Metaplanet Inc., a Tokyo Stock Exchange-listed firm, issued its 20th series of zero-coupon bonds on April 24, 2026, raising 8 billion yen (approximately $50 million) exclusively for Bitcoin purchases. The bonds carry a 0% coupon, mature on April 23, 2027, and were fully subscribed by EVO FUND, a Cayman Islands vehicle affiliated with Evolution Financial Group. EVO FUND has backed all previous series of this bond program.
Zero-Coupon Bond Structure: Cost-Free Leverage
The unsecured bonds are redeemed at par, meaning Metaplanet repays exactly the principal without any interest expense over the debt's term. This structure allows the company to access capital at zero financing cost, converting it directly into BTC exposure. Any appreciation in Bitcoin's price accrues to the company's balance sheet rather than servicing interest payments. EVO FUND retains the right to request early redemption with a five business-day written notice. A separate clause requires Metaplanet to redeem a corresponding portion of bonds early if EVO FUND provides additional financing that reaches certain thresholds, preserving flexibility for both parties.
Bitcoin Holdings and Cost Basis
Metaplanet held 40,177 BTC as of March 31, 2026, acquired at an average cost between $97,000 and $104,000 per coin. With Bitcoin prices around $78,000 in late April, the company's BTC position is below its average cost basis. The $50 million raise could add between 640 and 700 BTC to its treasury, though no purchase confirmations have appeared in subsequent filings.
Market Reaction and Ambitious Targets
Metaplanet's shares fell approximately 3%-4% following the announcement, trading around 339 yen, reflecting short-term dilution concerns typical of previous financing operations. Despite this, the company maintains an aggressive target: 100,000 BTC by the end of 2026 and 210,000 BTC by the end of 2027. With 40,177 BTC currently, it needs to add nearly 60,000 coins this year to stay on pace. The company added 5,075 BTC in Q1 2026 alone, making it Japan's largest corporate Bitcoin holder and the third largest among publicly traded companies globally, behind only Strategy (formerly Microstrategy) and one other firm.
EVO FUND's consistent participation across all 20 bond series indicates an enduring financing relationship rather than one-off transactions. That continuity reduces execution risk for future raises, provided market conditions hold. The model mirrors the 'debt-for-BTC' playbook pioneered by Strategy in the U.S. In Japan, where domestic capital markets and structured finance offer favorable conditions, Metaplanet has executed 20 rounds of this strategy in roughly two years.
Bitcoin-focused communities reacted positively to the news, viewing it as further evidence of corporate Bitcoin adoption outside the United States. Some observers have flagged leverage risk given BTC price volatility, though the zero-interest structure removes the most common pressure point in debt-funded accumulation strategies.