Metaplanet has returned to the debt markets to extend its bitcoin accumulation strategy, issuing 8 billion yen (approximately $50 million) in zero-interest bonds to fund additional BTC purchases.
A Friday disclosure showed the entire offering was absorbed by EVO Fund, a Cayman Islands-based investor that has consistently participated in the company’s prior financings. The issuance represents Metaplanet’s 20th bond deal, reinforcing its reliance on structured debt to scale its bitcoin exposure.
The bonds are unsecured, carry no interest, and come without guarantees. They are, however, linked to an auto-redemption mechanism that activates when the company raises matching capital from EVO through future transactions, typically via stock warrant exercises. This structure effectively transforms the repeated issuances into a rolling, zero-cost funding facility.
The strategy has enabled rapid balance sheet expansion. Since initiating its bitcoin-focused treasury approach in April 2024, Metaplanet has steadily increased its holdings, adding 5,075 BTC in the first quarter alone. The firm now holds 40,177 BTC, making it Japan’s largest corporate bitcoin holder and the third-largest among publicly listed companies globally, according to BitcoinTreasuries data.
Still, the aggressive accumulation has come with volatility-driven downside. The company reported a net loss of $619 million for fiscal 2025, primarily due to unrealized losses tied to bitcoin price movements.
Metaplanet’s financing model has also attracted scrutiny in equity markets. The stock has frequently ranked among the most shorted on the Tokyo Stock Exchange, with skeptics questioning the durability of its EVO-backed funding loop—particularly in a more volatile crypto environment or if investor demand weakens.
Even so, the latest bond sale signals continued support from its key funding partner, a crucial factor in sustaining the model.
In the broader market, bitcoin has seen sharp swings. After reaching an all-time high near $126,000 in October 2025, prices have since retraced amid geopolitical tensions in the Middle East. The asset is currently trading around $77,800, holding onto roughly 10% gains over the past month as overall risk sentiment shows signs of stabilization.
