Metaplanet Raises $50M in Zero-Interest Bonds to Buy More Bitcoin

Highlights:

• Metaplanet has issued $50M in zero-interest bonds to fund fresh Bitcoin purchases.
• EVO Fund fully subscribed to the company’s latest bond sale.
• Metaplanet now holds 40,177 BTC under its treasury plan.

Metaplanet has raised another ¥8 billion, worth about $50 million, through zero-interest ordinary bonds as it prepares to buy more Bitcoin. The Tokyo-listed firm said the 20th bond series will mature in April 2027 and carry no interest.

The entire proceeds were allocated to EVO FUND, which has been a frequent backer in its Bitcoin treasury plan. According to the April 24 filing, the proceeds will go toward fresh Bitcoin purchases, adding to a balance sheet already dominated by BTC.

The move keeps the company on a path often compared with Strategy’s corporate Bitcoin model. However, the Japanese firm has built its own structure around low-cost capital, equity-linked warrants, and rising local demand for Bitcoin exposure through listed shares. The structure also gives management room to act quickly when market prices shift.

Metaplanet Turns Another Bond Sale into Bitcoin Capital

Metaplanet said the new bonds have no collateral, no guarantee, and no coupon payment. Despite this, the structure gives the company immediate capital while avoiding regular financing costs. The bonds also link to a wider warrant program. CEO Simon Gerovich said redemption will use proceeds from the firm’s 27th Series of Stock Acquisition Rights, a ¥37 billion program running from April 2026 to April 2027.

メタプラネットは、追加のビットコイン購入のため、80億円の無利息普通社債を発行しました。 pic.twitter.com/NaPRbvkVMz

— Metaplanet Inc. (@Metaplanet) April 24, 2026

This setup allows EVO FUND to provide interest-free capital now and receive equity-related upside through the warrant channel. Therefore, the arrangement keeps the company’s Bitcoin purchase plan active without relying on traditional debt costs.

Additionally, Japan’s low-rate backdrop also supports the model. The weak yen has pushed some investors toward assets viewed as alternatives to cash, including Bitcoin-linked listed companies.

Bitcoin Holdings Keep Growing Despite Heavy Losses

Metaplanet now holds 40,177 BTC, making it Japan’s largest listed corporate Bitcoin holder. The company ranks among the largest public Bitcoin treasury firms globally, behind Michael Saylor’s Strategy and Twenty One Capital. Its current stash carries an estimated market value of about $3.11 billion, based on the latest Bitcoin prices.

However, the approach has also resulted in massive paper losses. Metaplanet last year reported a net loss of $619 million, largely from unrealized markdowns tied to Bitcoin hodlings.

LATEST: 💰 Metaplanet reported a $619 million net loss in Q4, driven by unrealized losses on its Bitcoin, though its revenue surged 738% to $58 million as its holdings climbed to 35,102 BTC. pic.twitter.com/pYy9VkV4Bo

— CoinMarketCap (@CoinMarketCap) February 16, 2026

In addition, the management has continued to use Bitcoin per share as the core performance metric. Gerovich used this measure to defend the treasury program during market uncertainty. In Q1 of this year, the firm reported a 2.8% year-to-date BTC yield.

Metaplanet Targets 210,000 Bitcoin By 2027

The firm has set a target of 100,000 BTC in 2026 and 210,000 BTC in 2027. This final target equals about 1% of Bitcoin’s fixed supply. This plan also forms part of its “555 Million Plan,” which aims to turn the company into Asia’s leading listed Bitcoin treasury vehicle. As a result, the bond sale marks another step rather than a change in strategy.

Meanwhile, this latest raise has failed to lift the firm’s stock. The shares have dropped 3.7% on the day and have remained lower over five sessions, although they still display gains over the past month.