Tokyo-listed Metaplanet Inc. has raised ¥8 billion, or roughly $50 million, through its 20th series of zero-interest bonds, with the entire proceeds designated for bitcoin purchases. The bonds were issued on April 24, 2026, and mature on April 23, 2027. According to the disclosure, the notes were fully subscribed by EVO FUND, a Cayman Islands-based vehicle affiliated with Evolution Financial Group, continuing a financing relationship that has supported every prior bond issuance in this series.
A zero-coupon structure built for bitcoin accumulation
The bond terms are central to the company’s treasury strategy. The notes carry a 0% coupon, are unsecured, and will be redeemed at par, meaning Metaplanet is not committing to periodic interest payments over the life of the debt. In practical terms, the structure gives the company access to capital without a direct carrying cost, allowing the funds to be converted into bitcoin exposure instead of being partially consumed by debt servicing.
The arrangement also includes flexibility for both sides. EVO FUND has the right to request early redemption with five business days’ written notice. In addition, if EVO FUND provides further financing that meets certain thresholds, Metaplanet is required to redeem a corresponding portion of the bonds early. These clauses suggest a funding framework designed to remain adaptable as new capital rounds are executed.
Metaplanet already holds 40,177 BTC
As of March 31, 2026, Metaplanet reported holdings of 40,177 BTC, making it Japan’s largest corporate bitcoin holder and the world’s third-largest public company holder of BTC, according to the source material. The company added 5,075 BTC during the first quarter of 2026 alone, underscoring the pace at which it has expanded its treasury.
Based on bitcoin prices cited in the report, the new $50 million raise could translate into roughly 640 to 700 BTC in additional purchases. However, no follow-up filing had confirmed a completed acquisition at the time of publication. The report also noted that Metaplanet’s average acquisition cost was around $97,000 to $104,000 per BTC, while bitcoin was trading near $78,000 in late April, placing the treasury below its average cost basis at that point in time.
A larger bet on the corporate bitcoin treasury model
Metaplanet’s approach mirrors the debt-funded bitcoin treasury strategy made famous by Strategy, formerly known as Microstrategy, in the United States. The company has now executed 20 rounds of this model in roughly two years, using Japan’s capital markets and structured financing tools to repeatedly raise funds for BTC accumulation.
Management has publicly set an ambitious treasury roadmap: 100,000 BTC by the end of 2026 and 210,000 BTC by the end of 2027. With 40,177 BTC already on the balance sheet, the company would need to acquire nearly 60,000 more BTC this year to stay on pace with that target. The latest raise, while meaningful, represents only one step in what would need to be a much broader buying program.
Market reaction and execution outlook
Following the announcement, Metaplanet shares reportedly fell about 3% to 4%, trading near ¥339 in early activity after the news. That response echoed previous financing announcements, where investors appeared to weigh short-term dilution concerns and treasury risk even when the debt itself carried no interest burden.
The company filed the bond issuance through Japan’s official disclosure system and also posted the update on X. Management said the expected impact on consolidated financial results for the fiscal year ending December 2026 would be minimal. Still, the market’s reaction suggests that while bitcoin-focused investors may view the strategy as bold and differentiated, equity holders remain sensitive to financing mechanics and the volatility of the underlying asset.
One of the more notable features of the story is the consistency of EVO FUND’s participation. Its full subscription across all 20 bond series points to a durable financing channel rather than sporadic one-off transactions. If market conditions remain supportive, that continuity could reduce execution risk for future raises and help Metaplanet continue scaling its bitcoin treasury at speed.
At the same time, the model is not without risk. Bitcoin price swings can sharply affect the mark-to-market value of the treasury, and the source article notes that some observers continue to flag leverage-related concerns. Even so, the absence of interest expense removes one of the most common pressure points in debt-funded bitcoin accumulation strategies. For supporters of the corporate treasury thesis, Metaplanet’s latest move reinforces the idea that bitcoin adoption by listed companies is extending beyond the United States and becoming more global in form and structure.