Japan’s Metaplanet doubles down on Bitcoin with $50M bonds
Metaplanet has announced a new bond issuance worth 8 billion yen, or about $50 million, to fund more Bitcoin purchases. The Japanese Bitcoin treasury firm said the bonds carry zero interest.
- Metaplanet issued 8 billion yen in zero-interest bonds to fund future Bitcoin purchases.
- EVO Fund fully subscribed to the bond sale, marking Metaplanet’s 20th bond issuance.
- Metaplanet held 40,177 BTC as of March 31 after buying 5,075 BTC in Q1.
The bond issuance was fully subscribed by EVO Fund, a Cayman Islands-based investment firm. EVO Fund has also supported earlier Metaplanet offerings, making this the company’s 20th bond issuance.
Metaplanet has continued to build its Bitcoin position since April 2024. The company is Japan’s largest corporate holder of digital assets and remains one of the most active Bitcoin treasury firms.
Bitcoin treasury grows to 40,177 BTC
Metaplanet bought 5,075 BTC in the first quarter of 2026. That brought its total Bitcoin holdings to 40,177 BTC as of March 31.
The figure placed Metaplanet as the third-largest Bitcoin treasury company globally. Its strategy follows a model used by other public firms that hold Bitcoin as a major treasury asset.
The latest bond issuance shows that Metaplanet plans to keep adding Bitcoin despite market volatility. The company did not state the exact timing of its next Bitcoin purchases.
Moreover, the new fundraising comes after Metaplanet reported a $619 million net loss for the 2025 fiscal year. The loss was mainly linked to unrealized valuation losses on its Bitcoin holdings.
Unrealized losses reflect changes in the value of assets that have not been sold. For Bitcoin treasury firms, such losses can appear during periods of market weakness, even when the company continues to hold the asset.
Metaplanet’s decision to raise more funds shows that it has not moved away from its Bitcoin-focused approach. The zero-interest structure also limits direct borrowing costs for the company.
Bitcoin trades near $77,800
Bitcoin recently traded around $77,800, up about 10% over the past month. The recovery followed earlier market pressure tied to geopolitical tensions in the Middle East.
The asset remains below its October 2025 all-time high of about $126,000. Even so, recent gains have supported renewed attention on corporate Bitcoin treasury strategies.
Metaplanet’s latest bond sale adds to its ongoing accumulation plan. The company’s future results will remain tied to Bitcoin price moves and its ability to manage treasury risk.
