Metaplanet Issues Bond to Fund Bitcoin Purchases
Metaplanet, a Japanese company focused on Bitcoin financing, has recently launched an interest-free bond issue worth 8 billion yen, roughly $50 million. The objective is to fund future Bitcoin acquisitions, which will enhance their balance sheet leverage.
In a filing made on Friday, Metaplanet announced that the bond issue has been fully underwritten by EVO Fund, an investor based in the Cayman Islands. EVO has consistently supported Metaplanet’s previous endeavors. This marks the company’s 20th bond issuance, reinforcing its long-term strategy of using the bond market to increase its Bitcoin reserves.
The bonds do not carry interest, collateral, or guarantees; they do, however, feature an automatic redemption clause. This clause activates when Metaplanet raises an equal amount from EVO through future financing methods, generally involving equity warrants.
Essentially, this means each bond gets canceled and replaced once the next funding round is completed, crafting a rolling zero-cost line of credit from what began as 20 bonds.
Currently, Metaplanet holds the title of Japan’s largest corporate Bitcoin holder and has been aggressively buying Bitcoin since April 2024, acquiring 5,075 BTC just in the first quarter. As reported by BitcoinTreasuries, the company now possesses 40,177 BTC, making it the third-largest publicly traded Bitcoin treasury globally.
This fervent accumulation persists even as Metaplanet deals with substantial paper losses. The company posted a net loss of $619 million for the fiscal year 2025, primarily attributed to unrealized drops in Bitcoin value.
Over the past year, Metaplanet has fluctuated between the top positions of the most shorted stocks on the Tokyo Stock Exchange. Short sellers are raising concerns about whether EVO can sustain a reliable funding loop, especially as Bitcoin’s volatility rises and EVO’s own capital allocation priorities evolve.
The filing on Friday showcases a level of confidence from trading partners, whose ongoing involvement has played a key role in keeping the model operational.
Nevertheless, the broader market context remains quite unstable. Bitcoin reached an impressive peak of approximately $126,000 in October 2025 but later declined due to geopolitical tensions in the Middle East. As of now, trading around $77,800, the stock has still seen a 10% increase over the last month as risk sentiment begins to stabilize.
