Japanese investment firm Metaplanet is set to deepen its commitment to Bitcoin with a $50 million capital raise through a private placement of zero-interest bonds.
The move is part of the company’s ongoing treasury strategy to increase its Bitcoin exposure, bucking traditional fiat-based financial models.
According to the firm’s May 28 announcement, the zero-coupon bonds will be issued in $1.25 million denominations and carry no interest. Instead of offering periodic returns, investors will only earn from the redemption value upon maturity—highlighting the speculative and long-term nature of the investment.
Cayman Islands-based Evo Fund will be the exclusive bondholder in this round, continuing its role as the company’s primary financial backer in its Bitcoin acquisition strategy. Evo Fund has subscribed to multiple rounds of similar bond issuances in the past, effectively fueling Metaplanet’s ongoing accumulation of Bitcoin.
These bonds will be unsecured and lack collateral or an appointed bond administrator—an unusual move that underscores the strong relationship and mutual confidence between Metaplanet and Evo Fund. It also signals their shared bullish stance on Bitcoin’s long-term prospects.
Despite the sizable raise, Metaplanet anticipates minimal impact on its 2025 financials. The company said it will provide additional disclosures if necessary.
This financing comes on the heels of Metaplanet’s second-largest Bitcoin purchase: a 1,004 BTC acquisition valued at over $100 million. The buy brought the firm’s total Bitcoin holdings to approximately 7,800 BTC, now worth more than $800 million. Data from BitcoinTreasuries.NET shows Metaplanet has recorded a near 20% gain on its BTC investments.
Metaplanet’s aggressive Bitcoin strategy appears to be resonating with the market. Recent data from 10x Research revealed that the company’s stock is trading at valuations that imply its Bitcoin holdings are worth nearly five times their actual value—an indication that investors may be overpricing exposure to BTC via Metaplanet’s shares.
This surge in valuation has sparked concern among prominent market voices. At the Sohn Investment Conference in New York, famed short-seller Jim Chanos criticized the rising appeal of corporate Bitcoin wrappers. He revealed he’s offloading Strategy stock in favour of direct Bitcoin purchases.
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