Japanese bitcoin treasury firm Metaplanet has recently returned to the market, leveraging its balance sheet by issuing 8 billion yen—approximately $50 million—in zero-interest ordinary bonds aimed at financing future bitcoin acquisitions. The company announced in a filing on Friday that EVO Fund, an investor based in the Cayman Islands, fully subscribed to this issuance. This marks Metaplanet’s 20th bond offering and highlights its strategy of utilizing debt markets for bitcoin accumulation.
Currently Japan’s largest corporate holder of bitcoin, Metaplanet has continued its aggressive buying spree since April 2024, purchasing an additional 5,075 BTC in the first quarter alone. The firm holds a total of 40,177 BTC as of now, ranking it third globally among listed bitcoin treasuries according to BitcoinTreasuries.
Despite recording a substantial $619 million net loss for fiscal 2025 due primarily to unrealized markdowns on its bitcoin holdings, Metaplanet persists with its aggressive accumulation strategy. The overall market has experienced volatility rather than a sustained downturn; after reaching an all-time high near $126,000 in October 2025, Bitcoin’s price fell amid geopolitical tensions in the Middle East but is now trading at approximately $77,800—a gain of about 10% over the past month as risk sentiment stabilizes.