Metaplanet moved over 5,000 Bitcoin worth about $322 million this week, but CEO Simon Gerovich says it was a custody transfer, not a sale, with holdings unchanged at 43,000 BTC. New filings show a ¥182.77 billion first-half net loss and a stalled equity-issuance route, pushing the company toward debt and a new bond program called BitBonds to keep funding purchases.
Metaplanet moved more than 5,000 Bitcoin, worth about $322 million, triggering speculation the firm might be liquidating part of its reserves. On Aug. 12, CEO Simon Gerovich shut the rumor down, explaining that the transfer was a routine custody operation, with no Bitcoin sold and total holdings unchanged at 43,000 BTC. Network fees for shifting the value totaled about $8.
A ¥182.77 billion loss exposes balance-sheet swings
While the reserves stayed untouched, Metaplanet's new financial disclosures show a structural pivot underneath. The company recorded a ¥182.77 billion net loss for the first half of the year, driven almost entirely by a ¥184.30 billion valuation loss tied to the yen value of its treasury. Still, the company posted ¥3.33 billion in operating profit and ¥4.94 billion in revenue over the six months ending June 30.
Equity issuance stalls, so Metaplanet turns to debt
Metaplanet's mNAV, which measures enterprise value against the market value of its Bitcoin holdings, hovered around 1.0 and stayed below that level for most of the six months through June. Under its capital policy, management generally avoids issuing common stock when mNAV drops below 1.0, since new shares would reduce the Bitcoin attributable to existing shareholders. The company had raised ¥53.04 billion through third-party common-share allotments on Feb. 13 and March 31 to fund Bitcoin purchases, but made no such issuances during the entire second quarter.
Even so, Metaplanet kept buying. It combined an ¥8 billion zero-interest bond, credit-facility borrowing, proceeds from stock acquisition rights and revenue from its options-income business to add 2,823 BTC between April and June. Across the first half, the company spent ¥99.78 billion acquiring 7,898 BTC, lifting total holdings to 43,000 BTC without selling any. Total liabilities expanded to ¥77.29 billion at the end of June, up from ¥46.69 billion at the close of 2025, while cash and cash equivalents declined to ¥1.09 billion. By June 30, the company had drawn $414 million from its $500 million credit facility, or nearly 83% of the available line, which requires Bitcoin pledged as collateral and gives the lender priority rights over it.
BitBonds open a new, unsecured funding channel
With share issuance constrained and most of the credit facility drawn, Metaplanet is testing a separate channel. On Aug. 13, it completed its 21st through 24th unsecured bond issuance, branded BitBonds, raising roughly ¥200 million with maturities of about three years and coupons ranging from 4.0% to 4.3%. Unlike the credit facility, BitBonds carry no security interest in the Bitcoin reserves; holders get fixed interest and principal regardless of Bitcoin's price. Metaplanet says the initial issuance is deliberately small, intended to establish the framework before it expands the program as it works toward its target of 100,000 BTC by the end of 2026.
Source: CryptoSlate
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