Metaplanet Seeks $13M Raise to Acquire ‘Cheap’ BTC

Metaplanet, referred to as the Japanese MicroStrategy, has issued another convertible bond aiming to raise 2 billion yen (approximately $13.6 million) to purchase Bitcoin (BTC) at a discounted price, as it dipped below $80,000.

In response to the capital raise, Dylan LeClair, Bitcoin Strategy Officer at Metaplanet, expressed their intention:
> “Time to buy the dip, $BTC.”

Simon Gerovich, CEO of Metaplanet, noted their preference for the bond approach over selling shares to maintain ‘shareholders’ value.’
> “Instead, we leveraged 0% interest on bonds to secure capital to continue accumulating Bitcoin while preserving shareholder value.”

Metaplanet’s BTC Holdings Exceed 2,000

As of February 2025, the company held 2,235 BTC, worth over $180 million, marking the first time they’ve crossed the 2,000 BTC threshold this year.

Last summer, the firm adopted a BTC strategy modeled after MicroStrategy, leveraging debt and equity sales to accumulate Bitcoin. Since adopting this strategy, Metaplanet’s shares skyrocketed by 1,300% by mid-February.

Despite recent Bitcoin price falls, Metaplanet’s stock is still up 930% since last summer, demonstrating resilience compared to MicroStrategy and Bitcoin. Year-to-date (YTD), Metaplanet is down only 4.8%, while MicroStrategy and Bitcoin are down 17% and 15% respectively.

On a year-on-year (YoY) basis, Metaplanet’s shares are up 1,640% compared to Bitcoin’s 28% and MicroStrategy’s 150% gains. In summary, BTC investors looking for indirect exposure via Metaplanet have fared better than those through MicroStrategy.