Metaplanet Redeems ¥3B Bonds, Signals Ongoing Bitcoin Strategy

Metaplanet Inc. has executed a partial early redemption of its 19th Series Ordinary Bonds, repaying ¥3 billion. The move, disclosed on August 25, 2025, follows two earlier redemptions in July totaling nearly ¥12.75 billion. These steps reduce the company’s outstanding liabilities while reinforcing its reputation for disciplined balance sheet management.

According to data shared by analyst Dylan LeClair, Metaplanet now holds 317.8 billion yen ($2.16 billion). That is worth of Bitcoin against just 14.25 billion yen ($96.7 million) in remaining bond obligations. This raises its BTC rating, a ratio of Bitcoin net asset value to notional liabilities, to 22.3 times. The shift underscores the firm’s strategy of deleveraging while expanding its core Bitcoin holdings.

Bitcoin Treasury Expands Despite Market Volatility

CEO Simon Gerovich confirmed that Metaplanet purchased 103 BTC for approximately 1.736 billion yen during August. The acquisition brings its total Bitcoin holdings to 18,991 BTC, accumulated at an average price of about 15.05 million yen per coin. The company has enjoyed a remarkable year, achieving a year-to-date Bitcoin yield of nearly 480%. Gerovich described the milestone as proof of the company’s conviction in Bitcoin as a treasury reserve asset. For shareholders, the message is clear: Metaplanet continues to bet heavily on the long-term strength of digital assets. Even as traditional markets test investor patience.

Progress on Capital Markets Front

Beyond treasury operations, the company also disclosed the exercise of 4.9 million shares through its 20th Series of Stock Acquisition Rights. These exercises, carried out at adjusted prices between ¥972 and ¥884, lifted total issued shares to more than 722 million. Proceeds from these allotments helped fund the bond redemptions. In a separate announcement, Gerovich revealed that Metaplanet has been added to the FTSE Japan Index in the September review. The inclusion provides greater visibility among institutional investors and signals growing recognition of the firm’s position in Japan’s financial markets.

Outlook and Strategy

Metaplanet frames its strategy around two pillars: building a strong operating business and maintaining one of the largest Bitcoin treasuries in Asia. The company has rapidly scaled its holdings and reduced leverage, signaling discipline in an industry often criticized for overextension. While volatility in cryptocurrency markets remains high, Gerovich believes the company’s long-term path is clear. By steadily reducing debt and expanding its Bitcoin position, Metaplanet hopes to establish itself as Japan’s leading Bitcoin treasury company. For investors, the latest bond redemption is both a sign of progress and a reminder of the risks and rewards of this bold approach.