Metaplanet issues $21M in bonds to buy Bitcoin, a day after $50M raise

Metaplanet, a Japanese investment firm, is aggressively pursuing its Bitcoin accumulation strategy, raising substantial capital through innovative debt financing. The firm recently issued $21 million in zero-interest bonds to Evo Fund, a Cayman Islands-based investment firm, just one day after securing an additional $50 million. This brings the total capital raised by Metaplanet in 2025 to $135.2 million.

These zero-interest bonds, the 17th series issued, carry a face value of $525,000 each and mature on November 28, 2025. The absence of interest payments allows Metaplanet to borrow without incurring additional repayment costs. Evo Fund has the right to early redemption with five business days’ notice, allowing for partial or full redemption in multiples of $525,000. Metaplanet also retains the option to trigger redemptions linked to future fundraising rounds involving Evo Fund. Crucially, these bonds lack collateral or guarantees, operating within the framework of Japanese corporate law. Payment processing is handled through Metaplanet’s Tokyo office.

This latest fundraising follows previous debt issuances totaling $25.9 million (February), $13.3 million (March), and $25 million (earlier in May). Metaplanet’s overarching goal is to accumulate 10,000 BTC by the end of 2025. Currently, the company holds approximately 7,800 BTC, according to BitcoinTreasuries.NET, ranking it among the top 11 corporate Bitcoin holders. With holdings valued at roughly $840 million, Metaplanet’s average Bitcoin acquisition price stands at $91,340. Past acquisitions included 696 BTC in March (through a combination of exercised cash-secured put options and earned premiums) and 145 BTC in late April.

Further solidifying its Bitcoin strategy, Metaplanet announced the establishment of a wholly-owned US subsidiary, Metaplanet Treasury, in Florida, aiming to raise up to $250 million to further expand its Bitcoin holdings and tap into US capital markets. The company’s advisory board notably includes Eric Trump, adding to the growing interest in corporate Bitcoin accumulation, exemplified by GameStop’s recent purchase of 4,710 BTC.