Metaplanet Issues $50 Million via Zero Coupon Bonds to Buy Bitcoin

Metaplanet deepens its Bitcoin commitment by raising $50 million through zero-coupon bonds, backed entirely by EVO FUND. This strategic move fuels its crypto treasury expansion amid market challenges, underscoring a bold vision of Bitcoin as a long-term financial hedge.

Zagham Abbas
May 29, 2025
12:15 am

Zagham Abbas

Zagham is a renowned crypto journalist known for his insightful analysis and in-depth reporting on the cryptocurrency industry.

Metaplanet issued $50 million in zero-coupon bonds, fully subscribed by EVO FUND. The proceeds will be used to fund Bitcoin purchases as part of its aggressive crypto accumulation strategy.
This latest issuance brings total bond fundraising close to $100 million, with proceeds dedicated exclusively to expanding its Bitcoin treasury.
The bonds have no immediate financial impact on Metaplanet’s 2025 fiscal results. However, they reinforce the company’s commitment to transparency and crypto asset diversification.

Metaplanet has taken another decisive step in its aggressive Bitcoin accumulation strategy by issuing a new $50 million series of zero-coupon bonds, the Tokyo-listed company announced Wednesday. This move marks a continuation of its bold push into digital assets. It further solidifies Metaplanet’s position as a pioneering player in crypto treasury management.

*Metaplanet Issues 50 Million USD in 0% Ordinary Bonds to Purchase Additional $BTC* pic.twitter.com/Fz3J7i22XJ
— Metaplanet Inc. (@Metaplanet_JP) May 28, 2025

At the heart of Metaplanet’s funding drive is EVO FUND, a Cayman Islands-based investment firm that has become its principal backer. EVO FUND has exclusively subscribed to multiple rounds of Metaplanet’s zero-interest bonds over recent months, providing critical capital dedicated solely to Bitcoin purchases. With this latest 16th Series bond issuance also fully taken up by EVO FUND, the total amount raised through these debt instruments approaches $100 million across various tranches.

Each bond carries a face value of $1.25 million and is redeemable at par value. Provisions allow for early redemption, subject to specific fundraising milestones involving the bondholder. The proceeds from this latest zero-coupon bond sale will be entirely directed toward acquiring Bitcoin. This reflects Metaplanet’s ongoing commitment to diversifying its corporate treasury through digital assets.

Metaplanet Bond Issuance Has Minimal Immediate Impact

While the company noted that this issuance would have minimal immediate impact on its consolidated financial results for the fiscal year ending December 2025, it promised transparency by committing to update stakeholders should any material financial effects arise.

Metaplanet’s announcement arrives amid heightened market scrutiny over its valuation. Research firm 10X Research recently highlighted that the company’s stock price implies a Bitcoin valuation of $596,154 per coin, more than five times the actual market price, drawing significant attention from short sellers and making Metaplanet the most shorted stock in Japan.

Despite these headwinds, Metaplanet continues to expand aggressively. Last month, it launched a wholly owned subsidiary in Florida, aiming to accelerate its Bitcoin treasury strategy in what the company describes as a “rapidly emerging” cryptocurrency hub. CEO Simon Gerovich confirmed plans to raise up to $250 million in capital to broaden institutional liquidity access within the U.S. market.

While some critics question the sustainability of Metaplanet’s asset-heavy, Bitcoin-focused strategy, the company remains steadfast. Metaplanet views Bitcoin not just as a speculative asset but as a strategic hedge and long-term store of value. This outlook is demonstrated by its latest bond issuance amid an uncertain and volatile global financial environment.