Bitcoin Japan, a subsidiary of Metaplanet, has locked in a financing agreement with EVO Fund to raise 9.66 billion yen ($59.5 million) through convertible bonds. The company plans to spend over 662 million yen ($4 million) on its first Bitcoin transaction, marking its entry into direct crypto holdings. The deal comes at a time when Metaplanet's own stock has tumbled more than 50% year-to-date and Japan's parliament just moved to classify crypto as financial assets — a step that could open the door to Bitcoin ETFs within the next year.
First Bitcoin purchase on the horizon
Bitcoin Japan isn't just raising money — it's putting it to work quickly. The company said it will use a portion of the proceeds to acquire Bitcoin for the first time. The exact timing of the purchase hasn't been disclosed, but the 662 million yen allocation is a clear signal. The subsidiary operates in Bitcoin-related media, data platforms, and events, so this purchase also serves as a proof of concept for its own ecosystem.
Parent company under pressure
Metaplanet is one of the biggest corporate Bitcoin holders globally, with 43,000 BTC worth over $2.8 billion. But the stock market hasn't been kind. Metaplanet's shares are down more than 50% year-to-date as of July 17. The parent company first started buying Bitcoin in 2024 and has since become a poster child for the corporate treasury pivot. But the broader trend is grim: Strategy (formerly MicroStrategy), the largest Bitcoin treasury firm, has seen its Nasdaq-listed stock drop nearly 80% over the past year. Many publicly traded companies rushed to buy digital assets in 2025 to boost stock prices — some have already sold holdings as the market soured.
Japan's new crypto rules change the game
Japan's parliament recently passed a law amendment that designates cryptocurrency assets as 'financial assets.' That brings stricter regulations but also a clear path for Bitcoin ETFs — expected within a year. For Bitcoin Japan, the timing is interesting. The company is betting on Bitcoin while regulators are building a framework that could attract institutional money. It's a bet that requires both a strong stomach and a favorable legal environment. Japan already has a history of crypto regulation, and this move could make it a testing ground for the next wave of corporate adoption.
Bitcoin Japan's first purchase will be a small one relative to Metaplanet's holdings, but it's a symbolic step. The convertible bond structure gives EVO Fund a potential upside if Bitcoin's price recovers. Meanwhile, all eyes are on the Japanese Financial Services Agency, which will now draft the rules for the new asset class. If Bitcoin ETFs arrive as promised, the corporate treasury playbook might look different. For now, Bitcoin Japan is walking the walk — but the market is watching to see if it can keep its footing.
