Japanese bitcoin treasury firm Metaplanet has raised fresh capital to expand its BTC holdings, issuing 8 billion yen (approximately $50 million) in zero-interest bonds as part of its ongoing accumulation strategy.
According to a Friday filing, the entire issuance was subscribed by EVO Fund, a Cayman Islands-based investor that has consistently backed Metaplanet’s previous fundraising rounds. This marks the company’s 20th bond issuance, highlighting its continued reliance on debt markets to finance bitcoin purchases.
The bonds are structured without interest, collateral, or guarantees. However, they include an auto-redemption mechanism tied to future capital raises from EVO Fund—typically through stock warrant exercises. In effect, each bond is repaid and replaced as new financing is secured, creating what functions as a rolling, zero-cost credit facility.
Metaplanet has rapidly emerged as Japan’s largest corporate bitcoin holder, maintaining an aggressive accumulation strategy since April 2024. The firm added 5,075 BTC in the first quarter alone and currently holds 40,177 BTC, making it the third-largest publicly listed bitcoin treasury globally, according to BitcoinTreasuries data.
Despite its expansion, the strategy has come with significant financial strain. The company reported a net loss of $619 million for fiscal 2025, largely due to unrealized losses tied to bitcoin price fluctuations.
The firm has also attracted heightened scrutiny in equity markets, frequently ranking among the most shorted stocks on the Tokyo Stock Exchange. Skeptics have raised concerns about the sustainability of its EVO-backed financing model, particularly in periods of increased bitcoin volatility or shifts in the investor’s capital allocation strategy.
Still, the latest bond issuance signals continued support from its key financial backer, reinforcing confidence in the structure that underpins Metaplanet’s approach.
Meanwhile, the broader bitcoin market has remained volatile. After reaching an all-time high near $126,000 in October 2025, the asset has since retraced amid geopolitical tensions in the Middle East. Bitcoin is currently trading around $77,800, maintaining a gain of roughly 10% over the past month as market sentiment shows signs of stabilization.
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