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

◦ March 18, 2025: Increased holdings by 150 coins at an average price of $83,600/coin, bringing total holdings to 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 position among corporate whales globally, and the first in Asia.

2. Increasing Holdings Strategy and Fund Operations

1. Financing Innovation

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

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

2. Financial Restructuring

◦ Recognizing unrealized gains on bitcoins in profits, with 85% of the 6.394 billion yen pre-tax net profit in 2024 coming from coin price appreciation.

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

3. Market Impact and Driving Logic

1. Institutional Demonstration Effect

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

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

2. Economic Environment Catalyst

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

◦ Regulatory relaxation: The Japanese government revised the "Payment Services Act," allowing crypto companies to operate as "intermediary businesses," lowering compliance thresholds.