Metaplanet buys another 1,005 BTC, issues bond to cover older debt

Metaplanet extended its streak of accelerated BTC purchases, adding another 1,005 BTC to its treasury. By the end of H1, the company already surpassed its goal of acquiring 10,000 BTC for the entire year. 

Metaplanet acquired another 1,005 BTC, with its total holdings reaching 13,350 BTC. The Japanese company hit its stride with four rounds of purchases in June, now ranking seventh among top corporate treasuries. Recently, Metaplanet surpassed Tesla’s treasury, which is passive and has not seen new inflows for months. 

*Metaplanet Acquires Additional 1,005 $BTC, Total Holdings Reach 13,350 BTC* pic.twitter.com/a6aNMV9weD

— Metaplanet Inc. (@Metaplanet_JP) June 30, 2025

Following the latest purchase at $107,923 per BTC, Metaplanet achieved an average price of $96,121 per BTC, expected to rise if purchases continue. Following the latest announcement, the company’s stock (MTPLF) retained its valuation near its all-time high, rising by another 9.87% in the past day. MTPLF traded at 1,640 JPY ($11.39), down from recent valuations above $13. 

As a result of the accelerated BTC purchases and price growth, Metaplanet created pressure for its short sellers. Citigroup Global shorted Metaplanet in the $3-$4 range, just before the biggest streak of BTC purchases. Metaplanet’s founder Simon Gerovich added to the trend with a bullish social media message, with a promise of more BTC purchases coming in the near future. 

In the past month, Metaplanet’s shares stalled, despite the more regular purchases. The firm’s new BTC additions started to resemble the schedule of Strategy (MSTR), often happening on the same day as Strategy’s purchases. 

Metaplanet buys back previous bond issues

While financing additional BTC purchases, Metaplanet also aims to control its debt and improve its balance sheet. Along with the latest BTC addition, Metaplanet issued Series 19 of its ordinary bonds, aiming to cancel an earlier Series 3 guaranteed bonds. 

The latest bond series is for $21M, with a redemption date on December 29, 2025. The bond series is fully subscribed by one single buyer, Evo Fund. 

Evo Fund is a tier-4 venture capital firm, which specifically deals with portfolio management and has already supported Metaplanet on four occasions. The fund has only operated in Japan, but has an unannounced jurisdiction.

Metaplanet previously raised 1.7B JPY ($12.1M) through the Series 3 bonds for earlier BTC acquisitions. After a board meeting and discussions with the Bondholder Evo Fund, the company has agreed to refinance the previous bond series. The former obligation was interest-bearing and secured by collateral, while the New Bonds are non-interest bearing and unsecured. 

Evo Fund has also financed Metaplanet through several rounds of stock acquisition rights. The fund has a 555M share program, potentially giving Metaplanet up to $5.5B for more BTC acquisitions. 

By the end of the year, Metaplanet may become the second-biggest BTC holder, with predictions for a treasury at above 63,000 BTC. The stock price may continue to rise, depending on the various bullish scenarios for BTC. For now, Evo Fund is yet to exercise stock purchasing options, greatly expanding the purchasing power of Metaplanet.

Following the latest announcement, BTC staged an early-week rally, re-sparking hopes for another all-time peak. BTC rose to $108,268, with additional news of corporate purchases expected later today.

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