Japan's Metaplanet Fires off $13M Bond Round to Accelerate Bitcoin Reserves

Japan’s publicly listed bitcoin treasury company, Metaplanet Inc., is doubling down, issuing $13.3 million in zero-interest bonds to aggressively expand its bitcoin holdings.

Japan’s Metaplanet Gears Up for Bitcoin Accumulation

Japan’s publicly listed bitcoin treasury company, Metaplanet Inc. (Tokyo Stock Exchange: 3350 / OTCQX: MTPLF), announced on March 31 its intention to further invest in bitcoin by issuing its 10th series of ordinary bonds, a move approved by its board on the same day.

This latest bond issuance, totaling 2 billion yen (approximately $13.3 million), will be fully subscribed by EVO FUND, a digital asset-focused investment fund that specializes in structured financing and capital support for blockchain-aligned companies. Metaplanet confirmed:

The funds raised through this issuance will be allocated for the purchase of bitcoin.

The strategy echoes a previous announcement made on Jan. 28, where Metaplanet outlined its intent to use capital raised through stock acquisition rights to bolster its bitcoin reserves. Metaplanet revealed its latest acquisition of 150 BTC on March 23, which raised its total holdings to 3,350 BTC.

The announcement detailed the terms of the issuance, which include zero interest and repayment at full face value. Each bond carries a denomination of 50 million yen, with redemption planned for Sept. 30. The arrangement permits EVO FUND to seek early redemption with at least one business day’s notice. Additionally, early redemptions could be triggered if capital raised from the 14th through 17th Series of Stock Acquisition Rights reaches multiples of the bond’s face value. Under such circumstances, the company may retire portions of the bonds either on the next trading day or another agreed-upon date.

The issuance will not be backed by collateral or guarantees, nor will it require a bond administrator as stipulated under Japan’s Companies Act. Payments will be managed directly by Metaplanet from its office in Tokyo. The firm assessed the move’s financial implications as limited: “The issuance of these bonds is expected to have a minimal impact on the company’s consolidated financial results for the fiscal year ending December 2025.”