Metaplanet issues bonds again, with its stock price reaching a market capitalization that is 8 times higher than the value of Bitcoin.

Japanese version of MicroStrategy Metaplanet announced the issuance of a total of 210 million dollars in zero-interest corporate bonds, and will invest all the raised funds in Bitcoin purchases. Despite Bitcoin recently falling to 105K, Metaplanet's stock price continues to hit historical highs, reporting 1,770 yen before the deadline, an increase of 17.3% in a single day, and an annual increase of as much as 17.5 times. The NAV premium used to assess the relationship between its stock price and Bitcoin value has now reached 8.427 times.

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Metaplanet continues the issuance of zero-coupon bonds to buy Bitcoin

According to the announcement from Metaplanet, this batch of bonds has a face value of 5 million USD each, with a total issuance of 210 million USD. Although they are bonds, they do not pay any interest and are not secured or guaranteed. This debt will be redeemed on December 12, 2025, or can be redeemed early at the request of the investor EVO FUND.

This is already the "18th issue of ordinary corporate bonds" issued by Metaplanet, and the bond issuance is limited to an institution named EVO FUND.

(Metaplanet issuance 21 million USD zero-interest bonds just to buy Bitcoin! What is hidden behind this "funding trick"? )

Metaplanet's stock price is now 8 times higher than the value of Bitcoin.

Since the launch of the Bitcoin investment strategy in April 2024, Metaplanet has adopted various financial instruments to support this goal, planning to accumulate a total of 10,000 Bitcoins by the end of this year and 21,000 Bitcoins by 2026.

Metaplanet has established a clear financial plan, including future issuance of stock subscription rights, totaling 21 million shares in 5 batches. Benefiting from Japan's tax system and the advantages for retail and institutional investors to purchase, the NAV premium used to assess the relationship between its stock price and Bitcoin value has long remained high. As shown in the figure below, its NAV premium once reached as high as 21 times and was close to 2 times at its lowest level. Its current value is 8.427 times.

Metaplanet's stock price continues to reach new highs, increasing 17.5 times over the year.

Despite Bitcoin recently falling back to 105K, Metaplanet's stock price continues to hit historical highs, reporting 1,770 yen before the deadline, an increase of 17.3% in a single day, with an annual increase of as much as 17.5 times.

This article discusses Metaplanet's bond reissuance, with its stock price reaching a high market value that is 8 times greater than Bitcoin's value, first appearing in Chain News ABMedia.