Metaplanet: How does Japanese MicroStrategy layout the future of BTC

Heavy market news:

Japan Metaplanet project raised $5 billion to acquire 210,000 BTC

On June 9, the Financial Times reported that Metaplanet announced that it will issue stock options through the "largest scale" to raise about $54 billion for the purchase of Bitcoin. The plan is to hold 210,000 coins by the end of 2027, accounting for approximately 1% of the total Bitcoin circulation.

On June 24th, the company has injected $5 billion in capital into its US stock subsidiary for accelerating the expansion of Bitcoin reserves.

The latest data shows that we currently hold about 11,111 BTC; the goal is to accumulate 100,000 BTC by the end of 2026, and ultimately to hoard 210,000 coins by 2027.

In 2024, a little-known company in Japan - Metaplanet, started quietly emulating MicroStrategy's path, incorporating Bitcoin into the company's strategic reserves, and publicly stating "this is a hedging tool on the balance sheet".

In just a few months, the market value of Metaplanet has surged nearly tenfold, doubling its Bitcoin holdings, making it one of the top five Bitcoin holding companies globally.

And the logic behind it is not just about betting on price increases, but also about a deep dialogue on the fate of Japan, currency depreciation, corporate self-rescue, and the new financial order.

Chapter 1: Who is Metaplanet? A 'Zero-to-Hero' Comeback

Metaplanet Inc. is a company listed on the Tokyo Stock Exchange (stock code: 3350), with early focus on investment management and Web3 consulting. Prior to 2024, it was a relatively unknown small-cap company. However, starting from Q2 of 2024, the company suddenly announced: "Using Bitcoin as one of the main asset allocation tools for the company for long-term holdings, and considering acquiring more Bitcoin through debt financing."

This statement has led to it being dubbed the "Japanese MicroStrategy" by the outside world. Within a few months, Metaplanet has completed the following major actions:

• First purchase of 117 bitcoins, worth about 1 billion yen;
• Announce the additional purchase coin notice and declare 'regular increase holding';
• Raise funds through debt financing tools to continue buying BTC;
• With a market value exceeding 20 billion yen and a stock price increase of over 10 times, it has become the focus of global attention.

In the cryptocurrency world, it is not a traditional tech giant, but it has made bolder choices than many large companies—using Bitcoin as an 'active defense' tool in the context of the decline of financial sovereignty.

2. Japanese dilemma: asset depreciation + interest rate freeze + currency weakness

Why is Metaplanet "ALL IN Bitcoin"? We look at the macroeconomic dilemma in Japan:

1. Currency continues to depreciate

The yen fell below the 160 level against the dollar in 2024, hitting a 34-year low. The Bank of Japan is still maintaining extremely low interest rates, and capital is flowing out faster.

2 Decline in purchasing power of savings

Japanese companies hold a large amount of Japanese yen savings, but under the double pressure of inflation and depreciation, "holding cash = passive loss". Traditional safe havens such as negative government bond yields and a saturated real estate market.

3 High Debt and Collapsing Population Structure

As one of the countries with the heaviest debt burden in the world, Japan's government debt/GDP exceeds 250%, and the aging population is accelerating, with young labor force and tax base eroding.

Against this background, companies can no longer survive by relying on 'cash is king', they begin to look for a de-monetized strategic asset. Bitcoin emerges as the most compelling answer.

Three, why choose Bitcoin, not gold, dollar assets or government bonds?

The choice of Metaplanet is based on several key hedge perspectives:

First: Bitcoin is the only decentralized and non-inflationary asset among the global liquid currencies

Against the backdrop of the continuous excessive issuance of currency by the Federal Reserve and the Bank of Japan, BTC's 2100 million hard cap constitutes a deflationary asset logic that is completely opposite to fiat currency.

Second: Bitcoin has the ability to be priced globally, without being restricted by national fiscal or geopolitical constraints

Compared to gold, Bitcoin has stronger digital mobility and borderless freedom. For enterprises, this is an ideal hedging reserve.

Third; owning bitcoin is a new way out of the circle of yen assets

The long-term closed and negative interest rate-locked Japanese capital market, BTC provides a "escape route" to bypass the Japanese financial system.

Four, the strategic significance: not just financial investment, but also the struggle for the "right to survive"

Rather than investing in Bitcoin, it is more accurate to say that Metaplanet is building a shelter.

