Metaplanet Raises $50 Million for Bitcoin Holdings via Zero-Interest Bonds

Japanese investment firm Metaplanet has announced a $50 million private placement of zero-interest bonds to further increase its Bitcoin holdings. The bonds, issued in $1.25 million denominations, do not carry any interest, and investors will not receive regular payments. Instead, any potential profit will come from the bond’s redemption value.

Evo Fund, a Cayman Islands-based investment firm, will be the sole bondholder. Evo Fund has been a primary backer of Metaplanet’s Bitcoin acquisition strategy, subscribing to multiple rounds of Metaplanet’s zero-interest bonds to provide capital for its Bitcoin purchases.

The bonds are unsecured and unguaranteed, lacking a bond administrator or collateral. This arrangement reflects a high degree of trust between the two companies and underscores confidence in Bitcoin’s long-term outlook as Metaplanet continues to expand its holdings.

Metaplanet anticipates that the issuance of these bonds will have minimal impact on its 2025 financial results. However, the company has stated that it will disclose further developments if necessary.

Metaplanet’s strategy of increasing its Bitcoin exposure is part of a broader trend among companies seeking alternatives to traditional fiat-based treasury strategies. This move follows Metaplanet’s second-largest Bitcoin purchase, acquiring 1,004 Bitcoin worth over $100 million. This acquisition brought the company’s total Bitcoin holdings to 7,800 BTC, valued at over $800 million.

Metaplanet’s Bitcoin strategy has also positively impacted its stock prices. On May 27, it was reported that Metaplanet’s stock trades as if Bitcoin were worth five times its actual price, indicating that investors are dramatically overpaying for their Bitcoin exposure through the company.

Despite the success, Metaplanet’s Bitcoin treasury strategy has attracted criticism. Well-known investor Jim Chanos has expressed skepticism, suggesting that investors are overpaying for Bitcoin exposure through corporate wrappers. Chanos has taken the stance of selling MicroStrategy stock to buy Bitcoin directly, assuming that direct Bitcoin purchases are more advantageous than indirect exposure through corporate stocks.