Japanese Bitcoin treasury company Metaplanet has completed a new zero-interest bond issuance worth ¥8 billion, equivalent to approximately $50 million. This is the company’s 20th issuance of this type, and it was fully subscribed by the investment fund EVO Fund.
The placement marks an important step in Metaplanet’s long-term Bitcoin accumulation strategy. The company continues to use financial instruments, including bonds and share issuances, to raise capital and direct it toward BTC purchases.
According to the company, the new bond can be redeemed or exchanged in April 2027. EVO Fund, an investment firm headquartered in the Cayman Islands, also participated in financing Metaplanet’s previous 19 bond issuances.
Key Details of the New Bond Issuance
| Parameter | Description |
|---|---|
| Issuer | Metaplanet |
| Instrument type | Zero-interest bond |
| Issuance number | 20th issuance |
| Issuance amount | ¥8 billion |
| USD equivalent | Approximately $50 million |
| Subscriber | EVO Fund |
| Interest rate | 0% |
| Expected redemption / exchange date | April 2027 |
Why Metaplanet’s Bonds Are Attracting Attention
The key feature of this issuance is that the bonds carry a zero-interest rate. This means the company is not required to pay regular coupon income to the investor, as is the case with traditional bonds. Instead, the investor may rely on other terms, including possible conversion or participation in the company’s growth.
For Metaplanet, this model allows it to raise capital without adding regular interest expenses. This is especially important for companies that are actively increasing their Bitcoin reserves and want to allocate as much available capital as possible toward BTC purchases.
What Is a Zero-Interest Bond?
A zero-interest bond is a debt instrument that does not pay regular interest to the holder. Such instruments are usually attractive to investors when they inсlude additional conditions, such as convertibility, a discount to face value, or potential upside from the growth of the company’s shares.
In Metaplanet’s case, these bonds effectively form part of a broader Bitcoin treasury financing strategy. The company receives capital now and can use the funds raised to continue accumulating BTC.
The First New Issuance After a Pause
This issuance is Metaplanet’s first new bond placement since June-July of last year. Previously, as the price of Bitcoin declined, issuing new bonds became less favorable for the company. During that period, Metaplanet used a credit facility instead of bond financing.
However, as the market strengthened and capital-raising conditions improved, the company returned to bond issuance. This may indicate that Metaplanet sees a more favorable market environment for continuing its Bitcoin strategy.
Following the announcement, Metaplanet CEO Simon Gerovich wrote on X: “I am buying Bitcoin!” This phrase reflects the company’s broader approach: Metaplanet continues to position itself as one of the most active corporate Bitcoin buyers in Japan.
Metaplanet’s Bitcoin Reserves
In the first quarter of 2026, Metaplanet purchased 5,075 BTC. After these purchases, the company’s total Bitcoin holdings reached 40,177 BTC. This makes Metaplanet one of the most notable corporate Bitcoin holders outside the United States.
| Metric | Value |
|---|---|
| BTC purchased in Q1 2026 | 5,075 BTC |
| Total Bitcoin holdings | 40,177 BTC |
| 2026 target | 100,000 BTC |
| BTC needed to reach the 2026 target | Approximately 60,000 BTC |
| Target by the end of next year | 210,000 BTC |
The “555 Million Plan”
The new bond issuance aligns with Metaplanet’s strategy known as the “555 Million Plan.” Under this program, Metaplanet received approval to issue 555 million shares. The company expects this to help raise around ¥770 billion, or slightly more than $5.3 billion.
The “555 Million Plan” replaced the previous “210 Million Plan.” The updated program is more ambitious and reflects the company’s intention to accelerate Bitcoin accumulation on its balance sheet.
Main Parameters of the “555 Million Plan”
| Metric | Description |
|---|---|
| Strategy name | “555 Million Plan” |
| Approved share issuance | 555 million shares |
| Potential capital raised | Approximately ¥770 billion |
| USD equivalent | More than $5.3 billion |
| Previous plan | “210 Million Plan” |
| Main goal | Accelerated Bitcoin accumulation |
How Metaplanet Uses the Bitcoin Treasury Model
Metaplanet follows the Bitcoin treasury model, where BTC becomes the company’s main strategic reserve asset. Instead of keeping most of its capital only in fiat currencies, the company gradually increases the share of Bitcoin on its balance sheet.
