Japanese bitcoin treasury firm Metaplanet is back in the market with another round of balance sheet leverage, issuing 8 billion yen, worth about $50 million, in interest-free ordinary bonds to fund future bitcoin purchases.
In a filing on Friday, the company said the latest issuance was fully undertaken by EVO Fund, a Cayman Islands-based investor that has repeatedly anchored Metaplanet’s previous offerings. It also marks the company’s 20th bond issuance, underscoring its long-favored strategy of tapping debt markets to finance bitcoin accumulation.
Metaplanet, now Japan’s largest corporate bitcoin holder, has maintained a steady 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 bitcoin hoard in the world, according to BitcoinTreasuries.
Aggressive accumulation continues even as the company faces deep paper losses. Metaplanet reported a net loss of $619 million for fiscal 2025, driven largely by unrealized downgrades to its bitcoin stack.
However, the broader context has been more volatile than overtly bearish. Bitcoin, which briefly hit an all-time high near $126,000 in October 2025, has since retreated amid geopolitical unrest in the Middle East. It is currently trading around $77,800, still up about 10% from last month as risk sentiment stabilizes.
