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

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  • Metaplanet has issued $50 million in zero-interest bonds to fund further Bitcoin purchases.

  • The offering was fully subscribed by EVO Fund and marks the company’s 20th bond issuance.


Metaplanet is adding another $50 million to its Bitcoin war chest, extending a treasury strategy that has already turned the Tokyo-listed company into one of the largest corporate holders of the asset anywhere in the world.

The company said Friday that it had issued $50 million in zero-interest bonds, with the full offering taken up by EVO Fund, the Cayman Islands-based investor that has backed several of its previous raises. This was Metaplanet’s 20th bond issuance, a sign that what began as a bold Bitcoin pivot is now being financed through a fairly regular capital-markets routine.

Metaplanet is leaning harder into its treasury model

The structure of the deal matters. Zero-interest bonds give Metaplanet a way to raise capital without immediate coupon costs, while preserving room to keep accumulating Bitcoin aggressively. For a company that has made BTC acquisition its defining financial strategy, that kind of instrument is more than convenient. It is central.

Metaplanet has been building its Bitcoin position consistently since April 2024, and the pace has not exactly slowed. In the first quarter of this year, the company bought 5,075 BTC, bringing total holdings to 40,177 BTC as of March 31.

That stash now places Metaplanet as the third-largest Bitcoin treasury firm in the world, according to the figures provided.

Japan’s most aggressive Bitcoin buyer keeps going

The significance of the latest bond sale is not just the amount raised. It is what the company is signaling by doing it again.

Metaplanet is no longer experimenting with Bitcoin as a hedge or side asset. It is organizing its balance sheet around continued accumulation and using repeated bond issuance as the mechanism to do it.

EVO Fund’s full subscription also suggests the market around the company’s strategy remains supportive, at least among the counterparties that matter most to these offerings.

For now, the message is fairly direct. Metaplanet has found a financing playbook it believes works, and as long as investors keep meeting these bond sales, the company appears in no hurry to stop turning that capital into more Bitcoin.

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