Tokyo-listed Metaplanet announced Wednesday that it has issued a new series of bonds worth $50m to further its Bitcoin acquisition strategy, marking another step in its aggressive push into digital assets.
At the center of Metaplanet’s aggressive accumulation effort is EVO FUND, a Cayman Islands-based investment firm that has become its primary backer. Over recent months, EVO FUND has exclusively subscribed to multiple rounds of the company’s zero-interest bonds, providing crucial capital for Bitcoin purchases.
The latest 16th Series bond issuance, also taken up by EVO FUND, brings the total raised to nearly $100m across various tranches.
Zero-Interest Bonds Redeemable at Par, Proceeds Reserved Solely for BTC Acquisition
Metaplanet clarified that each bond carries a face value of $1.25m and will be redeemed at par.
The company has included provisions for early redemption, contingent on specific fundraising milestones involving the bondholder.
Proceeds from this zero-coupon debt will go entirely toward the purchase of Bitcoin, continuing the company’s ongoing treasury diversification.
Metaplanet noted that the issuance would have minimal immediate impact on its consolidated financials for the year ending Dec. 2025, but signaled it would update stakeholders if material effects arise.
Short Sellers Pounce, Yet Metaplanet Ramps Up Institutional Bitcoin Strategy
The announcement comes amid a wave of scrutiny over Metaplanet’s valuation. Research firm 10X Research recently flagged that the company’s stock trades at an implied Bitcoin price of $596,154, over five times the actual market value. Short sellers have taken notice, making Metaplanet the most shorted stock in Japan.
Despite market skepticism, Metaplanet has continued to expand. Last month, the company announced the launch of a wholly owned subsidiary in Florida to accelerate its Bitcoin treasury strategy in what it called a “rapidly emerging” crypto hub.
CEO Simon Gerovich confirmed the move, citing planned capital of up to $250m to broaden access to institutional liquidity in the US.
While critics question the sustainability of its approach, Metaplanet remains firm in its belief that Bitcoin offers a strategic hedge and long-term value. This latest bond issuance shows that conviction, even as the broader market evaluates the risks of asset-heavy balance sheets in volatile sectors.
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