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

Japan’s bitcoin treasury firm Metaplanet has issued 8 billion yen, or about $50 million, in zero-interest bonds to fund additional bitcoin purchases, with the entire offering bought by Cayman Islands-based EVO Fund.

“Bitcoin-holder Metaplanet raises $50 million to buy more BTC Metaplanet has issued 8 billion yen, or about $50 million, in zero-interest bonds to fund additional bitcoin purchases”

@coindesk

Multiple outlets tie the move to Metaplanet’s ongoing accumulation: CoinDesk says the company is now “Japan’s largest corporate holder of bitcoin” and that it accumulated 5,075 BTC in the first quarter of 2025, bringing its total holdings to 40,177 BTC.

@coindesk

The Block similarly reports that in the first quarter of this year Metaplanet purchased 5,075 BTC, bringing its total to 40,177 BTC as of March 31.

Crypto Briefing frames the issuance as Metaplanet’s 20th series of ordinary bonds and says the bonds will mature in 2027, giving the company “roughly a year to deploy the capital into Bitcoin and pay back the principal.”

CoinDesk adds that the bonds carry “no interest, no collateral, and no guarantee,” while also including an auto-redemption trigger that activates when Metaplanet raises matching amounts from EVO through future financings.

TradingView reports that the 20th series of ordinary bonds matures in April 2027 and is unsecured, and that EVO FUND can request early redemption with five business days’ notice.

Across the coverage, the financing is presented as a mechanism to keep buying BTC rather than a one-time expansion, with CoinDesk describing the structure as a “rolling zero-cost credit line” as each bond is retired and replaced when the next financing round completes.

The bond issuance arrives as Metaplanet continues to report large losses tied to the valuation of its bitcoin holdings, even as BTC trades higher on the month.

CoinDesk says Metaplanet’s aggressive bitcoin strategy has contributed to a $619 million net loss for fiscal 2025, “largely driven by unrealized markdowns on its bitcoin stack,” while also noting that bitcoin remains volatile but higher on the month, trading around $77,800 after pulling back from an October record near $126,000.

AMBCrypto

Crypto Briefing likewise reports a “¥95 billion ($619 million) net loss for fiscal year 2025,” driven primarily by unrealized valuation declines, and it states that in the first quarter of 2026 Metaplanet added 5,075 BTC worth around $405 million and achieved a BTC Yield of 2.8%.

The Arabic-language outlet Al-Mutawil Al-Arabi repeats the fiscal loss figure, saying Metaplanet recorded net losses of 619 million dollars during fiscal year 2025 due to an unrealized decline in the value of Bitcoin, while also placing BTC “currently” near $78,000 and below an all-time high of 126,000 dollars.

CoinGape and crypto.news both emphasize the same holdings baseline—40,177 BTC—and connect it to the new $50 million bond sale, with CoinGape stating that the proceeds will be used to buy additional Bitcoin as it currently holdings sit at 40,177 BTC.

CoinDesk also situates the move within a broader market narrative, saying bitcoin “briefly surged to an all-time high near $126,000 in October 2025” and has since pulled back amid “geopolitical shocks in the Middle East,” before trading around $77,800.

The Block adds that bitcoin is “up 10%” over the past month and that the recovery followed earlier declines led by “geopolitical tensions in the Middle East.”

The reporting describes the bond structure in detail, emphasizing that it is designed to be repeatedly rolled rather than held to a single static maturity.

“Bitcoin-holder Metaplanet raises $50 million to buy more BTC Metaplanet has issued 8 billion yen, or about $50 million, in zero-interest bonds to fund additional bitcoin purchases”

CoinDesk

CoinDesk says the bonds “contain an auto-redemption trigger that kicks in whenever Metaplanet raises matching amounts from EVO through future financings, typically stock warrant exercises,” and it adds that “each bond is effectively retired and replaced as the next financing round completes.”

TradingView similarly describes the deal mechanics, saying the bonds will be redeemed at par on maturity, though EVO FUND can request early redemption with five business days’ notice, and that Metaplanet may redeem part or all of the bonds if it completes future financings with the same investor.

