“Asia’s MicroStrategy” Metaplanet Bolsters Bitcoin Strategy with $50 Million Zero-Interest Bond Issuance

Metaplanet’s aggressive Bitcoin acquisition strategy, initiated in April 2024, has positioned it as Asia’s largest public corporate holder of Bitcoin, with 7,800 BTC valued at over $850 million as of May 28, 2025. The firm’s recent purchase of 1,004 BTC for $104.6 million on May 19 marked its second-largest single acquisition, bringing it closer to its goal of holding 10,000 BTC by the end of 2025 and 21,000 BTC by 2026. The company’s average purchase price per Bitcoin stands at approximately $91,340, with its total holdings now valued at around $851.1 million based on current market prices of roughly $109,000 per BTC.

Stock Surge and NISA Bitcoin Appeal

The firm’s Bitcoin-focused strategy has fueled significant market enthusiasm. Metaplanet’s stock price surged over 34% in the past five days, pushing its market capitalization to $50.94 billion, according to Google Finance. On May 25, CEO Simon Gerovich announced on X that Metaplanet was the most purchased stock in NISA accounts on SBI Securities, Japan’s largest online brokerage, last week. NISA, a tax-exempt investment scheme, has become a popular vehicle for Japanese investors to gain indirect exposure to Bitcoin through Metaplanet’s stock, bypassing capital gains taxes on direct crypto investments. “Bitcoin + zero tax + leverage = Japan’s ultimate Bitcoin proxy,” Gerovich stated.

Optimism vs. Leverage Concerns

This approach mirrors the playbook of Strategy, the leading corporate Bitcoin holder with 576,230 BTC worth approximately $62.87 billion. Metaplanet’s strategy has drawn attention from industry figures, including Strategy’s Michael Saylor, who recently posted on X, encouraging Metaplanet to continue its BTC accumulation. The firm’s innovative financing, including zero-interest bonds and moving-strike warrant programs, allows it to acquire Bitcoin without relying on traditional debt, preserving shareholder value while capitalizing on market hype. However, Metaplanet’s strategy is not without risks. A May 27 report by 10x Research highlighted that the company’s shareholders are paying a premium of over five times Bitcoin’s spot price, effectively valuing each BTC at $596,154. This significant markup has sparked debate about the sustainability of Metaplanet’s approach. The report suggests that while the firm’s stock benefits from Bitcoin’s rising prominence, the premium could expose investors to volatility if market sentiment shifts. Additionally, Japan’s macroeconomic challenges, including a weakening yen and rising bond yields (with 40-year yields at 3.361%), add complexity to Metaplanet’s Bitcoin bet amid a broader sovereign debt crisis.

The market sentiment toward Metaplanet remains broadly positive. However, critics argue that the leveraged financing models used by companies like Metaplanet and MicroStrategy could lead to a “toxic” cycle of valuation inflation and reinvestment. Metaplanet’s stock price has surged 1,870.97% over the past year, underscoring its appeal among investors seeking Bitcoin exposure.

Looking Forward

As Metaplanet continues its Bitcoin accumulation, its strategy highlights a growing trend of corporate adoption of cryptocurrency as a treasury asset. With plans to reach 10,000 BTC by year-end, the firm is poised to remain a key player in Asia’s crypto landscape, though its high premium and reliance on external financing warrant close monitoring.