Metaplanet Issues ¥8B Bonds To Expand Bitcoin Holdings

• Metaplanet raises ¥8B through zero-coupon bonds to fund Bitcoin purchases without immediate interest burden.
• Firm grows BTC reserves to over 40K coins, targeting 100K by year-end despite valuation-driven losses.
• Strategy relies on debt financing as stock declines, reflecting risk amid volatile Bitcoin market conditions.

Tokyo-listed Metaplanet said Friday it will issue ¥8 billion in zero-interest bonds to fund additional Bitcoin purchases. The company confirmed EVO Fund fully subscribed to the offering, its 20th bond issuance. Proceeds will support its Bitcoin treasury strategy, even as it reported a $619 million net loss for fiscal 2025.

Bond Issuance Funds Bitcoin Strategy

Metaplanet structured the bonds as zero-coupon instruments with maturity set for 2027. The company will repay the principal at par, while EVO Fund may request early redemption with notice. Notably, the structure allows Metaplanet to raise capital without immediate interest costs.

At current Bitcoin prices near $78,000, the $50 million raise could add roughly 640 to 700 BTC. The company continues using debt-linked financing to expand holdings rather than relying on operating cash flow.

Holdings Grow Despite Financial Pressure

Metaplanet increased its Bitcoin reserves during the first quarter of 2026. It acquired 5,075 BTC worth about $405 million, bringing total holdings to 40,177 BTC. That places the firm among the largest publicly traded Bitcoin holders globally.

However, the company reported a ¥95 billion net loss for fiscal 2025. According to filings, unrealized valuation declines on Bitcoin drove the loss. Despite this, the firm maintained its accumulation strategy.

Its average acquisition cost stands at $104,106 per Bitcoin, above current market levels. Still, the company targets 100,000 BTC by year-end and 210,000 BTC by 2027.

Market Reaction and Investor Response

Following the announcement, Metaplanet shares declined in the market. Data showed the stock fell about 3.5% in a single session. It also dropped roughly 27% over six months, despite a recent monthly gain.

The company said the bond issuance should have minimal impact on fiscal 2026 results. However, it will disclose any material changes if they arise.

Meanwhile, Metaplanet’s financing approach has drawn comparisons to other firms using balance sheet strategies to build Bitcoin reserves.

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