Key Highlights
- The Tokyo-listed company secured 8 billion yen (~$50M) through zero-coupon bonds fully subscribed by EVO Fund for Bitcoin acquisition.
- This marks the firm’s 20th consecutive bond offering as part of its debt-financed digital asset accumulation approach.
- The company’s Bitcoin reserves reached 40,177 BTC, positioning it as Japan’s top corporate holder and third worldwide.
- Fiscal 2025 results showed a $619 million net deficit, primarily attributed to unrealized declines in Bitcoin valuation.
- Shares declined 3.69% during trading, while Bitcoin hovered near $77,800.
Metaplanet continues its aggressive Bitcoin accumulation campaign with another $50 million capital raise through zero-interest bond instruments.
According to Friday’s regulatory filing, the Tokyo Stock Exchange-listed corporation issued 8 billion yen in zero-coupon debt securities. EVO Fund, the Cayman Islands-domiciled investment vehicle, purchased the entire allocation, maintaining its consistent support across all prior offerings.
The transaction represents the company’s 20th bond deployment. This frequency demonstrates a systematic financing approach rather than sporadic capital-raising activities.
These debt instruments carry zero interest rates, require no collateral backing, and come without guarantees. The maturity date falls in April 2027, though EVO Fund holds early redemption rights with five business days’ advance notification. Metaplanet maintains reciprocal redemption privileges upon completing subsequent financings with the same partner — essentially creating a perpetual zero-cost revolving facility.
All capital raised will be directed toward Bitcoin acquisition.
Japan’s Leading Corporate Bitcoin Treasury
Bitcoin purchases began in April 2024 and have continued steadily. During Q1 2025 alone, the company acquired 5,075 BTC, elevating total reserves to 40,177 BTC.
This position ranks third among publicly traded corporations holding Bitcoin globally, trailing only MicroStrategy and one additional company. Within Asian markets, Metaplanet leads without competition.
The approach mirrors MicroStrategy’s treasury strategy in the United States — leveraging capital markets through debt and equity instruments for cryptocurrency accumulation instead of deploying operating revenues.
Substantial Unrealized Losses Accompany Growth Strategy
The bold acquisition program carries significant financial implications. Fiscal 2025 concluded with a $619 million net deficit, predominantly driven by unrealized impairment charges on Bitcoin holdings.
Short sellers have repeatedly targeted the company’s shares. Throughout the previous year, the stock appeared multiple times on Tokyo Stock Exchange’s most-shorted securities list, with bearish traders questioning the sustainability of the EVO-supported financing mechanism amid cryptocurrency price swings.
Friday’s successful bond placement, with EVO Fund subscribing to the complete offering, serves as a rebuttal to those doubts — for the present moment.
Bitcoin prices have experienced notable fluctuations. The cryptocurrency reached an all-time peak approaching $126,000 in October 2025 before retreating to current levels around $77,800 during writing — representing approximately 10% gains over the trailing month.
Shares of Metaplanet closed 3.69% lower on Friday.
Management indicated the bond transaction should produce minimal effects on consolidated fiscal 2026 financial statements, committing to disclosure should any significant developments arise.
