Japan’s bitcoin treasury specialist Metaplanet has tapped the debt markets again, issuing 8 billion yen (about $50 million) in zero-interest ordinary bonds to fund further BTC purchases.
The Friday filing shows the entire issue was taken up by EVO Fund, a Cayman Islands-based investor that has anchored many of Metaplanet’s prior financings. This is Metaplanet’s 20th bond issuance — part of a long-standing playbook of using debt to build its bitcoin position.
Key features of the bonds:
- Zero interest, no collateral and no guarantee.
- An auto-redemption trigger: each bond is redeemed automatically when Metaplanet raises a matching amount from EVO in future financings (typically through warrant exercises).
In practice, that structure has operated like a rolling, zero-cost credit line — each bond is paid down and effectively replaced as the next EVO-backed financing completes.
Balance-sheet strategy and holdings
Metaplanet is now Japan’s largest corporate bitcoin holder and, with 40,177 BTC on the books, ranks as the third-largest listed bitcoin treasury globally, according to BitcoinTreasuries. The company has been aggressively accumulating since April 2024, adding 5,075 BTC in the first quarter alone.
Financial strain and market skepticism
The accumulation has come with big paper losses. Metaplanet reported a ¥ (JPY?) $619 million net loss for fiscal 2025, driven largely by unrealized markdowns on its bitcoin holdings. Short sellers have repeatedly targeted the stock on the Tokyo Stock Exchange over the past year, questioning whether the EVO-anchored financing loop can hold up if bitcoin volatility spikes or if EVO changes its capital allocation priorities. That EVO again funded the latest bond issuance is, for now, a clear vote of confidence in Metaplanet’s model.
Bigger-picture market backdrop
Bitcoin’s path has been volatile rather than decisively bearish: it briefly ran to an all-time high near $126,000 in October 2025 before retreating amid geopolitical shocks in the Middle East. BTC is trading around $77,800 at the time of the filing, roughly 10% higher over the past month as risk sentiment steadies.
Bottom line: Metaplanet is doubling down on a familiar financing strategy to keep buying bitcoin — backed again by EVO — but the approach leaves the company exposed to price swings and the governance decisions of its repeat financier.
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