Metaplanet：「日本微策略」與零息比特幣支持債券在刀鋒上起舞

近日，備受矚目的日本上市公司Metaplanet因納入比特幣而被稱為“日本版MicroStrategy”

Japanese listed company Metaplanet (3388.T) has recently attracted attention for including Bitcoin in its treasury assets. Following this, the company announced a bold and attention-grabbing financing plan—issuing zero-interest bonds.

日本上市公司Metaplanet（3388.T）最近因將比特幣納入其庫存資產而受到關注。隨後，該公司宣布了一項大膽且引人注目的融資計劃——發行零息債券。

The total amount raised by this bond was 4.5 billion yen (about 30 million US dollars), and the aim was to further increase its Bitcoin holdings. According to Aiying, Metaplanet has bought more than 1,000 BTC since adopting Bitcoin as its treasury reserve asset in May 2024.

本次債券募集資金總額為45億日圓（約3,000萬美元），目的是進一步增持比特幣。根據艾鷹介紹，自 2024 年 5 月採用比特幣作為其國庫儲備資產以來，Metaplanet 已購買了超過 1000 枚 BTC。

In addition, Metaplanet's stock price has risen by 2,450% since January 2024. With the combination of cryptocurrency volatility and high-risk financial instruments, this operation not only brings high-yield fantasies to the market, but also comes with disturbing potential risks. Aiying Fundinsight will break down some of the operating logic here for everyone:

此外，Metaplanet的股價自2024年1月以來已上漲2,450%。的潛在風險。艾盈基金洞察這裡為大家分解一些操作邏輯：

1. Bitcoin Strategy and Zero Interest Bonds: How Does the Combination of the Two Work?

1. 比特幣策略與零息債券：兩者的結合如何發揮作用？

Metaplanet's financing was completed through zero-coupon bonds. Such bonds have no interest payments, and investors' returns come from buying bonds at a price below face value and getting full repayment at maturity. For example, a bond with a face value of 100 yen may be issued at 90 yen, and investors will get 100 yen back at maturity, earning a difference of 10 yen.

Metaplanet的融資是透過零息債券完成的。此類債券不支付利息，投資者的回報來自於以低​​於面額的價格購買債券並在到期時全額償還。例如，面額100日圓的債券可能以90日圓發行，到期時投資者將收回100日元，賺取10日圓的差價。

For the company, this type of bond financing is extremely cheap. There is no interest pressure, and there is no need to pay periodically. The only burden is to repay the principal when the bond matures. However, Metaplanet did not use the raised funds for regular business operations, but bet all of them on Bitcoin, a highly volatile asset.

對公司來說，這種債券融資的成本極為低。無利息壓力，無需定期還款。唯一的負擔是債券到期時償還本金。不過，Metaplanet 並沒有將籌集的資金用於日常業務運營，而是將其全部押注於比特幣這種波動性極強的資產。

Since May 2024, Metaplanet has purchased more than 1,000 Bitcoins. This strategy of using Bitcoin as a treasury reserve asset, learning how MicroStrategy buys Bitcoin with a high ratio of leverage: [Thinking] From 1.8 billion to 111 billion: How does MicroStrategy create a new paradigm of market value growth through Bitcoin-driven and capital leverage? , has become an important corporate representative in the field of cryptocurrency. Metaplanet believes that Bitcoin has long-term appreciation potential, can fight inflation, and as a scarce asset, its value is expected to continue to rise with increasing market demand.

自 2024 年 5 月以來，Metaplanet 購買了超過 1,000 個比特幣。這種以比特幣作為國庫儲備資產的策略，學習MicroStrategy如何高比例買入比特幣：【思考】從18億到1110億：MicroStrategy如何透過比特幣驅動和資本創造市值增長的新範式槓桿作用？ ，已成為加密貨幣領域重要的企業代表。 Metaplanet認為，比特幣具有長期升值潛力，可以對抗通膨，而且作為一種稀缺資產，隨著市場需求的增加，其價值預計將持續上漲。

But the risks of this strategy are obvious. If the price of Bitcoin drops sharply, the value of the assets held by Metaplanet will shrink significantly, and a fixed amount of principal must still be repaid when the bonds mature. Once the market value of assets cannot cover the debt, the debt repayment gap will become a huge problem.

