Metaplanet to Sell ¥8B Zero-Coupon Bonds to Lift Bitcoin Holdings to 100,000 by Year-End

Tokyo-listed Metaplanet said Friday it will raise ¥8 billion through a new issue of zero-coupon bonds, with proceeds earmarked for additional Bitcoin purchases as the company pushes toward a goal of holding 100,000 BTC by the end of the year. Metaplanet said EVO Fund fully subscribed to the deal, marking the company's 20th bond issuance. The bonds carry no interest and mature in 2027. Metaplanet will repay the principal at par, and EVO Fund has the option to seek early redemption with prior notice. The structure lets Metaplanet add funding without an immediate interest burden, reinforcing a strategy that leans on debt-linked financing rather than operating cash flow. With Bitcoin trading near $78,000, the roughly $50 million equivalent could translate into about 640 to 700 BTC. The company continued building its Bitcoin treasury in the first quarter of 2026, buying 5,075 BTC valued at about $405 million. Total holdings rose to 40,177 BTC, placing Metaplanet among the largest publicly traded corporate Bitcoin holders. The accumulation has come alongside significant financial pressure. Metaplanet reported a net loss of ¥95 billion for fiscal 2025, which filings attributed largely to unrealized valuation declines on its Bitcoin holdings. The firm's average purchase price stands at $104,106 per BTC, above current market levels. Metaplanet is also targeting 210,000 BTC by 2027. Shares fell after the announcement, with the stock down about 3.5% in a single session and roughly 27% over the past six months despite a recent monthly gain. Metaplanet said the bond issuance is expected to have minimal impact on fiscal 2026 results, and it will disclose any material changes if they arise.