Tokyo-listed Bitcoin treasury business Metaplanet is raising ¥8 billion to purchase additional Bitcoin through a new zero-coupon bond. The action demonstrates that the company is not slowing down after a vigorous buying binge that has already elevated it to one of the biggest corporate bitcoin holders globally.
The company will use all revenues from its new offering, structured as regular, zero-interest bonds, to buy more bitcoin. According to reports, EVO FUND subscribed for the whole ¥8 billion tranche, indicating significant investor interest in Metaplanet’s Bitcoin-focused approach.
This most recent offering is Metaplanet’s 20th tranche of ordinary bonds, according to filings and local sources. The bonds, which have a face value of ¥200 million each and maturity on April 23, 2027, may be redeemed early by holders under specific circumstances.
Metaplanet repays the entire principal at maturity rather than paying periodic interest because the bonds are zero-coupon. While the corporation largely relies on bitcoin’s long-term growth to justify taking on yen-denominated debt, this structure helps maintain cash flow.
Growing Bitcoin Treasury and Long-Term Strategy
Metaplanet has already built one of the largest corporate bitcoin treasuries, holding 40,177 BTC as of the end of the first quarter of 2026. The firm spent about $3.92 billion in total on its stack, using a mix of equity raises, bond sales, and options income tied to its holdings.
Earlier this year, the company also approved a larger capital plan of up to ¥21 billion, via new shares and warrants, to fund additional Bitcoin purchases and pay down existing debt. Together with the new ¥8 billion bond, this shows a clear strategy of tying its balance sheet, earnings, and capital structure even more tightly to Bitcoin’s price.
Supporters see the new bond as a strong signal of confidence in Bitcoin’s long‑term value. By borrowing in yen to buy more bitcoin, Metaplanet is effectively betting that the asset will outperform its future repayment costs over the next several years.
However, the strategy also adds risk. If bitcoin’s price falls sharply or stays flat for a long time, Metaplanet will still need to repay its bonds in full, which could pressure its finances and share price. For now, though, the company continues to present itself as a high‑conviction Bitcoin treasury play in Japan’s regulated market.
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