Japanese investment firm Metaplanet has issued another round of zero-interest bonds worth 8 billion yen, approximately $50 million, with every cent earmarked for purchasing more bitcoin. The issuance, announced on April 24, marks the company’s twentieth consecutive bond placement and continues a strategy that has made it one of the most aggressive corporate bitcoin buyers outside the United States.
How the Bond Structure Works
The bonds were fully subscribed by EVO FUND, a Cayman Islands-based investment firm that has been the sole buyer across all of Metaplanet’s previous nineteen issuances. The arrangement functions as a revolving line of zero-cost credit rather than a traditional bond offering.
Here’s how it works: Metaplanet issues unsecured bonds that carry no interest payments. When EVO FUND exercises warrants on Metaplanet shares in a subsequent round, the proceeds from that exercise automatically redeem the outstanding bonds. Each bond is effectively canceled and replaced when the next funding cycle closes.
The result is that Metaplanet gets immediate capital to buy bitcoin without paying interest, and EVO FUND gets equity exposure through warrant exercises. As long as both parties keep the cycle going, Metaplanet has access to a steady stream of debt-free funding for its treasury strategy.
40,177 BTC and Counting
Metaplanet accumulated roughly 5,075 BTC during the first quarter of 2026 alone, pushing its total reserves to 40,177 BTC as of March 31. At current prices around $77,800, that stash is worth approximately $3.1 billion.
According to BitcoinTreasuries data, this makes Metaplanet the third-largest corporate bitcoin holder listed on a public stock exchange, trailing only Strategy (formerly MicroStrategy) and Marathon Digital Holdings in the global rankings.
The $50 million from this latest bond issuance could add another 640 or so BTC at current prices, depending on execution timing and market conditions.
The Strategy Has Its Critics
Metaplanet’s approach hasn’t been without controversy. The company reported a net loss of $619 million for its fiscal year ending March 2025, driven primarily by unrealized losses on its bitcoin holdings during the drawdown from BTC’s all-time high near $126,000 in October 2025.
Despite the reported losses, Metaplanet has repeatedly ranked among the most heavily shorted stocks on the Tokyo Stock Exchange. Short sellers have questioned the sustainability of the financing model, pointing to the concentration risk of holding one volatile asset funded by perpetual debt issuances from a single counterparty.
If EVO FUND ever declines to roll over the arrangement, or if bitcoin suffers a prolonged downturn, Metaplanet could face a squeeze on its balance sheet. The company currently has no alternative revenue stream that could offset a significant drop in bitcoin’s value.
Corporate Bitcoin Treasury Movement Expands
Metaplanet’s latest issuance comes as the corporate bitcoin treasury trend shows no signs of slowing down. Strategy announced a $2.54 billion BTC purchase in late April that pushed its holdings past BlackRock to become the world’s largest single bitcoin holder. In Abu Dhabi, sovereign wealth fund Mubadala disclosed bitcoin ETF positions earlier this year.
The trend isn’t limited to Western firms. Metaplanet is arguably the leading example of the strategy taking root in Asia, and its success – at least share price performance and market attention – has spurred discussions among other Japanese and South Korean companies about adopting similar approaches.
Bitcoin’s recovery from the mid-$60,000 range in early April to above $77,000 has given corporate buyers additional confidence. The seven-day streak of bitcoin ETF inflows heading into late April suggests that institutional demand remains a tailwind, even if the price hasn’t yet broken convincingly above $80,000.
What This Means for Bitcoin Markets
Each $50 million bond issuance is a relatively small drop compared to bitcoin’s total daily trading volume. But Metaplanet’s steady accumulation over twenty consecutive issuances sends a signal to other institutional players: there’s a repeatable, low-cost model for building a bitcoin treasury without diluting shareholders through direct equity raises.
Whether this model survives a prolonged bear market is the open question. For now, Metaplanet is betting that bitcoin’s long-term trajectory makes the strategy worthwhile, even if its balance sheet takes hits along the way.
FAQ
How many bitcoin does Metaplanet hold?
As of March 31, 2026, Metaplanet holds 40,177 BTC worth approximately $3.1 billion at current prices. This makes it the third-largest corporate bitcoin holder among publicly listed companies.
What are zero-interest bonds?
Zero-interest bonds, also called zero-coupon bonds, are debt instruments that pay no interest to the holder. Metaplanet’s version is structured so that the bonds are automatically redeemed through future warrant exercises by EVO FUND, creating a revolving credit facility.
Is Metaplanet profitable?
Metaplanet reported a net loss of $619 million for fiscal year 2025, largely due to unrealized losses from bitcoin’s price decline. The company’s primary value proposition is its bitcoin treasury, not traditional operating income.
