#Metaplanet增持比特币 ◦ April 14, 2025: Purchased 319 bitcoins (worth $26.3 million), total holdings exceeded 4,500 coins, accumulated investment cost is $386 million, current holding value is approximately $382 million.

◦ March 18, 2025: Increased holdings by 150 coins at an average price of $83,600 per coin, total holdings reached 3,200 coins (total value $262 million), quarterly return rate of 60.8%.

◦ March 12, 2025: Purchased 162 coins (cost $13.5 million), total holdings increased to 2,391 coins, return rate reached 53.2%.

2. Long-term Strategic Goals

The company plans to hold 10,000 bitcoins by the end of 2025 and reach 21,000 by the end of 2026, aiming to become one of the top ten bitcoin holding institutions globally. Currently, its holdings have risen to the 9th largest among global enterprise whales, and the largest in Asia.

II. Increasing Holdings Strategy and Capital Operations

1. Financing Innovations

◦ Financing through the issuance of 2 billion yen zero-interest bonds (due September 2025) and stock subscription warrants to create a "bond-coin purchase-stock price increase-refinancing" cyclical leverage.

◦ Zero-interest bonds allow holders to redeem early, enhancing capital flexibility.

2. Financial Restructuring

◦ Count unrealized gains from bitcoin as profit, with 85% of the pre-tax net profit of 6.394 billion yen in 2024 coming from the appreciation of coin prices.

◦ Build a "bitcoin-based" balance sheet, clearing out yen cash reserves, with the asset side negatively correlated with the yen exchange rate (correlation coefficient -0.82).

III. Market Impact and Driving Logic

1. Institutional Demonstration Effect

◦ Imitate the American MicroStrategy model, but form differentiated advantages through tax arbitrage (55% capital gains tax in Japan) and localized ecosystems (bitcoin hotels, media matrix).

◦ Attract Japanese retail investors to indirectly invest in bitcoin through NISA accounts, avoiding the 55% high tax rate.

2. Economic Environment Catalysis

◦ Yen depreciation: The yen has depreciated by 30% against the dollar in the past three years, driving BTC/JPY trading volume to surge by 300%, with the company's holding value negatively correlated with the yen exchange rate.

◦ Regulatory easing: The Japanese government amended the "Payment Services Act" allowing cryptocurrency companies to operate as "intermediary businesses," lowering compliance thresholds.