Tokyo-listed Metaplanet Inc. issued its 20th series of zero-interest bonds on April 24, 2026, raising ¥8 billion (approximately $50 million) earmarked entirely for bitcoin purchases. The move reinforces the company's aggressive bitcoin treasury strategy, making it the third-largest public holder of bitcoin globally with 40,177 BTC as of March 31, 2026.
Zero-Cost Financing Structure: EVO FUND Remains Anchor
The bonds carry a 0% coupon, mature on April 23, 2027, and were subscribed in full by EVO FUND, a Cayman Islands-based vehicle affiliated with Evolution Financial Group. EVO FUND has anchored every prior bond issuance in this series, signaling a durable financing relationship. The unsecured notes redeem at par, meaning Metaplanet pays back exactly what it borrowed with no interest expense. Proceeds convert directly into BTC exposure, with any price appreciation flowing to the company's balance sheet rather than servicing interest payments. EVO FUND retains early redemption rights with five business days' notice, while a clause allows early redemption if EVO FUND provides additional financing reaching certain thresholds, preserving flexibility for both parties.
Cost Basis and Market Reaction: Short-Term Price Pressure
Metaplanet's 40,177 BTC were acquired at an average cost between $97,000 and $104,000 per coin. With bitcoin trading near $78,000 in late April, the position sits below cost. The $50 million raise could add an estimated 640 to 700 BTC to its treasury, though no purchase confirmations have appeared yet. Following the announcement, Metaplanet's stock fell approximately 3%-4%, trading around ¥339. The reaction mirrors prior financing events where short-term dilution concerns weigh on shares despite zero-cost debt terms.
Target and Strategy: Chasing 100,000 BTC
Metaplanet's bitcoin treasury model follows the debt-for-BTC playbook pioneered by Strategy in the United States. In Japan, favorable domestic capital markets and structured finance have enabled the firm to execute 20 rounds of this strategy in roughly two years. The company has publicly set a target of 100,000 BTC by end-2026 and 210,000 BTC by end-2027. At 40,177 BTC today, it needs to add nearly 60,000 more coins this year to stay on pace. EVO FUND's consistent participation across all 20 bond series reduces execution risk for future raises, assuming market conditions hold. The bitcoin-focused community responded positively to the announcement, viewing it as evidence of corporate treasury adoption outside the U.S. Some observers flag leverage risk given BTC's volatility, though the zero-interest structure removes the most common pressure point in debt-financed accumulation strategies.