Metaplanet said it will issue ￥8 billion ($50 million) in zero-interest bonds to expand its Bitcoin holdings, according to a Friday statement, extending a financing strategy that has defined its balance sheet shift toward digital assets.

The issuance marks the firm’s 20th series of ordinary bonds and will mature in April 2027. The bonds are unsecured and carry no interest, giving the company access to capital without added debt servicing costs. Proceeds are earmarked for additional Bitcoin purchases, with repayment due at par upon maturity.

The bonds were allocated to EVO FUND, a Cayman-based investor tied to Evolution Financial Group that has backed several of the company’s prior raises. Under the terms, the fund can request early redemption with five business days’ notice, while Metaplanet retains the option to redeem part or all of the issuance if it completes further financing with the same counterparty.

At current Bitcoin prices near $78,000, the raise could allow Metaplanet to acquire between 640 and 700 BTC. The company holds 40,177 BTC, valued at about $3.1 billion, making it the largest corporate Bitcoin holder in Japan and the third largest among public firms.

Metaplanet has set a target of 100,000 BTC by the end of 2026 and 210,000 BTC by the end of 2027. The latest raise follows a first quarter in which the firm added 5,075 BTC and reported a BTC Yield of 2.8%.

Metaplanet reported a ￥95 billion net loss for fiscal year 2025, driven by unrealized valuation declines tied to Bitcoin price movements. Its average acquisition cost stands at $104,106 per coin, above current market levels.

Strategy’s massive buy

The strategy mirrors a model seen in the United States, where public firms use capital markets to accumulate Bitcoin as a treasury reserve asset. The most famous of this type of company is Strategy.

Earlier this week, Strategy disclosed it bought 34,164 bitcoin for about $2.54 billion, one of its largest purchases ever. The acquisition raised its total holdings to 815,061 BTC, surpassing BlackRock and bringing its cumulative spend to roughly $61.56 billion at an average cost near current market prices. 

The purchase was funded through equity sales and its STRC preferred stock offering, which has become a key financing tool. 

Despite its expanding position — now over 3.8% of bitcoin’s supply — shares slipped in pre-market trading as investors weighed the firm’s aggressive capital strategy.

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