Metaplanet Raises $50M via Zero-Interest Bonds to Expand Bitcoin Treasury Holdings

Metaplanet announced it will issue ¥8 billion ($50 million) in zero-interest bonds to expand its Bitcoin holdings, according to a statement released on Friday. The issuance marks the company’s 20th series of ordinary bonds and is set to mature in April 2027.

The bonds are unsecured and carry no interest, providing Metaplanet with capital without incurring additional debt servicing costs. Proceeds from the issuance will be used exclusively for further Bitcoin purchases, with repayment due at par upon maturity.

The bonds were allocated to EVO FUND, a Cayman Islands-based investor affiliated with Evolution Financial Group. EVO FUND has previously backed multiple fundraising efforts by Metaplanet. Under the agreement, the fund may request early redemption with five business days’ notice. Metaplanet also retains the option to redeem part or all of the issuance if it secures additional financing with the same counterparty.

At Bitcoin’s current price of approximately $78,000, the $50 million raise could enable Metaplanet to acquire between 640 and 700 BTC. The company’s existing holdings total 40,177 BTC, valued at roughly $3.1 billion, making it the largest corporate Bitcoin holder in Japan and the third largest among public companies globally.

Metaplanet has set ambitious targets, aiming to reach 100,000 BTC by the end of 2026 and 210,000 BTC by the end of 2027. The latest bond issuance follows a strong first quarter in which the firm added 5,075 BTC and reported a Bitcoin yield of 2.8%.

Despite these strategic moves, Metaplanet reported a net loss of ¥95 billion for the fiscal year 2025, primarily due to unrealized valuation declines tied to Bitcoin price fluctuations. The company’s average acquisition cost per Bitcoin stands at $104,106, which exceeds current market levels.

Strategic Shift Mirrors U.S. Corporate Bitcoin Models

Metaplanet’s financing strategy aligns with a growing trend among public companies that use capital markets to accumulate Bitcoin as a treasury reserve asset. A prominent example is Strategy, which recently disclosed a major Bitcoin acquisition.

On Wednesday, Strategy revealed it purchased 34,164 Bitcoin for approximately $2.54 billion, one of its largest acquisitions to date. This purchase increased its total holdings to 815,061 BTC, surpassing BlackRock and bringing its cumulative Bitcoin investment to roughly $61.56 billion at an average cost near current market prices. The acquisition was funded through equity sales and its STRC preferred stock offering, which has become a key financing tool for the company.

Despite its expanding Bitcoin position—now representing over 3.8% of the total Bitcoin supply—Strategy’s shares experienced a decline in pre-market trading. Investors appeared cautious about the firm’s aggressive capital strategy and its implications for shareholder value.

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