On Wednesday, Metaplanet, a company listed on the Tokyo Stock Exchange, announced the issuance of a new series of bonds totaling $50 million to bolster its strategy of acquiring Bitcoin. This move exemplifies the company’s commitment to expanding its footprint in the digital asset space.
At the core of Metaplanet’s ambitious investment strategy lies EVO FUND, an investment firm based in the Cayman Islands, serving as its principal financier. In recent months, EVO FUND has committed to multiple rounds of Metaplanet’s zero-interest bonds, which have been instrumental in securing the necessary capital for Bitcoin acquisitions.
The latest issuance, known as the 16th Series of bonds and also subscribed to by EVO FUND, brings the cumulative amount raised by Metaplanet to almost $100 million across varying tranches.
Zero-Interest Bonds Redeemable at Par, Proceeds Reserved Solely for BTC Acquisition
Metaplanet has indicated that each bond has a face value of $1.25 million and will be redeemed at par. Additionally, the company has included options for early redemption, dependent on specific fundraising benchmarks agreed upon with the bondholders.
*Metaplanet Issues 50 Million USD in 0% Ordinary Bonds to Purchase Additional $BTC* pic.twitter.com/Fz3J7i22XJ
— Metaplanet Inc. (@Metaplanet_JP) May 28, 2025
The entirety of proceeds from this zero-coupon debt issuance will be allocated exclusively for the purchase of Bitcoin, as part of Metaplanet’s ongoing efforts to diversify its treasury portfolio.
Although Metaplanet anticipates that this bond issuance will have a minimal immediate impact on its consolidated financials for the fiscal year ending December 2025, the company pledged to inform stakeholders should any significant effects materialize.
Short Sellers Pounce, Yet Metaplanet Ramps Up Institutional Bitcoin Strategy
This announcement arrives in the context of increasing scrutiny surrounding Metaplanet’s market valuation. Research firm 10X Research recently raised concerns, revealing that the company’s stock is priced at an implied Bitcoin value of $596,154—more than five times the current market rate. As a result, Metaplanet has become one of the most shorted stocks in Japan.
Despite market skepticism, Metaplanet shows no signs of slowing down its growth initiatives. Just last month, the company unveiled plans for a wholly owned subsidiary in Florida, aimed at enhancing its Bitcoin treasury strategy in what it describes as a “rapidly emerging” cryptocurrency hub.
CEO Simon Gerovich confirmed this strategic expansion, noting plans for an investment of up to $250 million to improve access to institutional liquidity within the United States.
While some critics question the durability of Metaplanet’s approach, the company remains confident that Bitcoin serves as a strategic hedge and represents long-term value. The latest bond issuance underscores this commitment, even as the broader market assesses the inherent risks associated with asset-heavy balance sheets in volatile sectors.
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