Quick Insights

  • Metaplanet has issued 8 billion yen ($50 million) in zero-interest ordinary bonds, fully subscribed by Cayman Islands-based EVO Fund, marking the company's 20th bond issuance.
  • Proceeds will be used entirely to buy bitcoin. Metaplanet already holds 40,177 BTC as of March 31, making it the third-largest listed bitcoin treasury firm globally.
  • The raise comes despite a $619 million net loss reported for fiscal 2025, primarily driven by unrealised valuation losses on its bitcoin holdings.

Metaplanet has raised another 8 billion yen, or roughly $50 million, through a zero-interest ordinary bond issuance earmarked entirely for new bitcoin purchases, deepening a capital markets strategy that has now produced 20 separate bond offerings since the Tokyo-listed firm pivoted to a bitcoin treasury model in April 2024. The company confirmed the raise in a filing published Friday.

The full offering was subscribed by EVO Fund, the Cayman Islands-based investment firm that has anchored the majority of Metaplanet's previous raises. The bonds carry no coupon and mature in April 2027, meaning the company secures a year of interest-free financing with the entire principal directed at accumulating more bitcoin. CEO Simon Gerovich kept the announcement brief, posting "I'm buying Bitcoin!" on X shortly after the filing went public.

Metaplanet Bought 5,075 BTC in Q1 Alone to Hit 40,177 Total

Metaplanet entered 2026 as Japan's largest corporate holder of digital assets and has continued to add to its stack at a steady pace. In the first quarter of this year, the firm purchased 5,075 BTC, bringing its total holdings to 40,177 BTC as of March 31 and placing it third among publicly listed bitcoin treasury companies globally, according to BitcoinTreasuries, behind Strategy and the UK-listed Semler Scientific. The company has publicly targeted 100,000 BTC by the end of 2026 and 210,000 BTC, roughly 1% of the total supply, by the end of 2027.

The aggressive buying continues despite a difficult set of annual results. Metaplanet reported a $619 million net loss for fiscal 2025, a figure driven almost entirely by unrealised markdown on its bitcoin position rather than any deterioration in underlying operations. With bitcoin currently trading around $77,800, you can track live prices on the Nakamoto Daily ETF tracker, the paper losses on Metaplanet's older purchases remain substantial, with the asset down from an all-time high of roughly $126,000 in October 2025 but recovering around 10% over the past month.

Metaplanet by the Numbers
  • 40,177 BTC held as of March 31 2026, third-largest listed treasury globally
  • 5,075 BTC purchased in Q1 2026 alone
  • 20 bond issuances completed to date, all proceeds directed at bitcoin
  • $619 million net loss reported for fiscal 2025, largely unrealised valuation losses
  • 100,000 BTC target for end of 2026

The zero-interest structure of these bonds is worth noting. In most markets, borrowing without paying a coupon requires either a very strong credit relationship with the lender, convertible features that compensate through equity upside, or a counterparty like EVO Fund that has its own reasons to want the deal done. Metaplanet has not disclosed the full economic terms of its arrangement with EVO Fund, but the repeated participation of the same buyer across 20 issuances suggests a structured relationship that goes beyond a conventional bond sale.

For now, the playbook mirrors the one first popularised by Strategy's leveraged bitcoin treasury model, where repeated capital raises fund a single-asset accumulation strategy on the premise that bitcoin's long-run trajectory will outpace the cost of financing. Whether Metaplanet can sustain that model through a prolonged period of price weakness, and still service the eventual principal repayments on its growing bond stack, is the question its shareholders will be watching most closely.

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