Metaplanet：“日本微策略”与零息比特币支持债券在刀锋上起舞

近日，备受瞩目的日本上市公司Metaplanet因纳入比特币而被称为“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）最近因将比特币纳入其库存资产而受到关注。随后，该公司宣布了一项大胆且引人注目的融资计划——发行零息债券。

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.

本次债券募集资金总额为45亿日元（约合3000万美元），目的是进一步增持比特币。据艾鹰介绍，自 2024 年 5 月采用比特币作为其国库储备资产以来，Metaplanet 已购买了超过 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的股价自2024年1月以来已上涨2,450%。在加密货币波动性与高风险金融工具的结合下，这一操作不仅给市场带来了高收益幻想，也带来了令人不安的潜在风险。艾盈基金洞察这里为大家分解一些操作逻辑：

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

1. 比特币策略和零息债券：两者的结合如何发挥作用？

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的融资是通过零息债券完成的。此类债券不支付利息，投资者的回报来自于以低于面值的价格购买债券并在到期时全额偿还。例如，面值100日元的债券可能以90日元发行，到期时投资者将收回100日元，赚取10日元的差价。

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.

对于公司来说，这种债券融资的成本极其低廉。无利息压力，无需定期还款。唯一的负担是债券到期时偿还本金。不过，Metaplanet 并没有将筹集的资金用于日常业务运营，而是将其全部押注于比特币这种波动性极强的资产。

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 月以来，Metaplanet 已购买了超过 1,000 个比特币。这种以比特币作为国库储备资产的策略，学习MicroStrategy如何高比例买入比特币：【思考】从18亿到1110亿：MicroStrategy如何通过比特币驱动和资本创造市值增长的新范式杠杆作用？ ，已成为加密货币领域重要的企业代表。 Metaplanet认为，比特币具有长期升值潜力，可以对抗通胀，而且作为一种稀缺资产，随着市场需求的增加，其价值预计将持续上涨。

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.

但这种策略的风险是显而易见的。如果比特币价格大幅下跌，Metaplanet持有的资产价值将大幅缩水，债券到期时仍需偿还固定金额的本金。一旦资产市值无法覆盖债务，偿债缺口就会成为一个巨大的问题。

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

2、杠杆效应在这个游戏中如何体现？

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的债券融资计划本质上是杠杆操作。该公司用低成本债务撬动比特币这种潜在高回报的资产，希望在比特币升值后，以更高的价值偿还债务，保留利润。

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，假设Metaplanet使用45亿日元的债券资金以每枚300万日元的初始价格购买比特币，总共获得150个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.

：比特币价格上涨至每枚450万日元，公司持有的BTC总市值变为67.5亿日元。偿还45亿日元债券本金后，仍有净利润22.5亿日元，杠杆操作成功。

：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.

：比特币价格跌至每枚100万日元，BTC总市值仅为15亿日元。此时，公司不仅没有利润，还需要额外筹集30亿日元来偿还债务，财务压力急剧增加。

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

这种杠杆策略放大了比特币价格波动的后果：价格上涨时回报加倍，价格下跌时风险倍增。

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

3、偿债压力：比特币价格与现金流的双重考验

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:

零息债券虽然不支付利息，但到期时的本金偿还义务是固定的。对于 Metaplanet 来说，债务偿还受到比特币价格和公司现金流管理的双重挑战：

1. Bitcoin price fluctuations

1. 比特币价格波动

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已将其所有债券资金投资于比特币，这意味着其偿还债务的能力高度依赖于比特币价格的表现。如果价格下跌，该公司持有的比特币市值可能不足以偿还 45 亿日元债务。

For example:

例如：

2. Cash flow liquidity and refinancing capacity

2、现金流流动性和再融资能力

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

如果公司的比特币资产未能及时变现，或者二级市场流动性不足，公司可能面临“无现金”的困境