Bitcoin Japan secures $59.5m to buy Bitcoin amid market slump
Bitcoin Japan, a subsidiary of major holder Metaplanet, is bucking a broader trend of distressed crypto treasury firms by raising $59.5 million to start accumulating Bitcoin during a market downturn.
Bitcoin Japan has entered a convertible bond agreement with EVO Fund to raise 9.66 billion yen, equivalent to $59.5 million. The Tokyo-based, publicly listed firm will use a portion of the fresh capital to execute its inaugural Bitcoin purchase. The company has committed over 662 million yen, or more than $4 million, to this initial transaction.
The financing establishes a dedicated corporate treasury arm for Metaplanet, the firm widely regarded as Asia’s answer to Strategy. Metaplanet pioneered this balance sheet strategy in 2024 and has since amassed 43,000 digital coins worth over $2.8 billion. Bitcoin Japan itself operates media, data, and events platforms designed to promote broader understanding of the cryptocurrency.
Entering the Bitcoin treasury business right now represents a high-risk counter-consensus bet. The broader cohort of firms employing this model has suffered severe share price declines as digital asset prices plunged. Metaplanet’s own stock is currently down more than 50% year-to-date. Strategy, the largest and oldest Bitcoin treasury firm, has seen its Nasdaq-listed equity nosedive by nearly 80% over the past year.
The downturn has already triggered a wave of forced selling across the sector. Throughout 2025, a rush of relatively obscure publicly traded companies announced Bitcoin purchases specifically to boost their stock prices. While that tactic initially succeeded, the subsequent market reversal forced a number of these firms to sell portions of their digital asset holdings to stay afloat.
Bitcoin Japan is explicitly moving in the opposite direction, treating the current market valuation as a buying opportunity. The company’s decision to fund its first purchase through a convertible bond rather than cash on hand also highlights the capital-intensive nature of the treasury model.
This corporate expansion is unfolding alongside a shifting regulatory landscape in Japan. Lawmakers in the country’s parliament passed a new crypto law last week. The legislation, which follows Japan's history as an early hub for the asset class, is expected to take effect within a year. Tokyo was previously the base for the Mt. Gox exchange before its infamous 2014 hack and collapse.
