Metaplanet Issues ¥2 Billion Zero-Interest Bonds to Expand Bitcoin Holdings

Metaplanet, a Tokyo-based investment firm, has issued its ninth series of zero-interest bonds worth ¥2 billion to EVO FUND. The proceeds from this bond issuance will be used to purchase additional Bitcoin, further expanding the company's cryptocurrency holdings. The decision was formalized during a board of directors meeting and announced in a regulatory filing on March 18, 2025. This move underscores Metaplanet's commitment to growing its Bitcoin reserves, positioning itself as one of Asia's largest corporate holders of the digital currency.

The bonds, which carry no interest, will mature on September 17, 2025, with each bond redeemable at ¥100 per ¥100 of face value. EVO FUND has the flexibility to redeem the bonds early by providing written notice to Metaplanet at least one business day before the desired redemption date. This early redemption option can be exercised for all or part of the outstanding bonds, offering EVO FUND the ability to manage their investment strategically. Metaplanet plans to fund the redemption using proceeds from their 14th to 17th Series of Stock Acquisition Rights, which the company expects to exercise before the redemption date. The bond issuance has been fully allocated to EVO FUND, with no guarantee or collateral attached.

Metaplanet's strategy of issuing zero-interest bonds to acquire Bitcoin is not new. On February 27, the company issued a similar series of bonds to EVO FUND for the same amount of ¥2 billion. This consistent approach reflects Metaplanet's long-term vision for Bitcoin as a valuable treasury asset. Since launching its Bitcoin Treasury Operations in April 2024, Metaplanet has been steadily increasing its Bitcoin holdings. The most recent purchase involved acquiring 150-162 BTC for approximately $12.5-13.5 million, with an average purchase price of around $83,123 per Bitcoin. This latest acquisition brings Metaplanet's total Bitcoin holdings to between 3,050-3,200 BTC, valued at approximately $251-265 million at current market prices.

According to bitcointreasuries.net, Metaplanet is now the 10th-largest public entity holding Bitcoin, solidifying its position as a major player in the corporate Bitcoin space. The company's timing appears strategic, as it is taking advantage of Bitcoin's recent price correction. Currently trading around $83,300, Bitcoin is about 24% below its record high reached in January 2025. Metaplanet's notice to shareholders indicates that the bond issuance is expected to have minimal impact on the company's financial results for the fiscal year ending December 2025. This suggests that the Bitcoin investment is part of a long-term strategy rather than a short-term financial maneuver. Metaplanet's continued issuance of bonds to acquire Bitcoin demonstrates a deliberate and structured approach to building its cryptocurrency holdings over time, reflecting the company's confidence in Bitcoin as a valuable asset for its treasury operations.