Metaplanet moved more than 5,000 Bitcoin this week, a transfer worth roughly $322 million that CEO Simon Gerovich said was a routine custody operation. No Bitcoin was sold, and the company's total holdings remain unchanged at 43,000 BTC. The network fees for the move came to about $8.
The valuation hit
Metaplanet recorded a ¥182.77 billion net loss in the first half of the year, driven by a ¥184.30 billion valuation loss as the yen weakened against the value of its Bitcoin treasury. The company still generated ¥3.33 billion in operating profit on ¥4.94 billion in revenue for the six months ending June 30.
How the buying is funded
Metaplanet raised ¥53.04 billion through third-party common-share allotments on Feb. 13 and March 31, using the proceeds to buy Bitcoin. No such allotments happened in the second quarter. Instead, the company combined an ¥8 billion zero-interest ordinary bond, borrowing under a credit facility, proceeds from stock acquisition rights, and options-income revenue to add 2,823 BTC between April and June. In the first half, Metaplanet spent ¥99.78 billion acquiring 7,898 BTC, lifting total holdings to 43,000 BTC without selling any. Bitcoin holdings per 1,000 fully diluted shares rose 9.6% during the period.
Debt and collateral
Total liabilities expanded to ¥77.29 billion at the end of June, up from ¥46.69 billion at the close of 2025. Cash and cash equivalents fell to ¥1.09 billion. Metaplanet's primary credit facility requires Bitcoin as collateral; by June 30, it had drawn $414 million, nearly 83% of the $500 million facility. Management didn't disclose the exact portion of the 43,000 BTC treasury pledged under the credit facility. Interest expense for the six months came to ¥1.81 billion.
New BitBonds
On Aug. 13, Metaplanet completed issuance of its 21st through 24th unsecured ordinary bonds, raising roughly ¥200 million. The bonds, branded 'BitBonds', have maturities of about three years and annual coupons ranging from 4.0% to 4.3%. The total capital raised from the BitBonds is just over $1.3 million, a fraction of the company's daily needs.
Metaplanet's cash position stands at ¥1.09 billion, and its credit facility is nearly 83% drawn. How it funds the next Bitcoin purchase remains an open question.
