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Metaplanet’s Bitcoin Japan to launch a crypto treasury via convertible bond

Bitcoin Japan plans to raise 9.66 billion yen through a convertible bond deal and spend over 662 million yen on its first Bitcoin purchase.

Reported · Written up by our desk · Market Structure

Bitcoin Magazine reports that Bitcoin Japan, a subsidiary of Metaplanet, has entered a financing agreement to start a crypto treasury and begin buying Bitcoin for its balance sheet. The Tokyo-based, publicly listed unit approved a convertible bond deal with EVO Fund to raise 9.66 billion yen, or about $59.5 million, according to the report.

The company said it will spend over 662 million yen, or about $4 million, on its first Bitcoin transaction. Bitcoin Japan also operates Bitcoin-related media, data platforms, and events aimed at supporting understanding of the cryptocurrency in Japan and beyond, the outlet said.

Bitcoin Magazine notes that Metaplanet, which has followed the same Bitcoin treasury model as Nasdaq-listed Strategy, began buying Bitcoin in 2024. The report says Metaplanet holds about 43,000 digital coins worth more than $2.8 billion, while its stock is down more than 50% year-to-date.

The announcement comes as treasury-focused companies have faced pressure during the crypto market downturn, the outlet added. Bitcoin Magazine says some firms have sold portions of holdings as Bitcoin prices have slumped, but it also describes the current market as an opportunity for new treasury launches like Bitcoin Japan.

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