Japanese bitcoin treasury firm Metaplanet is back in the market with another round of balance-sheet leverage, issuing 8 billion yen, worth roughly $50 million, in zero-interest ordinary bonds to finance future bitcoin purchases.
In a Friday filing, the company said the latest issuance was fully taken up by EVO Fund, a Cayman Islands-based investor that has repeatedly anchored Metaplanet’s previous offerings. It also marks the firm’s 20th bond issuance, underscoring its long favored strategy of tapping debt markets to fund bitcoin accumulation.
Metaplanet, now Japan’s largest corporate bitcoin holder, has maintained a steady buying spree since April 2024, adding 5,075 BTC in the first quarter alone. As of writing, it held 40,177 BTC, which makes it the third-largest listed bitcoin treasury globally, according to BitcoinTreasuries.
The aggressive accumulation continues even as the firm faces deep paper losses. Metaplanet reported a $619 million net loss for fiscal 2025, largely driven by unrealized markdowns on its bitcoin stack.
The broader backdrop, however, has been volatile rather than outright bearish. Bitcoin, which briefly surged to an all-time high near $126,000 in October 2025, has since pulled back amid geopolitical shocks in the Middle East. It is currently trading around $77,800, still up roughly 10% over the past month as risk sentiment stabilizes.
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