USD
Debt sale expands Japan company’s BTC strategy
TL;DR
- Metaplanet approved a new zero-interest bond issuance for Bitcoin purchases.
- EVO FUND fully subscribed to the bond allocation.
- The company is expanding BTC holdings despite a large fiscal loss.
We’ve launched the all-new COIN360 Perp DEX, built for traders who move fast!
Trade 130+ assets with up to 100× leverage, enjoy instant order placement and low-slippage swaps, and earn USDC passive yield while climbing the leaderboard. Your trades deserve more than speed — they deserve mastery.
Metaplanet approved a new zero-interest bond issuance to raise capital for Bitcoin purchases, with CEO Simon Gerovich authorizing the company’s latest debt sale to EVO FUND on April 24, 2026.
The company said “the funds raised are scheduled to be allocated toward the acquisition of Bitcoin,” making the financing directly tied to its BTC treasury strategy. The issuance marks Metaplanet’s 20th series of ordinary bonds and extends a funding model built around debt and equity-linked instruments.
Bond Terms and Treasury Strategy
EVO FUND fully subscribed to the issuance and received the full bond allocation. EVO FUND may request early redemption of all or part of the outstanding bonds by giving written notice at least five business days before the desired early redemption date, with redemption priced at ¥100 per ¥100 of principal.
The bonds carry no guarantee, no collateral, no book-entry transfer institution and no bond administrator, because the issuance meets the relevant requirements under Article 702 of the Companies Act and Article 169 of the Ordinance for Enforcement of the Companies Act. Metaplanet said the issuance is expected to have a minimal impact on consolidated financial results for the fiscal year ending December 2026.
Metaplanet held 40,177 BTC as of March 31, 2026, after purchasing 5,075 BTC during the first quarter. The company had already exceeded its earlier target of holding 21,000 BTC by the end of 2026 and shifted attention to “BTC yield,” an internal measure of Bitcoin asset growth relative to fully diluted share count.
Metaplanet is Japan’s largest corporate holder of digital assets and third globally among publicly traded firms by Bitcoin holdings, behind MicroStrategy and Marathon Digital. The company adopted its Bitcoin treasury strategy in April 2024 and has drawn comparisons to MicroStrategy, including the description of Metaplanet as “Asia’s version” of the U.S. Bitcoin treasury company.
The latest financing follows a reported $619 million net loss for fiscal 2025, mainly tied to unrealized valuation declines on Bitcoin holdings. At the same time, Metaplanet raised its operating profit forecast to approximately $73 million and expects its “Bitcoin yield generation” strategy to produce more than $100 million in revenue during 2026.
Metaplanet shares fell about 3.5% in one day following the bond announcement, were down about 2% over five days, and declined around 27% over six months, while still rising roughly 10% over one month. Bitcoin traded near $77,800 after recovering from earlier weakness, up about 9% over the past month but remaining below its October 2025 record near $126,000.
FAQ
What will Metaplanet use the bond proceeds for?
Bitcoin acquisition.
Who subscribed to the bond issuance?
EVO FUND fully subscribed.
Do the bonds pay interest?
No, they carry zero interest.
What drives Metaplanet’s financial risk?
Heavy exposure to Bitcoin price volatility.
This article has been refined and enhanced by ChatGPT.
