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

Apr 24, 2026

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.

Metaplanet's $50 Million Zero-Interest Bond Issuance

▪Metaplanet's 8 billion yen bond issuance is worth approximately $50 million.
▪Metaplanet issued 8 billion yen in zero-interest ordinary bonds on April 24, 2026.
▪Metaplanet's April 2026 bond issuance marks the firm's 20th bond issuance.

Bitcoin Accumulation Strategy and Treasury Holdings

▪Metaplanet accumulated 5,075 BTC in the first quarter of 2025.
▪Metaplanet is Japan's largest corporate holder of bitcoin as of April 2026.
▪Metaplanet is the third-largest listed bitcoin treasury worldwide as of April 2026.

Financial Performance and Market Skepticism

▪Metaplanet reported a $619 million net loss for fiscal 2025.
▪Metaplanet's $619 million net loss for fiscal 2025 was largely driven by unrealized markdowns on Metaplanet's bitcoin holdings.

Bitcoin Market Volatility and Price Context

▪Bitcoin was trading around $77,800 as of April 24, 2026.
▪Bitcoin was up approximately 10% over the month ending April 24, 2026.
▪Bitcoin reached an all-time high near $126,000 in October 2025.
▪Bitcoin pulled back from its October 2025 high amid geopolitical shocks in the Middle East.