Metaplanet Secures $50 Million via Zero-Interest Bonds for Bitcoin Expansion

Metaplanet has expanded its Bitcoin treasury through the issuance of 8 billion yen (approximately $50 million) in zero-interest ordinary bonds. The offering was fully subscribed by the Cayman Islands-based EVO Fund, marking the firm's 20th such issuance to date. This move reinforces Metaplanet's position as Japan's largest corporate Bitcoin holder. The company utilizes a unique rolling credit structure where bonds are retired and replaced through future financings, typically via stock warrant exercises, effectively creating a zero-cost capital loop to fund its digital asset acquisition. As of the latest reporting, Metaplanet holds 40,177 BTC, ranking it as the third-largest listed Bitcoin treasury globally. The firm demonstrated significant momentum in the first quarter of the year, adding 5,075 BTC to its balance sheet. Despite the aggressive accumulation, the company reported a substantial net loss of $619 million for fiscal 2025, primarily driven by unrealized markdowns on its Bitcoin stack. This financial volatility has made Metaplanet one of the most-shorted stocks on the Tokyo Stock Exchange, as traders question the sustainability of the EVO-anchored financing model. The issuance occurs as Bitcoin trades around $77,800, having pulled back from an all-time high of $126,000 reached in October 2025. The continued participation of EVO Fund serves as a critical vote of confidence in the firm's long-term treasury strategy amid fluctuating market sentiment.