Tokyo-listed Metaplanet has announced the issuance of ¥8 billion in zero-coupon bonds as it accelerates its Bitcoin treasury strategy and seeks to raise its holdings to 100,000 BTC by the end of the year. The bond sale was fully subscribed by EVO Fund, and the notes are scheduled to mature in 2027, giving the company access to capital without immediate interest payments.
Bitcoin accumulation remains the core strategy
Metaplanet currently holds more than 40,000 BTC. In the first quarter of 2026, the company bought 5,075 BTC, bringing its total reserves to 40,177 BTC. That places it among the largest publicly traded corporate Bitcoin holders. The latest financing move reinforces the company’s plan to fund Bitcoin purchases through debt markets rather than relying on operating cash flow.
Losses and market pressure have not changed the plan
The company reported a ¥95 billion net loss for fiscal 2025, largely driven by valuation declines tied to Bitcoin price movements. Following the bond announcement, Metaplanet’s stock fell about 3.5%, suggesting investors remain cautious about the risks tied to aggressive treasury expansion. Even so, the company has shown no sign of backing away from its long-term Bitcoin accumulation approach.
A bigger target for 2027
Beyond its year-end goal of 100,000 BTC, Metaplanet has also set a longer-term objective of holding 210,000 BTC by 2027. The plan highlights a growing trend among some public companies to treat Bitcoin as a strategic balance-sheet asset and to use financial instruments such as bonds to increase exposure. For investors, the key questions will be whether Metaplanet can keep funding this strategy and how its balance sheet holds up through future market volatility.