Tokyo-listed Metaplanet issued 8 billion yen ($50 million) in zero-interest bonds on April 24, 2026, marking its 20th bond offering to fund bitcoin purchases, with Cayman Islands-based EVO Fund purchasing the entire issuance. The company now holds 40,177 BTC, making it Japan's largest corporate bitcoin holder and the third-largest listed bitcoin treasury worldwide. Despite accumulating 5,075 BTC in Q1 2025 alone, Metaplanet reported a $619 million net loss for fiscal 2025 driven by unrealized bitcoin markdowns. Short sellers have repeatedly targeted the stock, questioning whether the EVO-anchored financing loop can sustain itself amid bitcoin volatility and potential shifts in EVO's priorities.
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