Metaplanet has raised another $50 million in zero-interest bonds to buy more bitcoin, marking its 20th such issuance and placing it among the world’s largest listed bitcoin treasury companies.
How Metaplanet’s Bitcoin Bond Model Works
The Tokyo-listed company raised 8 billion yen through bonds with no interest, no collateral, and no guarantee. EVO Fund took the entire offering, as the Cayman Islands-based investment firm has done with every previous round.
The structure runs on an auto-redemption trigger: Metaplanet retires and replaces each bond as EVO exercises future stock warrants, turning the 20-bond chain into a revolving, interest-free credit line. Metaplanet has run this since April 2024, adding 5,075 BTC in the first quarter of 2025 alone. Total holdings are now 40,177 BTC, making it Japan’s largest corporate bitcoin holder and the third-largest listed bitcoin treasury globally. It got there by borrowing to buy, the same playbook Strategy ran in the United States.
Metaplanet Keeps Buying Bitcoin Despite $619 Million Loss
he buying has not slowed despite a rough year on paper. Metaplanet posted a $619 million net loss for fiscal 2025, nearly all from unrealized markdowns as bitcoin fell from its October 2025 all-time high of around $126,000.
Bitcoin is around $77,800 now, well below that peak but up about 10% over the past month after a Middle East-driven sell-off began to ease.
The losses and the model’s dependence on a single investor have kept Metaplanet in short sellers’ crosshairs. The company has been among the most-shorted stocks on the Tokyo Stock Exchange for most of the past year. Their concern is simple: if EVO stops showing up, the whole mechanism stops. Friday’s issuance, with EVO taking the full allocation again, suggests that hasn’t happened — not yet, anyway.
