Japanese bitcoin treasury firm Metaplanet is back in the debt market. In a Friday filing, the company issued 8 billion yen (roughly $50 million) in zero-interest ordinary bonds, with proceeds earmarked for additional bitcoin purchases. The issuance was fully taken up by EVO Fund, a Cayman Islands-based investor that has anchored eight previous offerings. This marks Metaplanet's 20th bond deal since it began using debt to accumulate bitcoin in April 2024.
The bonds carry no interest, no collateral, and no guarantee. An auto-redemption clause kicks in whenever Metaplanet raises matching funds from EVO through future financings, typically stock warrant exercises. In practice, each bond is retired and replaced as the next financing round closes, creating a rolling zero-cost credit line.
Metaplanet now holds 40,177 BTC, third-largest among listed firms
According to BitcoinTreasuries data, Metaplanet is now Japan's largest corporate bitcoin holder and the third-largest listed bitcoin treasury globally. In Q1 2026 alone, it added 5,075 BTC. As of writing, total holdings stood at 40,177 BTC.
The aggressive buying continues despite deep paper losses. Metaplanet reported a $619 million net loss for fiscal 2025, driven largely by unrealized markdowns on its bitcoin stack. The firm has not slowed its accumulation tempo.
Short sellers question EVO financing loop sustainability
Over the past year, Metaplanet has repeatedly ranked as the most-shorted stock on the Tokyo Stock Exchange. Skeptics ask whether the EVO-anchored financing loop can hold up if bitcoin volatility spikes or if EVO shifts its capital allocation priorities. Friday's filing signals renewed confidence from the one counterparty whose continued participation keeps the model alive.
Broader market conditions remain volatile but not bearish. Bitcoin briefly surged to an all-time high near $126,000 in October 2025 before pulling back amid geopolitical shocks in the Middle East. It currently trades around $77,800, still up roughly 10% over the past month as risk sentiment stabilizes.