Metaplanet has issued a $50 million bond to add to its Bitcoin holdings, with the entire sale purchased by Cayman Islands-based EVO Fund. In a Friday statement, the company said the new funding will be used to keep expanding its Bitcoin position. The latest deal lifts Metaplanet’s total number of bond issuances to 20.
Debt financing remains central to the Bitcoin strategy
EVO Fund has been a major backer of Metaplanet’s debt offerings for some time, and its full participation in this round keeps that pattern intact. In its announcement, Metaplanet said: “Our new bond issue was fully subscribed by global institutional investors. We will continue to strengthen our Bitcoin portfolio with determination despite market volatility.” The message was direct: the company is still relying on borrowed capital to build its BTC reserves.
That approach has kept Metaplanet in focus across Japan’s Bitcoin market, while also drawing scrutiny over its balance sheet. Analysts have said the long-term sustainability of debt-funded Bitcoin accumulation remains open to debate. The tension is clear, with financing costs, asset-price swings, and accounting losses all moving against one another.
Holdings reach 40,177 BTC after first-quarter buying
Since April 2024, Metaplanet has steadily increased its Bitcoin reserves. In the first quarter of this year alone, the company bought 5,075 BTC, bringing its total stash to 40,177 BTC. Data from BitcoinTreasuries places Metaplanet as the third-largest public company in the world by Bitcoin holdings.
The larger reserve has come with visible financial pressure. For fiscal year 2025, Metaplanet reported a $619 million net loss, with a large share tied to unrealized losses on its Bitcoin assets. Those losses have not been realized through sales, but they have already weighed on reported results.
Bitcoin volatility keeps pressure on the balance sheet
Crypto markets have not shown a clear bearish trend in recent months, but price swings have been sharp. The report said Bitcoin briefly rose above $126,000 in October 2025 before retreating quickly as geopolitical tensions in the Middle East intensified. It is now trading near $77,800, up 10% over the past month.
According to CryptoAppsy data, attention on BTC remains steady around current levels. For Metaplanet, the basic playbook has not changed. Capital raised through bond offerings is expected to continue flowing into additional Bitcoin purchases, while the market keeps watching the company’s position in Japan, its financial results, and its appetite for risk.