Metaplanet Boosts Bitcoin Holdings with $21M Bonds After Raising $50M

Japanese investment vehicle Metaplanet has issued ¥3.1 billion (approximately $21 million) in zero-interest bonds to Cayman Islands–based Evo Fund, marking its 17th debt issuance in 2025. This move comes just one day after closing a separate $50 million fundraising round, underscoring the company’s accelerated strategy to build a significant Bitcoin (BTC) treasury ahead of its 2025 10,000 BTC target.

17th Series Zero-Interest Bonds Details

• Issue date: May 29, 2025
• Face value: $525,000 per bond
• Maturity: November 28, 2025
• Coupon: 0% (zero-interest)
• Redemption: Early redemption by Evo Fund with five business days’ notice; partial redemptions allowed in increments of $525,000
• Collateral: Unsecured, no guarantee or trustee appointed under Japanese corporate law

These zero-coupon bonds effectively trade at a discount to par if sold on the secondary market, embedding an implied internal rate of return for buyers and a cost-free borrowing mechanism for Metaplanet. Under IFRS 9, the bonds are recognized as financial liabilities measured at amortized cost, since there is no embedded derivative or equity conversion feature.

Aggregating $135.2 Million Capital in 2025

Metaplanet’s 2025 fundraises include:

1. $25.9 million in February
2. $13.3 million in March
3. $25 million in early May
4. $50 million on May 28
5. $21 million on May 29

Total capital raised this year has reached $135.2 million, all earmarked for on-chain BTC accumulation. At an average purchase price of $91,340 per BTC, Metaplanet’s holdings of ~7,800 BTC are currently valued at ~¥123 billion ($840 million), ranking it 11th among public corporate Bitcoin treasuries (source: BitcoinTreasuries.net).

Debt Market Dynamics and Investor Appetite

Investors in zero-interest corporate bonds are effectively purchasing discount instruments, speculating on tighter secondary spreads or using them as collateral in secured lending markets. Credit analysts note that Metaplanet’s lack of collateral elevates counterparty risk, but the rapid sequential issuances indicate strong demand among specialized digital-asset funds seeking Bitcoin exposure with fixed maturity profiles.

According to market data, Asian and offshore funds are allocating an increasing share of debt portfolios to digital-asset–linked debt, driving bid-side pricing to near par despite zero coupons. This suggests a yield curve inversion in the digital space relative to traditional credit markets.

Regulatory and Accounting Considerations

Under Japanese corporate law, unsecured bonds without a bond administrator are permissible, simplifying issuance logistics and reducing expenses. From an accounting standpoint, Metaplanet must assess the fair value of the liability and any embedded features at each reporting date.

Expert view: “These bonds are classified as financial liabilities at amortized cost. The absence of interest simplifies P&L impact, but any discount carve-out must be amortized over the short seven-month tenor,” says Ayako Tanaka, a Tokyo–based corporate finance specialist.

Risk Management and Hedging Strategies

Concentrating so heavily in BTC introduces price volatility and counterparty risk. To mitigate, Metaplanet has executed cash-secured put option strategies—selling puts to generate premiums—which funded the purchase of 696 BTC in March. In April, it deployed $13.6 million to acquire an additional 145 BTC. Such option overlays provide a partial hedge against downside moves and augment treasury yields in neutral-to-bullish markets.

Metaplanet’s Corporate and Global Expansion

On May 1, Metaplanet unveiled plans to establish Metaplanet Treasury, its wholly owned subsidiary in Florida, aiming to raise up to $250 million in U.S. capital markets. The subsidiary will adhere to U.S. GAAP and SEC registration standards, broadening investor access and potentially enabling future U.S.-listed debt or equity offerings.

Adding strategic depth, Eric Trump joined its Strategic Advisory Board in March, reflecting a concerted push to blend political insight with capital-market expertise.

Market Impact and Analyst Outlook

Metaplanet’s aggressive debt-financed BTC acquisition has spurred other corporates to follow suit: on May 28, GameStop confirmed its first purchase of 4,710 BTC. Analysts contend that such moves cement Bitcoin’s transition from speculative asset to corporate treasury reserve.

Analyst commentary: “Zero-interest bonds to acquire digital assets blur the lines between traditional corporate finance and crypto markets. This trend could lead to hybrid debt products tied to on-chain performance,” observes David Lee, head of digital-assets research at Global Markets Advisory.

Conclusion

By issuing $21 million in zero-interest debt immediately after a $50 million raise, Metaplanet underscores its determination to scale a Bitcoin treasury efficiently. With robust demand from specialized investors and an expanding global footprint, the firm’s approach exemplifies how traditional financing instruments can be repurposed for digital-asset strategies.