Metaplanet Issues ¥8B Bonds to Expand Bitcoin Holdings

TLDR

• Metaplanet raised $50 million through zero-interest bonds to fund additional Bitcoin purchases.
• The company issued ¥8 billion in unsecured bonds to EVO FUND with a maturity set for April 2027.
• Metaplanet plans to use the full proceeds from the bond sale to expand its Bitcoin treasury.
• The firm currently holds about 40,177 BTC valued at roughly $3.1 billion.
• Metaplanet aims to increase its holdings to 100,000 BTC by the end of this year.

Metaplanet has raised ¥8 billion, about $50 million, through zero-interest bonds to buy more Bitcoin. The Tokyo-listed company issued its 20th series of ordinary bonds to EVO FUND, and it will redeem them in 2027. The company said it will use the proceeds for additional Bitcoin purchases as it expands its treasury.

Metaplanet expands Bitcoin treasury with new bond sale

Metaplanet issued ¥8 billion in unsecured, zero-coupon bonds to EVO FUND, according to a recent filing. The bonds will mature in April 2027, and the company will redeem them at par. EVO FUND can request early redemption with five business days’ notice, and Metaplanet can redeem them after future financings.

The company stated that it expects only a minimal impact on consolidated results for fiscal 2026. It added that it will provide updates if “any material impact” arises on financial performance. The filing confirmed that Metaplanet will allocate the full proceeds to Bitcoin purchases.

At current prices near $78,000 per Bitcoin, the $50 million could buy between 640 and 700 BTC. This purchase would increase the company’s total holdings further. The firm continues to rely on capital markets instead of operating cash flow for funding.

Metaplanet’s shares fell about 3.69% during recent trading. The decline followed the bond announcement and recent Bitcoin price movements. Bitcoin traded around $77,000 in recent sessions.

Bitcoin holdings rise as accumulation strategy continues

Metaplanet holds about 40,177 BTC, valued near $3.1 billion at current prices. This position makes it Japan’s largest corporate Bitcoin holder. It ranks third among publicly traded companies, behind Strategy and Twenty One Capital.

In the first quarter of 2026, the company bought 5,075 BTC for roughly $405 million. It reported a BTC Yield of 2.8% for the quarter. The aggressive buying raised its average acquisition cost to $104,106 per Bitcoin.

The company has set a target of 100,000 BTC by the end of this year. It also plans to hold 210,000 BTC by the end of 2027. These targets align with its ongoing debt-funded accumulation approach.

Metaplanet reported a ¥95 billion net loss for fiscal 2025. The loss resulted mainly from unrealized valuation declines on its Bitcoin holdings. Despite that result, the company continues to expand its Bitcoin treasury.

EVO FUND, based in the Cayman Islands, specializes in structured financing for digital asset companies. It remains the main subscriber to Metaplanet’s zero-coupon bond issuances. The latest bond sale extends the company’s existing financing model as of April 2026.

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