Japanese Bitcoin funding company Metaplanet has returned to the market with another round of balance sheet leverage, issuing 8 billion yen (worth about $50 million) of zero-coupon ordinary bonds to fund future Bitcoin purchases.
The latest offering has been fully subscribed by EVO Fund, a Cayman Islands-based investor that has backed Metaplanet’s previous offerings, the company said in a filing on Friday. It also marks the company’s 20th bond issuance, underscoring its long-favored strategy of using debt markets to fund Bitcoin accumulation.
The bonds carry no interest, no collateral, and no guarantees, but also contain automatic redemption triggers that fire whenever Metaplanet raises a matching amount from EVO through future financings (usually the exercise of stock warrants).
In practice, this means that each bond will effectively be retired and replaced upon completion of the next funding round, transforming the 20-bond sequence into a rolling zero-cost credit line
Metaplanet is currently the largest corporate Bitcoin holder in Japan, having maintained a steady buying spree since April 2024, adding 5,075 Bitcoin in the first quarter alone. As of this writing, it holds 40,177 BTC, making it the third largest listed Bitcoin vault in the world, according to BitcoinTreasuries.
The aggressive accumulation continues despite the company facing huge paper losses. Metaplanet reported a net loss of $619 million for fiscal 2025, largely due to unrealized price cuts on its Bitcoin stack.
Metaplanet has been in and out of the top spot on the Tokyo Stock Exchange’s list of most shorted stocks over the past year, with short sellers questioning whether the EVO-based funding cycle can be sustained as Bitcoin volatility rises or EVO’s own capital allocation priorities shift.
Among other things, Friday’s filing is a vote of confidence from a counterparty whose continued participation makes the model work.
However, the broader backdrop has been unstable rather than outright bearish. Bitcoin briefly surged to an all-time high of nearly $126,000 in October 2025, but has since fallen back amid geopolitical shocks in the Middle East. It currently trades around $77,800, still up about 10% over the past month as risk sentiment stabilizes.