The counter-cyclical operation of the Asian version of MicroStrategy: Bitcoin plummeted by 25%, why do they keep buying more?

'Be greedy when others are fearful' - This investment maxim by Buffett is being interpreted to the extreme by a Japanese listed company.

On June 3, Tokyo Stock Exchange listed company Metaplanet announced the issuance of a zero-interest bond worth 2 billion yen (approximately 13.3 million USD), with all proceeds used to increase Bitcoin holdings. This technology company, known as the 'Asian version of MicroStrategy', currently holds approximately 3,200 BTC (valued at 1.23 billion USD), maintaining the top position in Asia and tenth globally in terms of corporate Bitcoin holdings.

What is more noteworthy is the timing of the operation: Against the backdrop of Bitcoin crashing from a historical high of 109,000 USD to 82,000 USD (a drop of nearly 25%), Metaplanet's decision to increase its holdings sharply contrasts with the panic selling of ordinary investors.

Dissecting the financing strategy behind the 1.33 billion bond: How can a zero-interest bond 'make a killing'?

The bonds issued by Metaplanet this time hide two designs that subvert traditional financial cognition:

  1. Zero-interest financing: Bonds do not pay interest to investors, yet can attract capital inflow.

  2. Six-month lock-up period: Investors must hold until September 30 to redeem the principal.

The reason this seemingly 'unequal treaty' financing model holds is due to the dual value exchange provided by Metaplanet:

  • To investors: By tying the expectation of Bitcoin appreciation, bonds are transformed into 'call options'

  • To companies: Exchange future potential earnings for current low-cost funds

'This is essentially a consensus-based game,' blockchain financial analyst Li Ming pointed out. 'When the market generally believes Bitcoin is bullish in the long term, institutions can fully use their balance sheets as credit backing to absorb funds at low costs.'

The three strategic logics behind the 3,200 BTC holdings

Logic One: Countering the 'chronic depreciation' of the yen

The Bank of Japan has maintained a negative interest rate policy for a long time, causing the yen to depreciate over 30% against the dollar in the past three years. Metaplanet clearly stated in its financial report: 'Holding Bitcoin is the core strategy for hedging fiat currency inflation.'

Data shows that when priced in yen, Bitcoin's increase this year has reached 147%, far exceeding the Nikkei 225 index (14.2%) and yen-priced gold (28%).

Logic Two: The 'paradigm revolution' of corporate balance sheets

Unlike traditional companies that invest cash reserves into government bonds or money market funds, Metaplanet chooses to allocate 90% of its liquid assets to Bitcoin. This aggressive strategy is backed by the financial model validated by MicroStrategy:

  • Since 2019, MicroStrategy's Bitcoin holdings have appreciated over 6 billion USD.

  • Stock price increase outperformed the Nasdaq index by 436%

Logic Three: Seizing discourse power in Web3 infrastructure

As one of the few listed companies in Japan holding a cryptocurrency exchange license, Metaplanet is building a closed-loop ecosystem of 'hold-trade-custody'. Its subsidiary Evo Fund has launched Bitcoin staking services for institutions, with annual returns of 5-8%.

How will the corporate-level Bitcoin holding wave reshape the cryptocurrency market?

According to Bitcoin Treasuries data, currently, 43 publicly listed companies globally hold over 300,000 Bitcoins, showing three trends:

  1. Regional diffusion: Spreading from North America to Asia and the Middle East (Example: UAE sovereign fund holds 48,000 BTC)

  2. Cross-industry: Technology companies (Tesla), insurance companies (MassMutual), and even manufacturing (Japan's GMO) have entered the arena one after another.

  3. Tool upgrade: From direct purchases to complex operations like bond financing, staking, and ETF arbitrage.

'This marks the entry of cryptocurrencies into the institutionalization 2.0 phase,' Morgan Stanley analyzed in its latest report. 'When companies incorporate Bitcoin into their balance sheet management tools, its price volatility may be redefined.'

Conclusion: A quiet strategic positioning

The case of Metaplanet reveals a harsh reality: In the cryptocurrency field, the game between retail investors and institutions is no longer on the same dimension. While ordinary investors are still discussing 'whether the bull market has ended', leading players have already transformed volatility into strategic advantages through financial engineering.

As its CEO Simon Gerovich declared on social media: 'We are not speculators, but long-term investors in digital civilizational infrastructure.' This experiment that began with financial management may be rewriting the millennial rules of corporate value storage.