Metaplanet Issues 8 Billion Yen Bonds for Bitcoin Buys

Metaplanet Inc., a Tokyo-based publicly traded company, issued 8 billion yen, equivalent to about $50 million, in zero-interest ordinary bonds on April 24, 2026, to finance additional purchases of Bitcoin, continuing its aggressive strategy to build a cryptocurrency treasury.

The bonds, which carry no interest payments, no collateral, and no guarantees, were fully subscribed by EVO Fund, a Cayman Islands-based investor that has supported the company's previous offerings. This marks Metaplanet's 20th such bond issuance since it began accumulating Bitcoin in April 2024. The funds will be allocated to the EVO Fund and are earmarked specifically for Bitcoin acquisitions, with redemption scheduled for April 2027. The structure includes provisions for early redemption, often tied to future financings like stock warrant exercises, effectively creating a rolling, low-cost credit line that minimizes immediate cash outflows.

Metaplanet has transformed from a traditional business operator into Japan's largest corporate holder of Bitcoin, mirroring the accumulation playbook of U.S. firm MicroStrategy. The company has repeatedly tapped debt markets, equity offerings, and warrants to grow its...