Japanese bitcoin treasury agency Metaplanet is again out there with one other spherical of balance-sheet leverage, issuing 8 billion yen, value roughly $50 million, in zero-interest odd bonds to finance future bitcoin purchases.
In a Friday submitting, the corporate stated the newest issuance was absolutely taken up by EVO Fund, a Cayman Islands-based investor that has repeatedly anchored Metaplanet’s earlier choices. It additionally marks the agency’s twentieth bond issuance, underscoring its lengthy favored technique of tapping debt markets to fund bitcoin accumulation.
The bonds carry no curiosity, no collateral, and no assure, but in addition comprise an auto-redemption set off that kicks in at any time when Metaplanet raises matching quantities from EVO by future financings, usually inventory warrant workouts.
In apply, meaning every bond is successfully retired and changed as the subsequent financing spherical completes, turning the 20-bond sequence right into a rolling zero-cost credit score line
Metaplanet, now Japan’s largest company bitcoin holder, has maintained a gentle shopping for spree since April 2024, including 5,075 BTC within the first quarter alone. As of writing, it held 40,177 BTC, which makes it the third-largest listed bitcoin treasury globally, in line with BitcoinTreasuries.
The aggressive accumulation continues even because the agency faces deep paper losses. Metaplanet reported a $619 million web loss for fiscal 2025, largely pushed by unrealized markdowns on its bitcoin stack.
Metaplanet has cycled out and in of the highest slot for most-shorted inventory on the Tokyo Inventory Alternate over the previous yr, with brief sellers questioning whether or not the EVO-anchored financing loop will be sustained as bitcoin volatility rises or as EVO’s personal capital allocation priorities shift.
Friday’s submitting is, amongst different issues, a vote of confidence from the one counterparty whose continued participation retains the mannequin working.
The broader backdrop, nevertheless, has been risky somewhat than outright bearish. Bitcoin, which briefly surged to an all-time excessive close to $126,000 in October 2025, has since pulled again amid geopolitical shocks within the Center East. It’s presently buying and selling round $77,800, nonetheless up roughly 10% over the previous month as threat sentiment stabilizes.
