Key Highlights
- Tokyo-based Metaplanet secured 8 billion yen (approximately $50M) through zero-coupon bond issuance, entirely underwritten by EVO Fund, designated for Bitcoin acquisition.
- The transaction marks the firm’s 20th bond offering as part of its continuous debt-financed Bitcoin accumulation approach.
- The company’s Bitcoin treasury has reached 40,177 BTC, positioning it as Japan’s premier corporate Bitcoin holder and third worldwide.
- Fiscal 2025 saw the company record a $619 million net deficit, primarily attributed to unrealized depreciation on Bitcoin assets.
- Shares declined 3.69% during trading, while Bitcoin hovered near $77,800.
Metaplanet has secured an additional $50 million through a zero-interest bond offering to expand its Bitcoin treasury — showing no signs of retreating from its aggressive acquisition strategy.
The Japanese publicly-traded company disclosed Friday that it successfully issued 8 billion yen in zero-coupon bonds. EVO Fund, a Cayman Islands-registered investment entity that has participated in all of Metaplanet’s prior bond offerings, subscribed to the complete issuance.
This represents the firm’s 20th bond transaction. What began as a financing initiative has evolved into a systematic approach to capital raising.
The bonds feature zero interest payments, require no collateral backing, and carry no guarantees. While scheduled to mature in April 2027, they include provisions allowing EVO Fund to request early redemption with just five business days’ notification. Metaplanet also retains the option to redeem bonds upon completing subsequent financings with the same partner — essentially creating a perpetual zero-cost revolving credit facility.
All raised capital is designated exclusively for Bitcoin acquisitions.
Assembling Japan’s Largest Corporate Bitcoin Reserve
Metaplanet initiated its Bitcoin purchasing program in April 2024. During just the opening quarter of 2025, the company accumulated 5,075 BTC, elevating its total holdings to 40,177 BTC.
This position places the company third among publicly-traded entities globally in terms of Bitcoin holdings, trailing only MicroStrategy and one additional corporation. Across the Asian continent, it maintains an unchallenged lead.
The methodology bears striking resemblance to MicroStrategy’s treasury management approach in the United States — leveraging debt and equity capital markets for Bitcoin accumulation instead of depending on operational revenue.
Substantial Losses Haven’t Deterred Accumulation Efforts
The bold strategy has carried significant financial consequences. Metaplanet disclosed a $619 million net deficit for fiscal 2025, predominantly stemming from unrealized impairment charges on its Bitcoin portfolio.
The company’s shares have repeatedly attracted short-seller attention. Throughout the past year, the stock has appeared multiple times on the Tokyo Stock Exchange’s most-shorted securities list, with skeptics questioning the sustainability of the EVO-backed financing arrangement amid Bitcoin’s price fluctuations.
Friday’s bond announcement, featuring EVO Fund’s complete subscription once more, serves as a definitive response to those doubters — at least in the immediate term.
Bitcoin has experienced significant price swings. After reaching an all-time peak near $126,000 in October 2025, the cryptocurrency has retreated, currently trading around $77,800 at press time — though still maintaining approximately 10% gains over the previous month.
Metaplanet’s shares closed Friday’s session down 3.69%.
The corporation indicated that the bond transaction is anticipated to produce minimal effects on consolidated financial results for fiscal 2026, pledging to communicate any material developments should they arise.
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