但這種策略的風險是顯而易見的。若比特幣價格大幅下跌，Metaplanet持有的資產價值將大幅縮水，債券到期時仍需償還固定金額的本金。一旦資產市值無法涵蓋債務，償債缺口就會成為一個巨大的問題。

2. How does the leverage effect manifest itself in this game?

2、槓桿效應在這個遊戲中如何展現？

Metaplanet's bond financing plan is essentially a leveraged operation. The company uses low-cost debt to leverage Bitcoin, an asset with a potential high return, in the hope that after Bitcoin appreciates, the debt will be repaid at a higher value and profits will be retained.

Metaplanet的債券融資計劃本質上是槓桿操作。該公司用低成本債務撬動比特幣這種潛在高回報的資產，希望在比特幣升值後，以更高的價值償還債務，保留利潤。

For example, suppose Metaplanet uses 4.5 billion yen of bond funds to purchase Bitcoin at an initial price of 3 million yen per coin, obtaining a total of 150 BTC.

例如，假設Metaplanet使用45億日圓的債券資金以每枚300萬日圓的初始價格購買比特幣，總共獲得150個BTC。

：The price of Bitcoin rose to 4.5 million yen per coin, and the total market value of BTC held by the company became 6.75 billion yen. After repaying the principal of 4.5 billion yen of bonds, there was still a net profit of 2.25 billion yen, and the leverage operation was successful.

：比特幣價格上漲至每枚450萬日圓，公司持有的BTC總市值變為67.5億日圓。償還45億日圓債券本金後，仍有淨利22.5億日元，槓桿操作成功。

：The price of Bitcoin fell to 1 million yen per coin, and the total market value of BTC was only 1.5 billion yen. At this time, the company not only had no profit, but also needed to raise an additional 3 billion yen to repay debts, and the financial pressure increased sharply.

：比特幣價格跌至每枚100萬日元，BTC總市值僅15億日圓。此時，公司不僅沒有利潤，還需要額外籌集30億日圓來償還債務，財務壓力急劇增加。

This leveraged strategy amplifies the consequences of Bitcoin price fluctuations: returns double when prices rise, and risks multiply when prices fall.

這種槓桿策略放大了比特幣價格波動的後果：價格上漲時報酬率加倍，價格下跌時風險倍增。

3. Debt repayment pressure: the dual test of Bitcoin price and cash flow

3.償債壓力：比特幣價格與現金流的雙重考驗

Although zero-interest bonds have no interest payments, their principal repayment obligations at maturity are fixed. For Metaplanet, debt repayment is challenged by both Bitcoin prices and the company’s cash flow management:

零息債券雖然不支付利息，但到期時的本金償還義務是固定的。對 Metaplanet 來說，債務償還受到比特幣價格和公司現金流管理的雙重挑戰：

1. Bitcoin price fluctuations

1. 比特幣價格波動

Metaplanet has invested all of its bond funds in Bitcoin, which means that its ability to repay its debts is highly dependent on the performance of Bitcoin prices. If prices fall, the market value of Bitcoin held by the company may not be enough to cover the 4.5 billion yen debt.

Metaplanet已將其所有債券基金投資於比特幣，這意味著其償還債務的能力高度依賴比特幣價格的表現。如果價格下跌，該公司持有的比特幣市值可能不足以償還 45 億日圓債務。

For example:

例如：

2. Cash flow liquidity and refinancing capacity

2、現金流流動性與再融資能力

If the company's Bitcoin assets fail to be liquidated in time, or if the secondary market liquidity is insufficient, the company may face the dilemma of "no cash

如果公司的比特幣資產未能及時變現，或二級市場流動性不足，公司可能面臨「無現金」的困境