Japanese investment firm Metaplanet has further solidified its aggressive Bitcoin accumulation strategy by issuing $21 million in zero-interest bonds to Evo Fund, a Cayman Islands-based investment firm. This move comes just one day after the company announced a separate $50 million raise, underscoring its commitment to becoming a major corporate holder of the cryptocurrency.
Key Takeaways
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Metaplanet issued $21 million in zero-interest bonds to Evo Fund.
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This follows a $50 million raise announced just one day prior.
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The company aims to hold 10,000 BTC by the end of 2025.
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Total capital raised this year for Bitcoin purchases has reached $135.2 million.
Strategic Bond Issuance
The $21 million bond issuance, designated as the 17th series, occurred on May 29. Each bond carries a face value of $525,000 and is set to mature on November 28, 2025. A notable feature of these bonds is their zero-interest nature, allowing Metaplanet to acquire capital without incurring additional repayment costs. Evo Fund retains the right to early redemption with five business days' notice, and redemptions can be made in multiples of $525,000. Japanese corporate law permits the absence of collateral, guarantees, or a bond administrator for these instruments.
Accelerating Bitcoin Accumulation
Metaplanet has consistently leveraged the debt market to fund its Bitcoin acquisitions throughout the year. Prior to this latest round, the company raised $25.9 million in February, $13.3 million in March, and $25 million earlier in May. With the recent back-to-back fundraising efforts, the total capital raised in 2024 for Bitcoin purchases has now reached an impressive $135.2 million.
The company's ambitious goal is to accumulate 10,000 BTC by the close of 2025. According to BitcoinTreasuries.NET, Metaplanet currently holds approximately 7,800 BTC, positioning it as the 11th largest corporate Bitcoin holder. These holdings are presently valued at around $840 million, with an estimated average purchase price of $91,340 per Bitcoin.
Expanding Horizons and Notable Affiliations
In March, Metaplanet added 696 BTC through a combination of exercised cash-secured put options and premiums. This was followed by another purchase of 145 BTC for $13.6 million in late April. Beyond direct acquisitions, Metaplanet announced plans on May 1 to launch Metaplanet Treasury, a wholly-owned U.S. subsidiary based in Florida. This new entity aims to raise up to $250 million to further its Bitcoin strategy and access U.S. capital markets.
The company has also attracted significant attention, with Eric Trump, son of U.S. President Donald Trump, joining its Strategic Advisory Board in March. Metaplanet's aggressive corporate Bitcoin accumulation strategy mirrors a growing trend, as evidenced by GameStop's recent announcement on May 28 of its first Bitcoin investment, acquiring 4,710 Bitcoin.
Sources
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Metaplanet Issues $21M in Bonds a Day After $50M Bitcoin Raise, Cointelegraph.
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