Japanese company Bitcoin treasury strategy: Metaplanet zero-interest bond financing $50 million to buy BTC

Japan’s Bitcoin treasury company Metaplanet announced on April 24 that it will issue 8 billion yen (about $50 million) in zero-coupon ordinary corporate bonds. All proceeds will be used to increase its Bitcoin holdings, fully subscribed by the Cayman Islands investment firm EVO Fund. This is the company’s 20th bond issuance, continuing its “Bitcoin inventory” strategy launched in April 2024. Previously, Metaplanet had already purchased 5,075 BTC in the first quarter of 2026. As of March 31, its total holdings were 40,177 BTC, making it the world’s third-largest publicly listed corporate Bitcoin holder. Even after posting a net loss of $619 million in fiscal year 2025, the company continues to raise funds through the bond market, reflecting the continued deepening of its “Bitcoin-first” asset allocation logic. As of April 27, 2026, BTC was trading at 77,800 USD on Gate. Over the past month, it has risen by about 10%, though it remains below the historical high of about 126,000 USD in October 2025 by roughly 38%.

How do zero-coupon bonds enable zero-cost financing for corporate-level Bitcoin accumulation?

The core feature of zero-coupon bonds is that the coupon rate on the face value is 0%, meaning there is no interest payment obligation at issuance. The 8 billion yen zero-coupon ordinary bonds issued by Metaplanet in this round mature in April 2027. During the term, the company bears no interest burden, and at maturity it repays only the principal at face value. This structure enables the company to obtain cash at zero short-term financing cost and allocate all the funds to the asset side expected to appreciate. Compared with traditional interest-paying bonds, zero-coupon instruments avoid the accounting treatment of “interest expense eroding profits year by year,” so the balance-sheet cost pressure in the initial stage is limited to issuance costs. However, zero interest does not mean zero cost. Early redemption clauses usually grant investors the right to require the issuer to repay principal early under certain conditions, creating a potential exposure to liquidity risk. EVO Fund fully subscribed this bond and retained the early redemption right. This means that if the price of Bitcoin drops sharply, the fund could trigger the early repayment provision, putting Metaplanet under concentrated repayment pressure.

What does EVO Fund’s anchored subscription model imply for Metaplanet’s debt sustainability?

EVO Fund is an investment institution registered in the Cayman Islands that has supported multiple rounds of Metaplanet financing. Its full subscription in this round once again confirms its strategic role as a core capital provider. This type of single-institution anchored subscription model is uncommon in corporate financing in the crypto industry. Its advantage lies in extremely high financing efficiency: there is no need for a public offering, nor does the company need to negotiate with multiple investors over pricing and terms. The company can lock in all funding quickly and execute asset allocation fast. But this centralized funding structure also introduces significant dependency risk. If the Bitcoin market enters a prolonged downcycle, or if EVO Fund’s own capital strategy changes, Metaplanet’s channel for ongoing financing via zero-coupon bonds may be obstructed. The company has disclosed a more long-term plan to increase holdings: from 2026 to 2028, it intends to raise about 10 billion USD in total by issuing 33.4 billion yen in bonds and selling shares worth 131.7 billion yen, in order to expand its Bitcoin holdings. The plan’s high scalability is built on the continued participation of existing financing partners, making it the key constraint variable in its capital structure.

What has changed in the global landscape of publicly listed companies’ Bitcoin holdings?

As of March 31, Metaplanet held 40,177 BTC, ranking as the world’s third-largest publicly listed Bitcoin holder, behind Strategy (formerly MicroStrategy, about 766,970 BTC) and Twenty One Capital. Based on the current Bitcoin price of 77,800 USD, Metaplanet’s holdings are worth approximately $3.13 billion. The target set by CEO Simon Gerovich is for holdings to reach 100,000 BTC by the end of 2026, with a long-term goal of 210,000 BTC (about 1% of the total Bitcoin supply). Current progress is about 40% of the annual target. The company once bought 5,075 BTC for 405 million USD in a single week. In the same statistical period, it exceeded Strategy by about 330 million USD in purchase amount, making it one of the top publicly listed companies by weekly net buying volume. Globally, publicly listed companies (excluding mining companies) collectively hold about 1.03 million BTC, representing 5.2% of the circulating supply, with a current market value of about $71.78 billion.

How can the logic tension between unrealized losses and continued accumulation be reconciled?

Metaplanet’s net loss in fiscal year 2025 was 95 billion yen (about $619 million), mainly due to unrealized valuation losses arising from a decline in the fair value of its Bitcoin holdings. From a financial accounting perspective, this loss reflects an accounting adjustment of the fair value of assets on the balance sheet, not an actual cash outflow from the company’s operations. The key question is whether this loss, after issuance, turns into a real constraint on repayment ability. Bitcoin fell from a peak of about 126,000 USD in October 2025 to around 77,800 USD, a drop of about 38%. As a result, the equity side of corporate balance sheets takes a significant book-value hit. But Metaplanet’s average cost of holdings is about 78,000 USD to 79,898 USD, close to the current market price, meaning most holdings have not generated significant accounting impairment. The tension between the reported loss and the continued accumulation strategy is essentially a mismatch between “accounting profit” and “capital allocation logic.” The former focuses on changes in asset valuations over a past period, while the latter points to the company’s belief that Bitcoin’s value growth potential over the long term still exceeds downside risks.

