Japanese bitcoin treasury firm Metaplanet has made headlines once again as it returns to the capital markets, issuing 8 billion yen (approximately $50 million) in zero-interest ordinary bonds aimed at financing further bitcoin acquisitions. This move was officially disclosed in a filing made on Friday, which revealed that the entire issuance was subscribed to by EVO Fund, an investor based in the Cayman Islands that has historically supported Metaplanet in its previous financing efforts.
This latest bond issuance marks the 20th time the company has utilized such instruments, reflecting its long-standing approach of leveraging debt markets to enhance its bitcoin holdings. Notably, the bonds come with no interest, collateral, or guarantees but include an auto-redemption feature. This trigger activates whenever Metaplanet secures equivalent funding from EVO through subsequent finance rounds, commonly involving stock warrant exercises. As a result, each bond issued effectively gets replaced upon completion of a subsequent financing round, creating a continuous, zero-cost credit line for the firm.
Currently, Metaplanet holds the title of Japan’s largest corporate bitcoin holder. Since April 2024, the firm has exhibited a robust buying trend, accumulating 5,075 BTC during the first quarter alone. Its total holdings have now reached 40,177 BTC, positioning it as the third-largest publicly listed bitcoin treasury worldwide, as noted by BitcoinTreasuries.
Despite this aggressive strategy, Metaplanet is grappling with substantial paper losses. The company reported a net loss of $619 million for fiscal 2025, primarily attributed to unrealized declines in the value of its bitcoin assets. This financial turbulence has made the firm a frequent subject of scrutiny on the Tokyo Stock Exchange, where it has oscillated between the top spots for most shorted stock throughout the past year. Investors remain skeptical about the sustainability of the financing loop anchored by EVO, particularly in light of increasing bitcoin volatility and potential shifts in EVO’s investment strategy.
The market environment has been turbulent but not strictly bearish. Bitcoin saw a significant surge to an all-time high near $126,000 in October 2025, but has since experienced a pullback amidst geopolitical uncertainties in the Middle East. Currently, it is trading around $77,800, reflecting a 10% increase over the past month as market sentiments begin to stabilize. The recent bond issuance and continued support from EVO could be pivotal for Metaplanet as it navigates these challenges.
