Japanese bitcoin treasury firm Metaplanet has issued 8 billion yen — roughly $50 million — in zero-interest ordinary bonds to fund further bitcoin purchases, marking the company’s 20th bond issuance.
Another round of debt-fueled accumulation
The entire offering was taken up by EVO Fund, a Cayman Islands-based investor that has repeatedly anchored Metaplanet’s previous bond rounds.
The move underscores the firm’s long-running strategy of tapping debt markets to grow its bitcoin stack, a playbook it has followed consistently since April 2024.
Metaplanet added 5,075 BTC in the first quarter of 2025 alone, bringing its total holdings to 40,177 BTC and cementing its position as Japan’s largest corporate bitcoin holder and the third-largest listed bitcoin treasury globally.
Deep losses, no slowdown
The aggressive accumulation has come at a cost on paper.
Metaplanet reported a $619 million net loss for fiscal 2025, largely driven by unrealized markdowns on its bitcoin holdings as the price pulled back from its October 2025 all-time high near $126,000.
Bitcoin is currently trading around $77,800, still up roughly 10% over the past month as risk sentiment has stabilized following geopolitical shocks in the Middle East.
Scale and strategy
Metaplanet’s approach mirrors that of Strategy, which pioneered the corporate bitcoin treasury model.
With 40,177 BTC on its balance sheet, Metaplanet now ranks among the most significant publicly listed holders of bitcoin anywhere in the world, sitting behind only a handful of firms in total holdings tracked across the bitcoin treasury landscape.
