Key Highlights
- Metaplanet completed an 8 billion yen (~$50M) zero-interest bond offering, entirely subscribed by EVO Fund, dedicated to Bitcoin purchases.
- The financing marks the company’s 20th consecutive bond issuance as part of its debt-driven Bitcoin acquisition approach.
- With 40,177 BTC in its treasury, Metaplanet ranks as Japan’s top corporate Bitcoin holder and third globally.
- The Tokyo-listed company posted a $619 million net loss for fiscal 2025, primarily from 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 zero-coupon bond financing to further expand its Bitcoin treasury — showing no signs of retreat from its aggressive accumulation strategy.
The Tokyo Stock Exchange-listed company disclosed Friday that it successfully issued 8 billion yen in zero-interest bonds. EVO Fund, a Cayman Islands-domiciled investment vehicle, purchased the complete offering — continuing its unbroken track record of financing every previous Metaplanet bond round.
This represents the firm’s 20th bond transaction. What began as an unconventional financing tactic has evolved into a systematic, repeatable strategy.
The bonds feature zero interest payments, require no collateral, 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 retains the option to redeem early if it secures additional financing from the same investor — essentially creating a perpetual zero-cost revolving credit facility.
All capital raised will be allocated exclusively toward Bitcoin acquisitions.
Japan’s Dominant Corporate Bitcoin Holder
Metaplanet launched its Bitcoin accumulation initiative in April 2024. During just the first three months of 2025, the company acquired 5,075 BTC, pushing its aggregate holdings to 40,177 BTC.
This position places the firm third among all publicly traded corporate Bitcoin holders worldwide, trailing only MicroStrategy and one other entity. Within Asia, Metaplanet holds the undisputed leading position.
The strategy mirrors MicroStrategy’s treasury reserve approach in the United States — leveraging capital markets through debt and equity instruments to accumulate Bitcoin instead of depending on operational revenues.
Substantial Losses Fail to Deter Expansion
This bold approach hasn’t come without financial consequences. Metaplanet disclosed a $619 million net loss for its 2025 fiscal year, predominantly attributed to unrealized impairment charges on its Bitcoin treasury.
The company’s shares have repeatedly drawn attention from short sellers. Throughout the past twelve months, the stock has appeared multiple times on the Tokyo Stock Exchange’s most-shorted securities list, with skeptics challenging whether the EVO-financed structure can withstand Bitcoin’s price fluctuations.
Friday’s bond announcement, with EVO Fund once again committing the full subscription amount, serves as a concrete response to those doubts — at least in the near term.
Bitcoin has experienced considerable price swings. After reaching an all-time high 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 trailing month.
Metaplanet shares closed Friday down 3.69%.
The corporation stated that the bond transaction is anticipated to produce negligible effects on its consolidated financial statements for fiscal 2026, committing to issue updates should any significant impact materialize.
