Japanese Bitcoin treasury company Metaplanet is back on the market with a new round of leverage on its balance sheet, issuing 8 billion yen, worth about $50 million, in zero-interest regular bonds to fund future Bitcoin purchases.
In a filing Friday, the company said the latest offering was fully supported by EVO Fund, a Cayman Islands-based investor that has repeatedly anchored Metaplanet’s previous offerings. This is also the company’s 20th bond issuance, highlighting its long-standing favored strategy of tapping debt markets to finance bitcoin accumulation.
Metaplanet, now the largest corporate bitcoin holder in Japan, has maintained a consistent buying spree since April 2024, adding 5,075 BTC in the first quarter alone. At the time of writing, it held 40,177 BTC, making it the third largest listed Bitcoin treasure in the world, according to BitcoinTreasuries.
The aggressive accumulation continues even as the company faces significant paper losses. Metaplanet reported a net loss of $619 million for fiscal 2025, largely due to unrealized reductions on its Bitcoin stack.
However, the general context is more volatile than downright bearish. Bitcoin, which briefly reached an all-time high near $126,000 in October 2025, has since retreated due to geopolitical shocks in the Middle East. It’s currently trading around $77,800, still up about 10% over the past month as risk sentiment stabilizes.
