tl;dr
Metaplanet, a Japanese company, announced plans to sell bonds to raise funds for purchasing more Bitcoin, aiming to build one of the world's largest corporate Bitcoin holdings. The bonds, issued to Cayman Islands-based EVO FUND, are zero-interest and repayable in about six months with flexible early...
Metaplanet, a Japanese company, is raising capital through innovative zero-interest bond issuances to expand its Bitcoin holdings, aiming to own 10,000 BTC by the end of 2025. The company has issued bonds to Cayman Islands-based EVO FUND, with the bonds scheduled for repayment in about six months and featuring flexible early repayment terms.
This bond issuance strategy is part of Metaplanet's ongoing efforts to finance Bitcoin acquisitions. So far in 2024, Metaplanet has raised approximately $135.2 million in debt through multiple bond issuances, including recent sales totaling $21 million, $50 million, and other earlier amounts. These bonds do not yield interest, effectively allowing the company to borrow funds with no added cost until maturity.
Currently, Metaplanet holds about 7,800 BTC, valued at around $840 million, which is roughly 78% of its target. The company acquired additional Bitcoin through exercised cash-secured put options and premiums. Their average acquisition cost per Bitcoin stands at $91,340. With these holdings, Metaplanet ranks 11th among companies with the largest Bitcoin portfolios.
In a strategic move to increase institutional investor access to liquidity, Metaplanet has announced plans to establish a U.S. subsidiary. The company also recently appointed Eric Trump to its Strategic Advisory Board, reflecting its commitment to expanding and enhancing its Bitcoin investment strategy.