Key Highlights
- The Tokyo-listed company secured 8 billion yen (approximately $50M) through zero-coupon bonds, entirely purchased by EVO Fund, for Bitcoin acquisition.
- This marks the firm’s 20th consecutive bond offering as part of its ongoing debt-based Bitcoin accumulation approach.
- With 40,177 BTC in its treasury, Metaplanet leads Japan in corporate Bitcoin ownership and ranks third worldwide.
- Fiscal 2025 results showed a $619 million net deficit, primarily attributed to unrealized depreciation on Bitcoin positions.
- Shares declined 3.69% during trading, while Bitcoin hovered near $77,800.
Metaplanet continues its aggressive Bitcoin acquisition strategy, securing an additional $50 million through a zero-interest bond issuance — with no signs of reversing course.
The Japanese investment company disclosed in Friday’s regulatory filing that it issued 8 billion yen worth of zero-coupon bonds. EVO Fund, a Cayman Islands-registered institutional investor, purchased the complete offering — continuing its pattern of backing all of Metaplanet’s prior bond sales.
This represents the firm’s 20th such bond transaction. Rather than being viewed as an isolated capital raise, it has become a cornerstone of the company’s financial architecture.
The bonds feature no interest payments, require no collateral backing, and come without guarantees. While scheduled to mature in April 2027, EVO Fund retains the option to demand early redemption with just five business days’ notice. Metaplanet also maintains the right to redeem these instruments early upon completing subsequent financings with the same partner — essentially creating a perpetual zero-cost funding mechanism.
All capital raised will be directed exclusively toward Bitcoin acquisitions.
Japan’s Leading Corporate Bitcoin Holder
Since launching its Bitcoin buying program in April 2024, Bitcoin has become central to Metaplanet’s corporate strategy. During just the first three months of 2025, the company acquired 5,075 BTC, pushing its cumulative holdings to 40,177 BTC.
This position places the firm third among all publicly traded companies globally in terms of Bitcoin holdings, trailing only MicroStrategy and one additional entity. Across Asia, no other public company comes close.
The approach mirrors MicroStrategy’s pioneering corporate treasury strategy in North America — leveraging capital markets and debt instruments to acquire Bitcoin instead of depending on operational revenues.
Substantial Losses Haven’t Deterred Strategy
This bold acquisition model has come with significant accounting consequences. The company disclosed a $619 million net loss for its fiscal 2025 period, driven predominantly by unrealized impairment charges on its Bitcoin treasury.
Metaplanet shares have also attracted considerable short-selling activity. Throughout the past twelve months, the stock has repeatedly appeared among the Tokyo Stock Exchange’s most heavily shorted securities, with skeptics questioning whether the EVO-backed financing arrangement can withstand Bitcoin’s price fluctuations.
Friday’s bond announcement, with EVO Fund once again subscribing to the entire issuance, serves as a tangible response to those doubts — at least in the immediate term.
Bitcoin’s price action has been turbulent. After reaching an all-time peak near $126,000 in October 2025, the cryptocurrency has retreated, currently trading around $77,800 — though still reflecting approximately 10% gains over the trailing 30-day period.
Metaplanet shares fell 3.69% on Friday.
According to company statements, the latest bond sale is projected to have negligible effects on consolidated financial results for fiscal 2026, with management promising to disclose any significant developments as they occur.
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