How does yen depreciation change the strategy logic of corporate Bitcoin reserves?

The ongoing depreciation of the yen against the USD is a macro backdrop for understanding Metaplanet’s strategy. Since 2020, Bitcoin has appreciated by about 1,159% against the USD, and the appreciation versus the yen is even higher, reaching about 1,704%, mainly due to structural weakness of the yen against the dollar over this period. Metaplanet borrows in yen and repays in yen, while holding Bitcoin assets denominated in yen. In an environment of yen depreciation, the actual value of debt shrinks as the purchasing power of the local currency declines, while the yen-denominated value of Bitcoin is amplified by exchange-rate translation effects. This means the company can use “increasingly cheaper” debt in a local-currency depreciation channel to obtain “increasingly more expensive” assets, creating a favorable exposure driven by the direction of exchange-rate movements. If the USD to JPY exchange rate continues to rise and the Bank of Japan keeps a broadly accommodative monetary policy, the effectiveness of this logic would be further strengthened. But in the opposite scenario—yen appreciation—the actual burden of debt would be amplified and asset-side valuations would be pushed down, creating two-way risks.

Metaplanet’s demonstration effect for Asian companies’ Bitcoin asset allocation

Japan’s “Digital Asset Accounting Treatment” amendment passed in 2025 removed institutional barriers for companies to directly hold crypto assets. Under this framework, in addition to Metaplanet, more than 30 Japanese listed companies have disclosed Bitcoin holdings, and even corporate entities such as Remixpoint have added allocations recently. The key difference between Asian listed companies and their peers in Europe and the United States is that companies in Asia generally face a lower interest-rate environment and ongoing downward pressure on the local currency. This allows Bitcoin to play a dual role in asset allocation—as both an “alternative reserve” and an “exchange-rate hedge.” In Japan’s market, in February 2026, Bitcoin ETF net inflows in a single month reached 720 million USD. For corporate-level custody services, the average allocation amount per transaction is about 1.2 million USD, and holding periods are commonly set at 3 to 5 years. This asset allocation logic is fundamentally different from the retail speculation seen in 2017: larger capital size, longer holding periods, and decision-making anchors that are more tilted toward duration matching on the balance sheet. Metaplanet’s path of using zero-coupon bonds to finance Bitcoin accumulation provides an illustrative template for Asian companies: in a low-interest-rate environment, using capital-market instruments to build digital asset exposure can replace operating cash flows, allowing firms to scale up their allocations without using core operating funds. However, this route is not without conditions; its sustainability depends heavily on the interest-rate environment, exchange-rate trends, and the continued participation of financing partners.

Summary

Metaplanet’s 20th zero-coupon bond financing—$50 million—used to increase Bitcoin holdings has lifted total holdings to 40,177 BTC, making it the world’s third-largest publicly listed Bitcoin holder. Against the backdrop of a net loss in fiscal year 2025, the company continues to add exposure through zero-coupon bonds, reflecting a capital allocation logic shaped jointly by the zero-interest financing structure, EVO Fund’s anchored subscription model, and the yen depreciation environment. However, the sustainability of this strategy faces three constraints: liquidity pressure arising from EVO Fund’s early redemption right, repayment-capacity constraints under market downturns, and the two-way impact on the balance sheet from potential reversals in the yen exchange rate. From a broader perspective, Metaplanet’s approach provides an analytical framework for Asian companies’ allocation to digital assets—borrowing through capital-market tools to build a Bitcoin exposure in a low-interest-rate environment, and gradually evolving from company-specific characteristics into a regional structural trend.

Frequently Asked Questions (FAQ)

How much Bitcoin does Metaplanet currently hold?

As of March 31, 2026, Metaplanet holds 40,177 BTC, making it the world’s third-largest publicly listed Bitcoin holder, behind Strategy and Twenty One Capital.

What risks and advantages does zero-coupon bond financing bring to Metaplanet?

The advantage is that the zero-interest cost allows the company to expand its holdings with lower short-term funding costs. The main risk comes from EVO Fund’s early redemption right—if the price of Bitcoin falls significantly, investors may demand early repayment, requiring the company to repay 8 billion yen in principal in a concentrated manner; in addition, if future financing channels become blocked, the company’s long-term accumulation plan could face pressure.

How does yen depreciation affect Metaplanet’s Bitcoin strategy?

Metaplanet borrows in yen, repays in yen, and holds Bitcoin assets denominated in yen. In an environment of yen depreciation, the real value of its debt shrinks as the purchasing power of the local currency declines, while the yen-denominated price of Bitcoin is amplified by exchange-rate translation effects. This places the company in a one-way favorable exposure: depreciation enhances the advantage on the asset side.

Are other Asian publicly listed companies also increasing their Bitcoin allocations?

Besides Metaplanet, more than 30 Japanese listed companies have disclosed Bitcoin holdings. In February 2026, Japanese Bitcoin ETFs recorded 720 million USD in net inflows in a single month. Corporate-level Bitcoin custody business averaged about 1.2 million USD per transaction, with holding periods set for 3 to 5 years. This reflects that enterprise-level funds are forming a structural long-term allocation trend.

What is the current trend in the Bitcoin price?

As of April 27, 2026, BTC is quoted at 77,800 USD on Gate. Over the past month, it has risen by about 10%, but it still has about 38% downside room compared with the historical high of approximately 126,000 USD in October 2025.