Metaplanet, a Tokyo Stock Exchange-listed company (TSE: 3350), has emerged as a major corporate buyer of Bitcoin, adopting a strategy similar to MicroStrategy by accumulating Bitcoin as a core treasury reserve asset. Here's a detailed overview of their BTC purchases and strategy:
Key BTC Purchases:
1. Largest Single Purchase (Dec 2024):
- Acquired 619.7 BTC worth $60 million at $96,000 per BTC, bringing total holdings to 1,762 BTC. This quadrupled their previous record of 159.7 BTC in October 2024.
- BTC Yield (growth in Bitcoin per share) surged to 310% in Q4 2024.
2. Aggressive 2025 Acquisitions:
- April 2025: Purchased 319 BTC at $83,147 each, raising total holdings to 4,525 BTC (valued at $381.5 million). This positioned Metaplanet as the 9th-largest public Bitcoin holder globally.
- Q1 2025: Achieved a 95.6% BTC Yield, driven by capital market activities like bond issuances and stock acquisition rights.
3. Long-Term Targets:
- 2025 Goal: 10,000 BTC.
- 2026 Goal: 21,000 BTC (aligning with Bitcoin’s 21 million supply cap).
Funding Strategy:
Metaplanet employs innovative financing methods to minimize shareholder dilution while maximizing BTC accumulation:
-Equity and Debt Instruments: Utilizes convertible bonds, stock acquisition rights, and warrants (e.g., the "21 Million Plan" to raise ¥116.65 billion via 21 million shares) .
-Loans: Borrowed $6.8 million from MMXX Ventures to fund purchases .
Performance Metrics:
-BTC Yield: A key performance indicator (KPI) measuring Bitcoin growth per share. For Q1 2025, this reached 95.6%.
-Stock Surge: Shares rose 2,100% in 2024 and 420% since April 2024 due to BTC adoption .
Strategic Rationale:
-Hedge Against Yen Volatility: Mitigates risks from Japan’s debt burden and currency devaluation .
-Corporate Bitcoin Standard: Positions Bitcoin as a reserve asset to drive long-term shareholder value, avoiding fiat-based metrics .
Future Outlook:
Metaplanet plans to expand its Bitcoin Hotel in Tokyo (opening Q3 2025) and leverage its exclusive Bitcoin Magazine Japan license to promote adoption. The company aims to inspire global corporations to adopt Bitcoin as a strategic asset .
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