Metaplanet’s subsidiary, Bitcoin Japan, announced on July 17 that it has approved a convertible bond transaction with the EVO Fund. It plans to raise 9.66 billion yen (about $59.5 million) and intends to make its first bitcoin purchase with more than 662 million yen (about $4 million). Its parent company, Metaplanet, is a Japan-listed public company.
Bitcoin Japan Funding Deal: EVO Fund Convertible Bonds and First Bitcoin Purchase Plan
Bitcoin Japan is a publicly traded company headquartered in Tokyo and a subsidiary of Asia-focused firm Metaplanet. Its main businesses include bitcoin-related media, data platforms, and events, and it is committed to promoting bitcoin knowledge in Japan. The key terms of the company’s announced financing transaction are as follows:
Financing instrument: Convertible bond transaction with the EVO Fund
Funding size: 9.66 billion yen (about $59.5 million)
First bitcoin purchase: more than 662 million yen (about $4 million)
Strategic positioning: The company views a weak market as an opportunity to build a crypto treasury, using the current low market price of leading crypto assets as an entry point
Metaplanet’s Current Bitcoin Holdings: 43,000 BTC Worth Over $2.8 Billion
Metaplanet is Bitcoin Japan’s parent company. It is a Japan-listed public company that began its first bitcoin purchases in 2024, following the model used by Strategy (formerly MicroStrategy), a Nasdaq-listed company, which treats bitcoin as a primary balance-sheet asset. As of the time of the report, Metaplanet holds 43,000 bitcoins valued at over $2.8 billion, making it one of the largest bitcoin treasuries in the world; however, Metaplanet’s stock has fallen by more than 50% year to date.
Strategy is the largest and longest-running bitcoin reserve holder. Over the past year, its Nasdaq-listed shares have plummeted by nearly 80%.
Weak Market Backdrop: Crypto Treasury Companies Under Pressure
In 2025, plunging cryptocurrency prices hurt business models that buy and hold bitcoin and other digital assets using idle capital. Many publicly traded companies that had previously used this strategy to boost their stock prices were forced to sell part of their holdings amid the weak market.
Strategy is the biggest representative of this model, with its Nasdaq-listed stock down nearly 80% over the past year. Bitcoin Japan’s announcement shows that even in a weak market, some companies still see it as an opportunity to build a crypto treasury rather than passively being pressured.
Japan Legislative Progress: Crypto Assets Designated as “Financial Assets”
Japan’s National Diet passed a legal amendment last week that officially designates crypto assets as “financial assets.” This subjects these assets to a more stringent regulatory framework and ultimately clears the way for products such as bitcoin ETFs to be listed in Japan. Reuters, citing a report by NHK, said the regulation could take effect within a year, with the exact timing subject to official announcements by Japan’s regulators.
It’s worth noting that Japan has long been a hub for crypto enthusiasts. Before the major bitcoin exchange Mt. Gox was hacked in 2014 and then shut down, its headquarters were also in Tokyo.
FAQ
What is the specific funding size of Bitcoin Japan’s financing agreement?
Bitcoin Japan approved a convertible bond transaction with the EVO Fund, aiming to raise 9.66 billion yen (about $59.5 million). Of this, the first bitcoin purchase amount will be more than 662 million yen (about $4 million). The announcement was released on July 17, 2026 (Thursday).
How much bitcoin does Metaplanet currently hold, and how has its stock performed this year?
Metaplanet holds 43,000 bitcoins valued at over $2.8 billion, making it one of the largest bitcoin treasuries in the world. Its stock is down more than 50% year to date. Metaplanet is a Japan-listed company that began buying bitcoin in 2024, following the Strategy model (formerly MicroStrategy).
What are the specific provisions of the newly passed Japan crypto bill, and when will it take effect?
Japan’s National Diet passed a legal amendment last week designating crypto assets as “financial assets,” subjecting them to a more stringent regulatory framework and providing a legal basis for products such as bitcoin ETFs to be listed in Japan. Reuters, citing NHK, said the regulation could take effect within a year, with the exact timeline subject to Japan’s official announcements.
