatory uncertainty looms large.

Metaplanet’s Growing Bitcoin War Chest

This isn’t Metaplanet’s first rodeo. Just last month, on February 27, it issued another ¥2 billion worth of bonds to EVO FUND, all in the name of Bitcoin. More notably, on March 12, the firm acquired an additional 162 BTC, pushing its total holdings to 3,050 BTC—currently valued at over $251 million. Since launching its Bitcoin Treasury Operations in April 2024, Metaplanet has steadily expanded its BTC reserves, mirroring the playbook of U.S.-based MicroStrategy, which famously turned its corporate balance sheet into a Bitcoin fortress.

Market Response: A Shrug or a Signal?

Despite this aggressive accumulation, Metaplanet’s stock took a minor hit, slipping 0.5% to ¥4,030. The market reaction suggests investors remain cautious about the company’s high-stakes crypto strategy. Yet, with Bitcoin adoption accelerating and major institutions increasingly warming up to the asset, Metaplanet’s long-term bet could pay off handsomely.

The Bigger Picture: Is Metaplanet Leading a Corporate Bitcoin Movement in Asia?

With this latest move, Metaplanet is positioning itself as a pioneer in corporate Bitcoin adoption in Japan and potentially all of Asia. Unlike traditional investment firms, it is treating BTC not as a speculative asset, but as a core treasury reserve—an approach that, if successful, could inspire other major players in the region to follow suit.

While skeptics warn about the volatility risks, Metaplanet appears unfazed. With its latest $13.35 million Bitcoin buy on the horizon, the firm is making it clear: they’re not just holding Bitcoin—they’re betting their future on it.

Will this gamble turn Metaplanet into Asia’s MicroStrategy, or will it prove to be a cautionary tale? One thing is certain—this is a story crypto investors can’t afford to ignore.