Metaplanet has increased its Bitcoin treasury, adding 1,005 BTC to round up the total figures to 13,350 BTC. The recent purchase means that the company has been able to surpass its goal of acquiring 10,000 BTC in the first half of the year. The Japanese company hit its stride with four rounds of purchases in June, now ranking seventh among top corporate treasuries.
Metaplanet recently also surpassed Tesla’s treasury, which is passive and has not seen new inflows for months. Following the latest purchase at $107,923 per BTC, the company achieved an average price of $96,121 per BTC, expected to rise if purchases continue. Following the latest announcement, the company’s stock (MTPLF) retained its valuation near its all-time high, rising by another 9.87% in the past day.
MTPLF traded at 1,640 JPY ($11.39), down from recent valuations above $13. Due to its increased Bitcoin purchases and price growth, Metaplanet created pressures for short sellers. Citigroup Global shorted Metaplanet in the $3-$4 range, just before the biggest streak of BTC purchases. Metaplanet’s founder Simon Gerovich added to the trend with a bullish social media message, with a promise of more BTC purchases coming in the near future.
Metaplanet purchases previous bond issues
In the past month, Metaplanet shares stalled despite regular purchases. The new BTC additions started to follow the same path as Strategy, with the purchases happening on the same day, but at different times. While financing additional BTC purchases, Metaplanet also aims to control its debt and improve its balance sheet. Along with the latest BTC addition, Metaplanet issued Series 19 of its ordinary bonds, aiming to cancel an earlier Series 3 guaranteed bond.
The latest bond series is for $21M, with a redemption date on December 29, 2025. The bond series is fully subscribed by one single buyer, Evo Fund. Evo Fund is a tier-4 venture capital firm, which specifically deals with portfolio management and has already supported Metaplanet on four occasions. The fund has only operated in Japan but has an unannounced jurisdiction.
Metaplanet previously raised 1.7 billion Japanese yen through Series 3 bonds for its previous BTC purchases. After its board meeting and discussions with bondholder Evo Fund, the company has said it will refinance the previous bond series. Its former obligation was interest-bearing and secured by collateral, while the New Bonds are non-interest-bearing and unsecured. Evo Fund has also financed Metaplanet through several rounds of stock acquisition rights. The fund has a 555M share program, potentially giving Metaplanet up to $5.5B for more BTC acquisitions.
By the end of 2025, Metaplanet may become the second-biggest BTC holder, with predictions for a treasury above 63,000 BTC. The stock price may continue to rise, depending on the various bullish scenarios for BTC. For now, Evo Fund is yet to exercise stock purchasing options, greatly expanding the purchasing power of Metaplanet. Following the latest announcement, BTC staged an early-week rally, re-sparking hopes for another all-time peak. BTC rose to $108,268, with additional news of corporate purchases expected later today.