Key Highlights
- Tokyo-based Metaplanet secured 8 billion yen (approximately $50M) through zero-coupon bonds, with EVO Fund subscribing to the entire offering.
- The financing marks the 20th consecutive bond sale in the company’s debt-leveraged Bitcoin acquisition approach.
- With 40,177 BTC now in its treasury, Metaplanet ranks as Japan’s top corporate Bitcoin holder and third worldwide among public companies.
- Fiscal 2025 results showed a $619 million net deficit, primarily attributed to unrealized depreciation on Bitcoin assets.
- Shares declined 3.69% during Friday’s trading session, while Bitcoin hovered near $77,800.
Metaplanet has successfully completed another $50 million fundraising through zero-interest debt instruments as part of its ongoing Bitcoin accumulation campaign — showing no signs of retreat.
The Tokyo Stock Exchange-listed enterprise submitted regulatory filings on Friday, documenting the placement of 8 billion yen in zero-coupon bonds. EVO Fund, a Cayman Islands-registered investment entity, purchased the complete issuance — maintaining its unbroken record of supporting all of Metaplanet’s prior bond offerings.
This transaction represents the firm’s 20th bond placement. By now, the pattern has evolved from sporadic capital raises into a systematic financing mechanism.
The debt instruments feature zero interest rates, require no collateral backing, and carry no guarantees. While scheduled to mature in April 2027, they include provisions allowing EVO Fund to trigger early redemption with just five business days’ advance notification. Metaplanet also retains the option to redeem them upon securing subsequent financing arrangements with the same investor — essentially creating a perpetual zero-cost revolving credit facility.
All capital raised will be directed exclusively toward Bitcoin acquisitions.
Japan’s Premier Corporate Bitcoin Treasury
Metaplanet has maintained a consistent Bitcoin purchasing program since launching the initiative in April 2024. During Q1 2025 alone, the company acquired 5,075 BTC, elevating its aggregate holdings to 40,177 BTC.
This position secures third place globally among publicly traded corporate Bitcoin holders, trailing only MicroStrategy and one additional entity. Within the Asian market, it commands an unchallenged leadership position.
The approach mirrors MicroStrategy’s pioneering balance sheet strategy in the United States — leveraging capital markets and debt financing to acquire Bitcoin instead of depending on operational revenue generation.
Substantial Losses Don’t Deter Strategy
This bold approach carries significant financial implications. Metaplanet disclosed a $619 million net loss for fiscal year 2025, predominantly driven by unrealized impairment charges against its Bitcoin portfolio.
The company’s equity has also attracted considerable attention from short-side traders. Throughout the past twelve months, it has repeatedly appeared on the Tokyo Stock Exchange’s most-shorted securities roster, with bearish investors questioning the sustainability of the EVO-funded financing mechanism amid Bitcoin’s price fluctuations.
Friday’s bond placement, with EVO Fund once again subscribing to the entire offering, serves as a tangible response to those doubts — at least in the immediate term.
Bitcoin’s price action has demonstrated considerable volatility. The cryptocurrency reached an all-time peak approaching $126,000 in October 2025 but has since retreated, currently changing hands around $77,800 at press time — though still maintaining approximately 10% gains over the trailing 30-day period.
Metaplanet’s shares posted a 3.69% decline on Friday.
The corporation indicated that the bond transaction is projected to produce negligible effects on consolidated financial performance for fiscal 2026, committing to disclose additional information should any significant developments arise.
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