CoinDesk also notes that the bonds are “no collateral” and “no guarantee,” framing the risk allocation as something investors accept in exchange for the zero-interest structure.

CoinGape states that the bonds “exhibit no interest and can be redeemed in April 2027,” and it says the company filing on April 24, 2026 shows the bonds “will be allocated to its EVO FUND.”

The Block’s coverage is more concise but still ties the issuance to Metaplanet’s accumulation since April 2024 and repeats that the bonds are zero-interest ordinary bonds used to fund future bitcoin purchases.

Crypto Briefing adds a timeline element by saying the bonds mature in 2027 and that the company has “roughly a year to deploy the capital into Bitcoin and pay back the principal.”

Beyond the immediate $50 million issuance, several outlets describe Metaplanet’s longer-term accumulation targets and the scale of its financing capacity.

Crypto Briefing says Metaplanet targets to hold 100,000 BTC by year’s end and lift that figure to 210,000 BTC by the end of 2027, while also stating that the firm owns 40,177 BTC worth about $3.1 billion and is “just behind Strategy and Twenty One Capital” among publicly traded companies.

CoinGape

AMBCrypto expands on the funding plan by describing a “165 billion JPY (yen) plan for its Bitcoin buys,” with “33.4 billion JPY of bonds and 131.78 billion JPY through stock sales covering the 2026-2028 period,” and it says that “the firmsaidthe total fund for Bitcoin [BTC] purchases will be less than the 165 billion JPY ($1 billion).”

It further claims that when including all of these stock acquisition rights, Metaplanet will have “a totalfinancing capacity of 157.204 billion JPY for Bitcoin purchases,” described as “about $982 million in dry powder for extra BTC buys.”

CoinDesk adds a different angle by noting that Metaplanet has “cycled in and out of the top slot for most-shorted stock on the Tokyo Stock Exchange over the past year,” with short sellers questioning whether the “EVO-anchored financing loop can be sustained.”

CoinDesk also frames the EVO Fund as a key counterparty, calling Friday’s filing “a vote of confidence from the one counterparty whose continued participation keeps the model working.”

Crypto Briefing provides a quantitative bridge from the bond size to potential BTC acquisition, saying at current prices of around $78,000 per Bitcoin, the $50 million “could add somewhere between 640 and 700 coins.”

The outlets also describe what Metaplanet says about the immediate financial impact and what investors should watch as the bond program continues.

“Metaplanet issues $50 million in bonds to fund fresh Bitcoin accumulation Metaplanet leverages Japan's favorable tax and interest climate to aggressively expand its Bitcoin treasury holdings”

Crypto Briefing

TradingView reports that Metaplanet said in the filing that the bond sale is expected to have “only a minimal impact on its consolidated results for fiscal 2026,” and it adds that if “any material impact” on its financial performance or other matters arises, the company “will provide an update promptly.”

Crypto Briefing

CoinDesk similarly emphasizes that the issuance is part of a longer-running strategy, noting it is the firm’s “20th bond issuance” and that it has maintained a steady buying spree since April 2024, adding 5,075 BTC in the first quarter alone.

Crypto Briefing adds that the bonds mature in 2027, giving the company time to deploy capital into Bitcoin and pay back principal, and it ties the issuance to Metaplanet’s stated targets of 100,000 BTC by year’s end and 210,000 BTC by the end of 2027.

CoinGape and The Block both connect the issuance to the company’s position as a top corporate BTC holder, with CoinGape calling it Japan’s ‘MicroStrategy’ and The Block placing Metaplanet as the third-largest bitcoin treasury firm in the world with 40,177 BTC as of March 31.

CoinDesk also points to the market’s leverage dynamics, stating that bitcoin futures open interest fell over 6% in 24 hours and that derivatives data shows rising bearish positioning with negative funding rates and persistent demand for downside protection in options markets, even as BTC trades around $77,800.

AMBCrypto adds that Metaplanet’s plan is “subject to BTC and Metaplanet’s stock recovery and overall market conditions,” and it describes a “shortfall of 60K BTC to hit the 2026 goal.”