Metaplanet Keeps Stacking Bitcoin With Another $50M Zero-Interest Deal

TLDR

• Metaplanet issued 8 billion yen (~$50M) in zero-interest bonds, fully subscribed by EVO Fund, to buy more Bitcoin.
• This is the company’s 20th bond issuance in its rolling debt-funded Bitcoin accumulation strategy.
• Metaplanet now holds 40,177 BTC, making it Japan’s largest corporate Bitcoin holder and third-largest globally.
• The company reported a $619 million net loss for fiscal 2025, driven by unrealized losses on its Bitcoin holdings.
• Stock was down 3.69% at time of writing, with Bitcoin trading around $77,800.

Metaplanet has raised another $50 million through zero-interest bonds to keep stacking Bitcoin — and it’s not slowing down.

Metaplanet Inc., 3350.T

The Tokyo-listed firm filed on Friday, confirming the issuance of 8 billion yen in zero-coupon bonds. The entire offering was taken up by EVO Fund, a Cayman Islands-based investor that has backed every single one of Metaplanet’s previous bond rounds.

This is the company’s 20th bond issuance. At this point, it’s less a one-off financing move and more a well-worn playbook.

The bonds carry no interest, no collateral, and no guarantee. They mature in April 2027 but can be redeemed early at EVO Fund’s request with five business days’ notice. Metaplanet can also redeem them if it completes future financings with the same investor — effectively turning the structure into a rolling zero-cost credit line.

The proceeds are earmarked entirely for Bitcoin purchases.

Building the Biggest Bitcoin Stack in Japan

Metaplanet has been buying Bitcoin consistently since April 2024. In the first quarter of 2025 alone, it added 5,075 BTC, bringing its total to 40,177 BTC.

That puts it third on the global leaderboard of publicly listed Bitcoin holders, behind only MicroStrategy and one other firm. In Asia, it stands alone.

The strategy draws obvious comparisons to MicroStrategy’s balance sheet model in the US — using debt and equity markets to accumulate Bitcoin rather than relying on operating cash flow.

Deep Losses Haven’t Stopped the Buying

The aggressive approach comes at a cost. Metaplanet reported a $619 million net loss for fiscal 2025, largely from unrealized write-downs on its Bitcoin position.

The stock has also been a frequent target for short sellers. It has cycled in and out of the most-shorted list on the Tokyo Stock Exchange over the past year, with bears questioning whether the EVO-backed financing loop can hold up through Bitcoin volatility.

Friday’s bond filing, with EVO Fund again taking the full allocation, is a direct answer to that skepticism — at least for now.

Bitcoin itself has been choppy. It hit a record near $126,000 in October 2025 but has pulled back since, trading around $77,800 at the time of writing — still up roughly 10% over the past month.

Metaplanet’s stock was down 3.69% on Friday.

The company said the bond sale is expected to have only a minimal impact on its consolidated results for fiscal 2026, and will provide updates if any material impact emerges.

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