Metaplanet has tapped debt markets once again to fund its bitcoin buying strategy, issuing 8 billion yen (around $50 million) in zero-interest bonds to finance additional BTC purchases.
In a filing released Friday, the Japanese bitcoin treasury firm confirmed that the full issuance was taken up by EVO Fund, a Cayman Islands-based investor that has repeatedly supported its prior capital raises. The deal marks Metaplanet’s 20th bond issuance, underscoring its consistent use of structured financing to expand its bitcoin holdings.
The bonds are issued without interest, collateral, or guarantees, but include a built-in auto-redemption feature. This mechanism is triggered when the company raises equivalent capital from EVO through future transactions, typically via stock warrant exercises. As a result, each issuance is effectively rolled over, creating a continuous, zero-cost funding loop.
This financing model has enabled Metaplanet to rapidly scale its bitcoin exposure. Since launching its accumulation strategy in April 2024, the firm has maintained an aggressive pace of purchases, adding 5,075 BTC in the first quarter alone. Its total holdings now stand at 40,177 BTC, positioning it as Japan’s largest corporate holder and the third-largest publicly listed bitcoin treasury globally, according to BitcoinTreasuries.
However, the approach has not been without risk. The company reported a net loss of $619 million for fiscal 2025, largely driven by unrealized declines in the value of its bitcoin holdings.
Metaplanet’s strategy has also drawn significant attention from short sellers, with the stock frequently ranking among the most shorted on the Tokyo Stock Exchange. Critics have questioned whether the company’s reliance on EVO-backed financing can hold up under heightened bitcoin volatility or changes in investor appetite.
Nonetheless, the latest issuance signals continued backing from its key funding partner, a critical component in sustaining its capital strategy.
In the broader market, bitcoin has experienced heightened volatility. After surging to a record high near $126,000 in October 2025, prices have since pulled back amid geopolitical tensions in the Middle East. The cryptocurrency is currently trading around $77,800, still up დაახლოებით 10% over the past month as market sentiment stabilizes.
