tBTC (tbtc) 
Metaplanet Expands Bitcoin Holdings to Over 1,100 BTC
Japanese publicly listed firm Metaplanet has made a significant move in its Bitcoin strategy, expanding its holdings to exceed 1,100 BTC. The company announced the acquisition of 124.117 Bitcoin on November 19, 2024, for 1.75 billion yen (approximately $11.33 million).
Bitcoin Acquisition Strategy
Since pivoting to Bitcoin as its core reserve asset, Metaplanet has periodically picked up the flagship cryptocurrency at an average price of 9,955,874 yen per Bitcoin. The firm’s Bitcoin acquisition strategy has been gaining momentum, with the company’s Bitcoin yield standing at 41.7% from July 1 to September 30, and 186.9% between October 1 and November 19.
BTC Yield as a Performance Metric
Metaplanet uses Bitcoin yield as a key performance metric to assess its Bitcoin acquisition strategy, which was adopted last month. This approach mirrors that of United States-based MicroStrategy, the largest corporate holder of Bitcoin.
Financing the Latest Acquisition
The latest acquisition was funded by issuing 1.75 billion yen in bonds to EVO FUND on November 18, 2024. The bonds, part of Metaplanet’s 3rd series of ordinary bonds, carry a 0.36% annual interest rate and are fully guaranteed by the company’s president and representative director, Simon Gerovich.
Real Estate-Backed Financing
The move aligns with the company’s aggressive Bitcoin accumulation efforts, leveraging real estate-backed financing to expand its holdings while maintaining favorable terms. Metaplanet’s subsidiary, Wen Tokyo Inc., owns a property that serves as collateral for the mortgage, ensuring repayment of the bonds by November 17, 2025.
Market Reaction
The Tokyo-listed company’s shares on the Tokyo Stock Exchange have benefited from its Bitcoin strategy, rising 5% after announcing the 3rd Series of Ordinary Bonds. The gains extended to 14% following the Bitcoin purchase. Metaplanet has become the best-performing Japanese stock this year, with a year-to-date increase of approximately 1,017%.
