Tokyo-listed Metaplanet announced on Friday it will issue ¥8 billion ($50 million) in zero-coupon bonds to fund additional Bitcoin purchases. EVO Fund fully subscribed the offering, the company's 20th bond issuance. Proceeds will go directly toward expanding the firm's Bitcoin treasury.
Zero-coupon Structure: No Immediate Interest Burden
The bonds mature in 2027 and carry no interest. Metaplanet will repay principal at par, while EVO Fund can request early redemption with notice. This structure lets the company raise capital without immediate interest costs. At current Bitcoin prices near $78,000, the raise could add roughly 640 to 700 BTC to its reserves.
Holdings Top 40,000 BTC Amid Heavy Losses
During Q1 2026, Metaplanet acquired 5,075 BTC worth about $405 million, lifting total holdings to 40,177 BTC. That makes it one of the largest publicly traded Bitcoin holders globally. However, the company posted a ¥95 billion ($619 million) net loss for fiscal 2025, driven by unrealized valuation declines on its Bitcoin holdings. Its average acquisition cost stands at $104,106 per BTC, well above current market levels.
Aggressive Target: 100,000 BTC by Year-End
Despite the paper losses, Metaplanet remains committed to debt-financed accumulation, targeting 100,000 BTC by end-2026 and 210,000 BTC by 2027. Following the announcement, its stock fell about 3.5% in a single session and declined roughly 27% over six months. The company said the bond issuance should have minimal impact on fiscal 2026 results.