Key Takeaways

  • Tokyo-listed Metaplanet has issued 8 billion yen ($50 million) in zero-coupon bonds to EVO FUND, with proceeds earmarked for Bitcoin purchases

  • The 20th series of ordinary bonds matures in April 2027, is unsecured, and carries no interest cost for Metaplanet

  • Metaplanet now holds approximately 40,177 BTC after adding 5,075 BTC in Q1 2026, making it the third-largest publicly listed Bitcoin holder globally

  • The raise extends Metaplanet's capital markets-driven accumulation strategy, drawing frequent comparisons to Strategy's balance sheet approach in the US

  • Metaplanet shares were down approximately 3.69% at time of filing

Tokyo-listed Metaplanet has raised 8 billion Japanese yen, equivalent to approximately $50 million, through a new issuance of zero-coupon bonds to EVO FUND, with the proceeds designated for additional Bitcoin purchases, according to a company filing dated April 24.

The bonds, designated as Metaplanet's 20th series of ordinary bonds, mature in April 2027 and are unsecured, providing the company with another tranche of zero-interest financing as it continues to scale one of the largest corporate Bitcoin treasuries in the market.

Deal Structure

EVO FUND, a Cayman Islands-based fund within the Evolution Financial Group specializing in structured financings for digital asset-focused companies, is the sole subscriber and has been the primary funding partner for Metaplanet's previous zero-coupon bond issuances.

Under the terms of the transaction, the bonds will be redeemed at par on maturity. EVO FUND retains the right to request early redemption with five business days' notice, while Metaplanet may also redeem part or all of the bonds early if it completes future financings with the same investor.

Metaplanet said the bond sale is expected to have only a minimal impact on its consolidated results for fiscal 2026, and committed to providing an update if any material impact on financial performance arises.

Bitcoin Holdings Now Third-Largest Among Public Companies

The latest raise follows an aggressive first quarter in which Metaplanet added 5,075 BTC, lifting total holdings to approximately 40,177 BTC and cementing its position as the third-largest publicly listed Bitcoin holder globally. The company has consistently used debt and equity financing to accumulate Bitcoin as a treasury asset rather than relying on operating cash flow -- a strategy that draws direct comparisons to Strategy's balance sheet approach in the United States.

The new issuance signals Metaplanet's intention to continue accumulating despite a volatile stretch for crypto markets, with Bitcoin trading around $78,900 in recent sessions after briefly touching $79,000.

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