Bitcoin Japan, a Tokyo-headquartered subsidiary of the publicly listed Metaplanet, has finalized a financing agreement to launch a Bitcoin treasury strategy, aligning itself with a growing trend among corporate treasuries despite recent market volatility.
Metaplanet’s financing and BTC strategy
On Thursday, Bitcoin Japan revealed its approval of a convertible bond deal with EVO Fund aimed at raising 9.66 billion yen, equivalent to approximately $59.5 million. As part of this agreement, the company will allocate more than 662 million yen, or over $4 million, to make its initial Bitcoin purchase for its corporate treasury.
Bitcoin Japan focuses on promoting Bitcoin awareness by operating media initiatives, data platforms, and organizing events to further the understanding and adoption of digital assets within the country and beyond.
Metaplanet, its parent company, is recognized as one of the world’s largest corporate holders of Bitcoin, managing 43,000 BTC valued at more than $2.8 billion. The company adopted a Bitcoin accumulation policy starting in 2024, mirroring the approach previously implemented by MicroStrategy—now known as Strategy—which was among the first public companies to hold significant quantities of Bitcoin on its balance sheet.
Currently, Metaplanet’s stock has declined over 50% since the start of the year, reflecting challenges facing companies engaged in similar treasury strategies.
Bitcoin Japan, a publicly traded firm, completed a $60 million convertible bond raise and will use $4.08 million from these funds to make an initial Bitcoin purchase for its treasury reserves.
Mini dictionary: Metaplanet — A Tokyo-based, publicly listed company specializing in digital asset investment and financial technology, notable for holding one of the world’s largest corporate Bitcoin treasuries.
| Company | BTC Holdings | Value | Stock performance (YTD) |
|---|---|---|---|
| Metaplanet | 43,000 BTC | $2.8 billion | -50% |
| Strategy (MicroStrategy) | Largest BTC public treasury | N/A | -80% (past year) |
Treasury challenges amid market downturn
The move by Bitcoin Japan comes at a time when companies with significant digital asset holdings have witnessed sharp declines in their stock prices. The business model of investing corporate cash into Bitcoin has faced greater scrutiny due to persistent declines in cryptocurrency prices throughout the previous year.
Strategy, which pioneered the Bitcoin treasury approach and is currently listed on Nasdaq, has experienced its share price drop nearly 80% over the past year. Similarly, several smaller public companies that announced digital asset purchases in hopes of boosting their valuations during 2025 found these gains reversed following the market correction, forcing some to partially liquidate their cryptocurrency reserves.
Despite the turbulent climate, Bitcoin Japan and other firms continue to view the current market as a favorable entry point for accumulating digital assets in their treasuries, signaling ongoing corporate interest in long-term crypto holdings.
Progress on regulation in Japan
Japan’s prominence as a center for cryptocurrency activity remains strong, supported by deep-rooted enthusiasm and a history of innovation. Tokyo was home to Mt. Gox, a major digital asset exchange until its 2014 hack and closure.
In recent legislative developments, Japan’s parliament approved an amendment last week that classifies digital assets, including cryptocurrencies, as “financial assets.” This new designation will subject the sector to tighter regulatory controls and is expected to pave the way for financial products such as Bitcoin exchange-traded funds (ETFs).
Lawmakers are setting the stage for Bitcoin ETFs in Japan by passing an amendment that brings cryptocurrency assets under stricter financial regulations, with the new framework expected to come into force within a year.
According to coverage by NHK and Reuters, the regulation is anticipated to become effective within the next twelve months, marking a significant milestone for the integration of cryptocurrencies into Japan’s mainstream financial sector.