This is a kind of confrontation:

• The power to combat currency depreciation;
• Structure to resist systemic financial oppression;
• Marginalization of companies in the face of resource reallocation.

Just as MicroStrategy CEO Michael Saylor said, "Bitcoin is not an investment, it is a civilizational right to reclaim. You either use it to protect yourself, or become a victim of the system."

Metaplanet's behavior shows how in a highly mature yet crisis-ridden country, enterprises use new technological assets to combat the rules of the old world.

Chapter 5, Metaplanet Financing Decoded: How to borrow 50 billion US dollars to create an enterprise-level Bitcoin reserve?

First, zero-coupon bonds: Nikkei-style "low-cost remittance"

Advantage one: no interest, no depreciation, quick loading BTC "remittance body"

Advantage 2: Leveraging EVO Fund, the local bond market in Japan

Advantage three: It has actually been converted into nearly 1000+ BTC, with an average cost of about $95K/BTC

Second, equity financing: the way to reconstruct market value

Analysis of 5.55 billion purchase rights: no arbitrage, exercise price=market price

2. Target financing $5.4B, continuous support for BTC purchase

3. Native funds: dealing with strong reflections and performances in the mid-term of BTC

Metaplanet designed a composite financing portfolio of "one debt, one share, one route", showcasing a cross-era corporate experiment:

• Zero-coupon bonds: quickly convert funds
• Equity Financing: Restructuring Listing
• Subsidiary: A new organization for the globalized assets of the company

This campaign has gone beyond the 'market operation' itself, and is restructuring a new model of 'company + currency' relationship.

**BTC is heading towards the era of distribution, securitization, and financing. Metaplanet is the most potential "dark horse".

Six, What will happen next after the success of Metaplanet?

This may be the beginning of a new 'sovereign hedge' model,

What did Metaplanet do right? It's because it accurately positioned the triple resonance points of market confidence, interest rate environment, and company valuation model.

**What will happen next?

First: There will be more "BTC-based companies" appearing

Metaplanet's market value has doubled continuously after buying BTC, entering the "BTC-driven company" track. This may inspire more companies to follow suit:

Small and medium-sized listed companies in Japan, South Korea, and Taiwan, Chinese mid-cap stocks in the U.S. stock market, using the U.S. ETF channel; emerging market companies seeking hedging solutions for currency depreciation.

They see not just the rise in coin price, but the dual-wheel drive of 'BTC asset on-chain' + 'company valuation spillover'.

Secondly, the 'financing for coin exchange' model may be upgraded again

The path of Metaplanet is: → low-interest bonds + equity financing → establish a subsidiary in the United States → OTC quick purchase of coins → increase book assets → increase valuation → refinancing again.

This pattern has replicability. Once BTC enters a new round of bull market, Bitcoin will become a financial tool for enterprise liquidity restructuring, rather than just "holding assets".

Finally: The battle between BTC camp and ETF camp may emerge

ETF companies focus on user custody and financialization; while Metaplanet is an experiment in "self-monetization", doing something unprecedented: turning a company into a "BTC-supported quasi-sovereign entity".

There may be a trend like this in the future:

• Japan will become the first country in Asia with a significant increase in institutional-level BTC holdings;
• Small and medium-sized enterprises are starting to imitate Metaplanet to allocate currency-based reserves;
• The global perception of Bitcoin is no longer just "speculation", but "defensive cash alternative";
• Traditional stock market is strongly tied to Bitcoin (SaaS, listed company coin price linkage).

Summary: The future is not about what anyone owns, but about who has the ability to say "no"

The behavior of Metaplanet is essentially a 'political action' carried out as a corporation.

They are not chasing the trend, but chasing the right to survival - confronting currency dilution, government debt, and financial exploitation. For many more businesses, behind this choice, it is no longer about speculating on digital currencies, but restructuring the space for future survival.

Bitcoin, no longer a game for enthusiasts, is becoming the trump card of the steady.

"We no longer see Bitcoin as a speculation, but as a 'sovereign currency escape pod'" - Metaplanet IR statement

This time, it's not Silicon Valley, not Wall Street, but a small company on the streets of Shinjuku, Tokyo, that has taken the lead.

Finally: Many of the opinions in the article represent individuals' cognitive judgments on the market and do not constitute investment advice for you.