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Bitcoin Japan is making moves. The Tokyo-based subsidiary of Metaplanet has just finalized a financing agreement to purchase Bitcoin, right as the market shows signs of fatigue. The deal, struck with EVO Fund, involves convertible bonds totaling 9.66 billion yen—approximately $59.5 million. Not a small sum.
For the first concrete transaction, Bitcoin Japan will spend over 662 million yen, about $4 million, directly in Bitcoin. The idea behind Bitcoin Japan goes beyond merely acquiring assets: the company is positioning itself in media, data platforms, and events related to Bitcoin, with a stated goal of promoting cryptocurrency understanding in Japan and contributing to its global development. It’s a hybrid structure—crypto treasury on one side, editorial and event activities on the other.
Metaplanet Follows Strategy’s Playbook
The parent company, Metaplanet, is not shy about its influences. It openly follows in the footsteps of Strategy—the former MicroStrategy—by making Bitcoin the core of its balance sheet. Metaplanet began purchasing Bitcoin in 2024. Today, it holds 43,000 coins, with a total value exceeding $2.8 billion. It’s one of the largest corporate Bitcoin reserves in the world. Not bad for a company that was unknown to the general public just two years ago.
But here’s the issue. Metaplanet’s stock has dropped more than 50% since the start of the year. It’s brutal. And Metaplanet isn’t alone: Strategy itself has seen its stock plunge nearly 80% over the past year. The model of “buying Bitcoin with excess cash and holding on” took a hit when crypto prices turned south.
In 2025, dozens of publicly traded companies announced with fanfare that they were buying digital assets to boost their stock prices. It worked—for a while. Then the downturn came, and several of them were forced to sell part of their holdings to maintain their balance sheets. Bitcoin bought at the peak quickly becomes a problem when prices fall 30, 40, 50%.
Bitcoin Japan sees things differently. For them, current prices are an opportunity to enter or strengthen a position at a lower cost. It’s the classic institutional “buy the dip” bet—except here, it’s financed by convertible debt, not excess cash.
Tokyo Changes the Crypto Game
The timing of the announcement is no coincidence. Japan is undergoing a period of regulatory transformation on digital assets, and it’s happening fast. Last week—so very recently—the Japanese parliament passed a major legislative amendment: cryptocurrencies are now designated as “financial assets.” Not speculative curiosities, not tokens without status. Financial assets, with all that implies in terms of regulation, supervision, and legal framework.
This new classification could come into effect within the year. And if it applies, it opens the door to products previously blocked in Japan—notably Bitcoin ETFs. Japan, the world’s third-largest economy and a historically strong retail market for cryptos, could thus become a much more institutional playground. For Metaplanet and Bitcoin Japan, this is likely good news in the medium term.
It remains to be seen how companies will adapt to the new rules. They will need to adjust their approach, their reporting, perhaps their structure. It’s not yet clear if this will slow down purchases or accelerate them by providing a reassuring legal framework for institutional investors.
What is certain: Bitcoin Japan is not selling. It’s buying. With 9.66 billion yen in financing capacity via EVO Fund, the first tranche of 662 million yen is probably just the beginning. The company has the structure, the convertible bonds, and evidently the appetite to accumulate Bitcoin while others hesitate or liquidate.
Metaplanet’s stock has lost more than half its value since January.
Hub: Bitcoin: Price, News, and Analysis
Frequently Asked Questions
How much is Bitcoin Japan investing in Bitcoin for its first transaction?
Bitcoin Japan is spending approximately 662 million yen, or about $4 million, in this first Bitcoin transaction financed through the convertible bond agreement with EVO Fund.
How much Bitcoin does Metaplanet hold in total?
Metaplanet holds 43,000 bitcoins, with a total value exceeding $2.8 billion, making it one of the largest corporate Bitcoin reserves in the world.
What has the Japanese parliament decided regarding cryptocurrencies?
The Japanese parliament has passed a legislative amendment classifying cryptocurrencies as “financial assets,” a regulation that could come into effect within the year and pave the way for products like Bitcoin ETFs in Japan.
