Metaplanet has continued to lean on debt markets to grow its bitcoin exposure, issuing 8 billion yen (roughly $50 million) in zero-interest bonds to finance additional BTC purchases.
In a Friday filing, the Japanese bitcoin treasury company said the entire issuance was taken up by EVO Fund, a Cayman Islands-based investor that has consistently participated in its prior raises. The deal marks Metaplanet’s 20th bond issuance, underscoring its disciplined use of structured financing to accumulate bitcoin.
The bonds carry no interest, collateral, or guarantees, but feature an auto-redemption clause linked to future capital inflows from EVO, typically via stock warrant exercises. This mechanism allows each issuance to be effectively rolled forward, creating an ongoing, zero-cost funding structure.
That approach has fueled rapid growth in Metaplanet’s bitcoin reserves. Since adopting its treasury strategy in April 2024, the firm has steadily expanded its holdings, adding 5,075 BTC in the first quarter alone. It now holds 40,177 BTC, making it Japan’s largest corporate bitcoin holder and the third-largest publicly listed bitcoin treasury worldwide, according to BitcoinTreasuries data.
However, the aggressive accumulation strategy has also amplified exposure to market volatility. The company reported a net loss of $619 million for fiscal 2025, largely driven by unrealized losses on its bitcoin holdings.
Metaplanet’s model has drawn scrutiny from short sellers, with the stock frequently ranking among the most shorted on the Tokyo Stock Exchange. Critics have raised concerns about the sustainability of its EVO-backed funding loop, particularly in periods of heightened bitcoin volatility or shifts in investor appetite.
Even so, the latest issuance signals continued support from its key financial partner, a critical element in maintaining the strategy.
In the broader market, bitcoin has experienced notable swings. After climbing to an all-time high near $126,000 in October 2025, prices have since pulled back amid geopolitical tensions in the Middle East. The asset is currently trading around $77,800, still up about 10% over the past month as market sentiment stabilizes.
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