Metaplanet Surpasses Coinbase with 10,000 BTC Holdings, Issues $210 Million in Zero-Coupon Bonds to Bolster Bitcoin Strategy

Tokyo-based investment firm Metaplanet Inc. (TSE:3350) has reached a significant milestone in its Bitcoin acquisition strategy, amassing 10,000 BTC and surpassing Coinbase Global’s holdings to become the ninth-largest Bitcoin-holding entity globally. The company’s recent purchase of 1,112 BTC at an average price of $105,435 per coin, costing $117.2 million, has pushed its total Bitcoin portfolio to approximately $1.07 billion, with an average acquisition price of $94,697 per BTC. To further its Bitcoin reserve strategy, Metaplanet announced on June 16 that its board approved the issuance of $210 million in zero-coupon bonds to fund additional Bitcoin purchases.

Metaplanet’s Bitcoin Milestone

Metaplanet’s latest acquisition, disclosed by CEO Simon Gerovich, brings its total Bitcoin holdings to 10,000 BTC, acquired at a cumulative cost of $947 million. The firm’s Bitcoin investments have yielded an impressive 266.1% return in 2025 alone, reflecting the cryptocurrency’s strong performance this year. Metaplanet’s holdings now exceed those of Coinbase Global, which holds 9,267 BTC, positioning the Japanese firm among the top institutional Bitcoin holders globally.

The company’s aggressive Bitcoin strategy began gaining attention earlier this year. In January, Metaplanet held 1,762 BTC and set a goal to reach 10,000 BTC by the end of 2025. By February, the firm reiterated its optimism, announcing plans to accumulate 10,000 BTC through capital market tools like share offerings and loans. The recent purchase of 1,112 BTC marks the culmination of this ambitious target, achieved six months ahead of schedule.

Zero-Coupon Bonds to Fuel Bitcoin Purchases

To sustain its Bitcoin acquisition strategy, Metaplanet announced the issuance of $210 million in its 18th series of ordinary bonds to EVO FUND. These zero-coupon bonds, with a face value of $5 million each, are unsecured, carry no interest, and are set to mature on December 12, 2025, with redemption at par value. Bondholders have the option for early redemption, providing flexibility to investors. The proceeds from the bond issuance will be allocated entirely to purchasing additional Bitcoin, reinforcing Metaplanet’s commitment to its cryptocurrency-focused treasury strategy.

Metaplanet’s bond issuance imitates the financing model led by Michael Saylor’s Strategy. As the first company to establish a Bitcoin strategic reserve, Strategy currently holds 582,000 BTC, firmly maintaining its position as the world’s top publicly traded Bitcoin-holding entity.

Market Reaction and Stock Performance

Metaplanet’s aggressive Bitcoin strategy has resonated with investors. On June 16, the company’s stock surged 25.58% in trading, driven by news of the latest Bitcoin purchase and bond issuance. The market’s positive response underscores confidence in Metaplanet’s approach, particularly as Bitcoin’s price remains robust, trading at approximately $106,945 per coin as of the press time. Since the beginning of this year, Metaplanet’s stock has risen over 429%, reaching a new 52-week high.

Metaplanet’s achievement of 10,000 BTC and its $210 million bond issuance signal a bold commitment to Bitcoin as a core treasury asset. As the firm continues to leverage capital markets to expand its holdings, it will likely remain a focal point in the crypto industry. Investors and analysts will be watching closely to see whether Metaplanet can sustain its impressive returns and navigate the inherent risks of its Bitcoin-centric strategy.