This model became especially popular after the success of Strategy, formerly known as MicroStrategy. The American company was one of the first to aggressively raise capital through debt instruments and share issuances to purchase Bitcoin.
Metaplanet applies a similar approach, adapting it to the Japanese market and its own corporate structure. The company issues bonds, uses equity financing, and applies other instruments to expand its Bitcoin reserves.
Comparison of Bitcoin Treasury Company Strategies
| Company | Main approach | Strategic goal |
|---|---|---|
| Metaplanet | Issuing bonds, shares, and raising capital to buy BTC | Reach 100,000 BTC in 2026 and 210,000 BTC by the end of next year |
| Strategy | Large convertible bond and share issuances | Maximize Bitcoin accumulation on the corporate balance sheet |
| Capital B | Using financial instruments to build BTC reserves | Increase the value of treasury assets through Bitcoin |
Why Companies Issue Bonds to Buy Bitcoin
Bond issuance allows companies to raise large amounts of capital without immediately diluting existing shareholders. If the bonds have a convertible structure, investors may receive the option to exchange them for shares under certain conditions.
For Bitcoin treasury companies, this is a convenient way to finance BTC purchases. If the price of Bitcoin rises, the value of the company’s balance sheet assets also increases. This can positively influence investor perception of the company and increase interest in its shares.
However, this strategy also carries risks. If the price of Bitcoin falls, the value of the company’s reserves may decline, and issuing new instruments becomes less attractive. This is why Metaplanet previously paused its bond placements and temporarily used a credit facility.
Advantages and Risks of Metaplanet’s Strategy
| Advantages | Risks |
|---|---|
| Ability to rapidly increase Bitcoin reserves | Dependence on Bitcoin price performance |
| Capital raising without regular interest payments | Potential share dilution upon conversion |
| Growing investor interest in the company as a Bitcoin proxy | Difficulty raising capital during weak market conditions |
| Strengthening its status as a major BTC holder | Higher volatility in corporate valuation |
Metaplanet’s Goal Is 100,000 BTC in 2026
Metaplanet’s main stated goal for 2026 is to increase its total Bitcoin holdings to 100,000 BTC. The company currently holds 40,177 BTC, meaning it needs to acquire approximately another 60,000 BTC to reach this target.
Metaplanet has also set an even more ambitious target: reaching 210,000 BTC by the end of next year. If the company succeeds, it will significantly strengthen its position among the world’s largest public corporate Bitcoin holders.
Path Toward the Target Holdings
| Stage | Target BTC holdings | Comment |
|---|---|---|
| Current level | 40,177 BTC | Bitcoin holdings after purchases in Q1 2026 |
| 2026 target | 100,000 BTC | Requires the purchase of approximately 60,000 additional BTC |
| Target by the end of next year | 210,000 BTC | Long-term goal within the expanded accumulation strategy |
What This Means for the Market
Metaplanet’s new bond issuance shows that corporate Bitcoin treasuries remain highly interested in raising capital. Companies building their strategies around BTC continue to look for ways to increase their reserves even in a volatile market environment.
The full subscription by EVO Fund also indicates continued institutional interest in such instruments. For investors, these bonds may be a way to gain indirect exposure to Bitcoin through Metaplanet’s corporate structure.
At the same time, the company’s strategy largely depends on the future performance of Bitcoin. If the market continues to strengthen, Metaplanet may be able to use bond and share issuances more actively. If BTC comes under pressure again, the company may return to a more cautious financing model.
Conclusion
Metaplanet has fully placed its 20th zero-interest bond issuance worth ¥8 billion, or approximately $50 million. The entire amount was subscribed by EVO Fund, which had already participated in the company’s previous placements.
Funds raised through such instruments allow Metaplanet to continue its Bitcoin accumulation strategy. The company currently holds 40,177 BTC and aims to increase this figure to 100,000 BTC in 2026, and then to 210,000 BTC by the end of next year.
The new issuance confirms that Metaplanet continues to follow the Bitcoin treasury model, using bonds, share issuances, and other financial instruments to increase its BTC reserves. Despite the risks associated with Bitcoin volatility, the company remains one of the most active public entities betting on long-term BTC accumulation.