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Metaplanet, a Japan-based Bitcoin treasury firm, has announced a 165 billion JPY plan to buy more Bitcoin, funded through a combination of bond issuance and stock sales covering the 2026–2028 period.
The company said the financing will come from 33.4 billion JPY of bonds and 131.78 billion JPY raised through stock sales. As part of the first phase, Metaplanet issued an 8 billion JPY (about $50 million) zero-interest bond to Evo Fund.
Metaplanet indicated that the bond will be repaid at maturity by April next year. As a result, the total amount available for Bitcoin purchases will be less than 165 billion JPY (about $1 billion).
Including all stock acquisition rights, Metaplanet expects a total financing capacity of 157.204 billion JPY for Bitcoin purchases, or about $982 million in “dry powder” for additional BTC buys. The company noted this capacity is subject to Bitcoin price movements, Metaplanet’s stock recovery, and broader market conditions.
At current prices, the expected financing capacity would buy about 13,000 BTC.
Metaplanet’s 2026 target is 100,000 BTC. The firm currently holds 40,117 BTC. Over the past three quarters, it acquired 5,000 BTC on a quarterly average.
If the current buying pace continues for the rest of the year, Metaplanet could add about 15,000 additional BTC, bringing holdings to roughly 55,000 BTC—still below the 100,000 BTC target.
Based on its current holdings, Metaplanet faces a shortfall of about 60,000 BTC to reach its 2026 goal. The company said this would translate to roughly $4.6 billion in funding.
Compared with its $1 billion capital plan, that implies a funding gap of about $3 billion.
Metaplanet’s approach includes a heavier reliance on bonds (debt) alongside the use of preferred stock through its model, Strategy, to support multi-billion-dollar BTC purchases.
The divergence may reflect differences in the cost of capital. Strategy pays 11.5% interest to STRC holders, while Metaplanet’s bonds carry a zero-interest rate. Bonds may also provide a faster route to raise capital than waiting for favorable stock-market conditions.
Analyst Peter Duan characterized the move as “the flywheel is starting to spin again,” but it remains unclear whether the bond-and-stock-sale plan can scale sufficiently to reach the 100,000 BTC target.
Metaplanet plans to raise about $50 million via a zero-interest bond as part of a broader $1 billion capital plan to expand its Bitcoin holdings, using bonds as a faster and cheaper funding mechanism while continuing to rely on preferred stock structures for larger BTC purchases.
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