Metaplanet has turned to debt markets to keep expanding its Bitcoin treasury after share issuance was constrained by its own capital policy. CryptoSlate reported on Aug. 13 that the Japanese listed company has used nearly 83% of its $500 million credit line, or about $414 million, lifting its total Bitcoin holdings to 43,000 BTC.
The company said it still aims to hold 100,000 BTC by the end of the year.
CEO says 5,000 BTC transfer was a custody move
Earlier this week, market watchers spotted a transfer of more than 5,000 BTC from Metaplanet, valued in the report at about $322 million. The transaction sparked speculation on social media that the company might be selling part of its reserve.
CEO Simon Gerovich responded publicly on Aug. 12, saying the transfer was a routine custody operation. He said Metaplanet did not sell any Bitcoin and added that the network fee for the move was only about $8. The company said its total Bitcoin holdings remained at 43,000 BTC after the transfer.
First-half results show large net loss from valuation changes
Metaplanet’s financial report for the first half of 2026 laid out the accounting impact of its Bitcoin-heavy balance sheet. For the six months ended June 30, the company posted a net loss of 182.77 billion yen.
Almost all of that came from a 184.3 billion yen non-cash valuation loss caused by a decline in the yen-denominated market value of its Bitcoin holdings. Excluding that accounting item, operating profit was 3.33 billion yen and revenue was 4.94 billion yen.
The figures show how closely the company’s balance sheet now moves with Bitcoin price swings.
mNAV policy blocked common-share issuance
Under Metaplanet’s capital allocation policy, the company generally does not issue common stock when mNAV, defined here as enterprise value divided by the market value of its Bitcoin holdings, falls below 1.0. The stated reason is to avoid diluting existing shareholders’ Bitcoin exposure.
Because mNAV stayed around or below 1.0 for much of the first half, Metaplanet did not issue common shares through third-party allotments in the second quarter. That left debt financing as the next route for additional Bitcoin purchases.
BitBonds issuance completed on Aug. 13
Metaplanet said on Aug. 13 that it completed issuance of its 21st through 24th unsecured ordinary bond series, grouped under the BitBonds brand.
The deal size was kept relatively small at about 200 million yen, or around $1.3 million. The bonds carry a term of roughly three years and annual coupons ranging from 4.0% to 4.3%.
The company said the notes are unsecured, unrated senior debt. Investors receive fixed interest and principal repayment, without direct exposure to Bitcoin price volatility. Metaplanet described the issuance as a structural test and said it plans to scale the format later, with the possibility of a public offering.
Nearly 100 billion yen deployed for BTC purchases in H1
Even with equity issuance limited, Metaplanet continued to add to its Bitcoin position in the first half through zero-coupon ordinary bonds and borrowings under its credit facilities. The company said it deployed 99.78 billion yen during the period to buy 7,898 BTC.
It also said Bitcoin holdings per 1,000 fully diluted shares increased by 9.6%.
Liabilities climbed as cash balance fell
The balance sheet became more leveraged over the same period. Total liabilities rose from 46.69 billion yen at the end of 2025 to 77.29 billion yen at the end of June 2026, while cash and cash equivalents fell to 1.09 billion yen.
Looking ahead, Metaplanet said Japan is entering a sustained positive-rate environment and argued that BitBonds could fill a supply gap between investment-grade bonds and small private debt products.