KeyTakeaways:
- Metaplanet issues $13.3M in zero-interest bonds to boost Bitcoin holdings.
- EVO FUND fully backs bond purchase, reinforcing confidence in Bitcoin strategy.
- Bond terms allow early redemption tied to capital from stock acquisition rights.
Japan’s publicly listed Bitcoin treasury company, Metaplanet Inc. announced on March 31, 2025, its intention to invest in Bitcoin by issuing its 10th series of ordinary bonds. The board approved the move on the same day, marking a major move in the company’s aggressive Bitcoin accumulation strategy.
This latest bond issuance totals 2 billion yen (approximately $13.3 million). It will be fully subscribed by EVO FUND, a digital asset-focused investment fund. The fund specializes in structured financing and capital support for blockchain-aligned companies. Metaplanet stated that it will use the funds from this issuance to purchase Bitcoin.
Enhancing Financial Strategy Amid Market Shifts
The bond issuance aligns with Metaplanet’s ongoing plan to expand its bitcoin holdings. Previously, the company announced its intent to use capital raised through stock acquisition rights to bolster its Bitcoin reserves. On March 23, 2025, Metaplanet acquired an additional 150 BTC, which raised its total bitcoin holdings to 3,350 BTC.
The decision to issue zero-interest bonds reflects a strategy to minimize financing costs while aggressively expanding bitcoin exposure. Each bond carries a denomination of 50 million yen. It is set for redemption at full face value on September 30, 2025.
The arrangement permits EVO FUND to seek early redemption with at least one business day’s notice. Furthermore, early redemptions could be triggered if capital raised from the 14th through 17th Series of Stock Acquisition Rights reaches multiples of the bond’s face value. Under such circumstances, the company may retire portions of the bonds on the next trading day or an agreed-upon date.
Operational and Regulatory Considerations
The issuance will not be backed by collateral or guarantees and does not require a bond administrator, as stipulated under Japan’s Companies Act. Metaplanet will manage payments directly from its Tokyo office. The firm assessed the bond issuance as having limited financial implications and stated it expects minimal impact on consolidated financial results for the fiscal year ending December 2025.
Metaplanet’s move is part of a broader trend among digital asset companies aiming to secure capital cost-effectively amid volatile markets. The strategy also demonstrates confidence in bitcoin’s long-term value as an asset.
The successful issuance of these zero-interest bonds sets a new precedent for how digital asset treasury companies can finance their growth. The approach underscores Metaplanet’s commitment to increasing its Bitcoin holdings while managing risks related to equipment costs and supply chain challenges.
