TL;DR:
- Metaplanet issued zero-interest bonds worth 8 billion yen (~$50 million) to fund new bitcoin purchases, marking its 20th consecutive issuance.
- The Japanese firm bought 5,075 BTC in Q1 2026, bringing its total reserves to 40,177 BTC as of March 31.
- Despite reporting a net loss of $619 million in fiscal year 2025, the company maintains its aggressive accumulation strategy.
The Japanese firm Metaplanet issued zero-interest ordinary bonds worth 8 billion Japanese yen, equivalent to approximately $50 million, with the goal of funding future bitcoin purchases.
The issuance was fully subscribed by EVO Fund, a Cayman Islands-based investment firm that has led all previous placements by the company. This marks Metaplanet’s twentieth bond issuance, consolidating its financing model based on zero-cost debt.
*Metaplanet Issues 8 Billion JPY in 0% Ordinary Bonds to Purchase Additional $BTC* pic.twitter.com/az8kfL7eeA
— Metaplanet Inc. (@Metaplanet) April 24, 2026
The bonds carry no interest, are unsecured, and include an automatic redemption mechanism that is triggered when Metaplanet obtains the equivalent financing from EVO Fund through future warrant exercises on shares. In practice, each bond is canceled and replaced when the next round closes, turning the entire sequence into a revolving line of zero-cost credit.
Metaplanet’s Twentieth Bet
The company, listed on the Tokyo Stock Exchange, accumulated approximately 5,075 BTC during Q1 2026, bringing its total reserves to 40,177 BTC as of March 31. According to BitcoinTreasuries data, this volume positions it as the third-largest corporate bitcoin holder listed on a stock exchange worldwide, behind Strategy and other institutional reserve funds.
The accumulation strategy continues despite Metaplanet reporting a net loss of $619 million for fiscal year 2025, driven primarily by unrealized losses on the valuation of its bitcoin holdings. The firm has repeatedly ranked first among the most short-sold stocks on the Tokyo Stock Exchange. Many traders have questioned the sustainability of the financing model given the asset’s volatility and potential shifts in EVO Fund’s priorities.
Bitcoin reached an all-time high near $126,000 in October 2025, though it pulled back sharply amid geopolitical tensions in the Middle East. Currently, BTC is trading around $77,800 and has recovered approximately 10% over the past month.
