Japanese bitcoin tax firm Metaplanet is back in the market with another round of balance sheet leverage, issuing 8 billion yen, worth about $50 million, in zero-interest ordinary bonds to fund future bitcoin purchases.
In a Friday filing, the company said the latest issuance was fully subscribed by EVO Fund, a Cayman Island-based investor that has repeatedly anchored Metaplanet’s previous offerings. It also marks the company’s 20th bond issue, underscoring its long-preferred strategy of tapping debt markets to finance bitcoin accumulation.
The bonds bear no interest, no security and no guarantee, but also contain an auto-redemption trigger that will take effect when Metaplanet raises equivalent amounts from EVO through future financing, typically stock warrant exercises.
In practice, this means that each bond is effectively retired and replaced as the next round of funding closes, making the 20-bond sequence a rolling zero-cost line of credit
Metaplanet, now Japan’s largest bitcoin holder, has maintained a steady buying spree since April 2024, adding 5,075 BTC in the first quarter alone. At the time of writing, it had 40,177 BTC, making it the third largest listed bitcoin treasury globally, according to BitcoinTreasuries.
The aggressive build-up continues even as the company faces heavy paper losses. Metaplanet reported a net loss of $619 million for fiscal 2025, driven largely by unrealized cuts to its bitcoin stack.
Metaplanet has cycled in and out of the top spot for the most shorted stocks on the Tokyo Stock Exchange over the past year, with short sellers questioning whether the EVO-anchored funding loop can be sustained as bitcoin volatility rises or as EVO’s own capital allocation priorities change.
Friday’s filing is, among other things, a declaration of confidence from one counterparty, whose continued participation keeps the model going.
However, the broader backdrop has been volatile rather than outright bearish. Bitcoin, which briefly rose to an all-time high near $126,000 in October 2025, has since retreated amid geopolitical shocks in the Middle East. It is currently trading around $77,800, still up about 10% over the past month as risk sentiment stabilizes.
