Metaplanet Raises $21 Million in Zero-Interest Bonds to Accelerate Bitcoin Accumulation

Japanese investment company Metaplanet has issued $21 million in zero-interest bonds to Evo Fund, a Cayman Islands-based investment firm, just a day after announcing a separate $50 million raise. This move further accelerates Metaplanet's Bitcoin accumulation strategy, which aims to hold 10,000 BTC by the end of 2025. The 17th series of bonds, issued on May 29, comes with a face value of $525,000 each and will mature on November 28, 2025. Unlike traditional debt instruments, these bonds yield no interest, allowing Metaplanet to borrow without additional repayment costs. Under the terms, Evo Fund is entitled to early redemption by giving at least five business days’ notice. The bonds can be redeemed in full or in part, in multiples of $525,000. Metaplanet may also trigger redemptions tied to future fundraising rounds involving the same investor, depending on cumulative payments. There is no collateral or guarantee attached to the bonds, and no bond administrator has been appointed, as permitted under Japanese corporate law. The company has designated its Tokyo office as the location for payment handling.

Metaplanet has consistently tapped the debt market to fund Bitcoin (BTC) purchases, raising $25.9 million in February, $13.3 million in March, and $25 million earlier in May. With this week’s back-to-back fundraising, total capital raised this year has reached $135.2 million. The company’s stated goal is to hold 10,000 BTC by the end of 2025. Metaplanet holds about 7,800 BTC, placing it at number 11 among the largest corporate Bitcoin holders. With holdings now valued at about $840 million, the company’s average purchase price is $91,340 per Bitcoin. In March, the firm added 696 BTC through a combination of exercised cash-secured put options and premiums earned from selling those contracts. It was followed by another purchase of 145 BTC for $13.6 million just before the end of April.

On May 1, Metaplanet announced plans to launch a wholly owned US subsidiary, Metaplanet Treasury, based in Florida. The entity plans to raise up to $250 million to further its Bitcoin strategy and tap US capital markets. The company has also attracted notable figures. Eric Trump, son of former US President Donald Trump, joined the company’s Strategic Advisory Board in March. Notably, the corporate Bitcoin accumulation strategy is gaining momentum. On May 28, GameStop, the US video game and consumer electronics retailer, confirmed its first Bitcoin investment, acquiring 4,710 Bitcoin.

Metaplanet's aggressive fundraising and Bitcoin accumulation strategy underscore its commitment to becoming a major player in the cryptocurrency market. The company's ability to raise significant capital through debt instruments, coupled with its strategic investments, positions it well to achieve its goal of holding 10,000 BTC by the end of 2025. The launch of Metaplanet Treasury in the US further expands the company's reach and potential for growth. The involvement of high-profile figures like Eric Trump adds to the company's credibility and visibility in the market. As more corporations adopt Bitcoin as part of their investment strategies, Metaplanet's approach serves as a notable example of leveraging debt financing to accumulate cryptocurrency assets.