Metaplanet Amasses 43,000 BTC with Yen-Backed Strategy Amid Japanese Regulatory Shift
Metaplanet, a company targeting a large Bitcoin holding, has made significant strides in acquiring BTC. The firm holds approximately 43,000 BTC and aims to reach 100,000 BTC by the end of 2026. Metaplanet finances its accumulation through yen debt, zero-coupon bonds, and moving-strike warrants.
The company's strategy is distinct from that of Strategy, which uses equity and convertible debt to hold 843,775 BTC. Metaplanet relies on fixed maturity bonds that create a unique risk profile, replacing recurring dividend costs with repayment deadlines. In May 2026, the firm's money net asset value (mNAV) was 1.11x, but it dropped to 0.90x by early June due to weaker prices and warrant exercises.
The recent purchase of 2,823 BTC cost approximately $225 million at an average price of $78,872. This acquisition is part of Project Nova, a plan to build a Bitcoin-centered ecosystem through the company's Type I Financial Instruments Business registration.