Tokyo-listed Metaplanet raised ¥8 billion ($50 million) through zero-interest bonds on April 24, 2026, with proceeds earmarked entirely for bitcoin purchases.
The issuance marks the company’s 20th zero-coupon bond sale and supports its aggressive accumulation strategy as it works towards a 100,000 BTC target by the end of 2026.
The bonds, fully subscribed by EVO FUND, mature in April 2027 and carry no interest, allowing Metaplanet to deploy capital into bitcoin without ongoing financing costs.
The structure enables direct balance sheet exposure to bitcoin price movements, while provisions allow EVO FUND to request early redemption or trigger partial repayments tied to additional financing.
Metaplanet held 40,177 BTC at the end of March, acquired at an average price between $97,000 and $104,000, leaving its position underwater at current prices near $78,000, while the new raise could add roughly 640 to 700 BTC.
The company added 5,075 BTC in the first quarter alone, making it Japan’s largest corporate holder and the third-largest publicly listed bitcoin treasury globally, trailing Strategy and one other firm.
Shares fell about 3% to 4% to around ¥339 following the announcement, reflecting short-term dilution concerns despite the zero-cost structure, as Metaplanet continues executing a debt-funded bitcoin accumulation model pioneered in the United States.
At the time of reporting, Bitcoin price was $77,551.12.