Metaplanet Raises $50M in Zero-Interest Bonds to Buy Bitcoin

On April 24, 2026, Tokyo-listed Metaplanet Inc. issued its 20th series of zero-coupon, zero-interest bonds, raising ¥8 billion (about $50 million) to purchase bitcoin and add to its corporate treasury. The company filed the bond notice with Japan’s financial disclosure system and posted the announcement on X.

The unsecured notes carry a 0% coupon, mature on April 23, 2027 and redeem at par. EVO FUND, a Cayman Islands vehicle affiliated with Evolution Financial Group, fully subscribed the series. EVO FUND may request early redemption with five business days’ written notice. Bond documents also require Metaplanet to redeem a matching portion early if EVO FUND provides additional financing that meets specified thresholds.

The filing states proceeds will be used exclusively to acquire bitcoin rather than for operating expenses. At bitcoin prices near $78,000 in late April, the ¥8 billion raise could buy roughly 640 to 700 BTC, though Metaplanet has not filed confirmations of purchases tied to this issuance.

Metaplanet reported holding 40,177 BTC as of March 31, 2026, acquired at an average cost of about $97,000 to $104,000 per coin. The company added 5,075 BTC in the first quarter of 2026. Management said the expected impact of the latest bond on consolidated results for the fiscal year ending December 2026 would be minimal in its disclosure.

Metaplanet has executed roughly 20 rounds of similar zero-interest bond financing in about two years, with EVO FUND participating in each series. The firm has set public targets of 100,000 BTC by the end of 2026 and 210,000 BTC by the end of 2027; reaching the 2026 goal would require adding nearly 60,000 more coins this year.

Shares moved down about 3% to 4% after the filing, trading around ¥339 in early post-announcement activity. Metaplanet is Japan’s largest corporate bitcoin holder and the third-largest among publicly traded companies globally.