• Metaplanet issued its 20th zero-coupon bond series on April 24, 2026, raising $50M to buy bitcoin.
• The Tokyo-listed firm held 40,177 BTC at the end of Q1 2026, making it the world’s 3rd-largest public BTC holder.
• Metaplanet targets 100,000 BTC by the end of 2026, with EVO FUND anchoring its debt financing pipeline.

The bonds carry a 0% coupon, mature on April 23, 2027, and were subscribed in full by EVO FUND, a Cayman Islands-based vehicle affiliated with Evolution Financial Group that has anchored every prior bond issuance in this series. The unsecured notes redeem at par, meaning Metaplanet pays back exactly what it borrowed with no interest expense over the life of the debt.

The structure gives Metaplanet access to capital at zero carrying cost. Proceeds convert directly into BTC exposure, with any price appreciation flowing to the company’s balance sheet rather than servicing interest payments.

EVO FUND retains the right to request early redemption with five business days’ written notice. A separate clause requires Metaplanet to redeem a corresponding portion of the bonds early if EVO FUND provides additional financing that reaches certain thresholds, preserving flexibility for both parties.

Metaplanet held 40,177 BTC as of March 31, 2026, acquired at an average cost of roughly $97,000 to $104,000 per coin. At bitcoin prices near $78,000 in late April, the company’s BTC position sits below that average basis. The $50 million raise could add an estimated 640 to 700 BTC to its treasury, though no purchase confirmations have appeared in follow-up filings.

The company added 5,075 BTC in Q1 2026 alone, making it Japan’s largest corporate bitcoin holder and the third-largest among publicly traded companies globally, trailing only Strategy (formerly Microstrategy) and one other firm.

Metaplanet’s stock fell approximately 3% to 4% following the announcement, trading around ¥339 in early post-news activity. The reaction mirrors prior financing events, where short-term dilution concerns weigh on shares despite zero-cost debt terms.

The company filed the bond notice through Japan‘s official disclosure system and posted it on X the same day. Management described the expected financial impact as minimal on consolidated results for the fiscal year ending December 2026.

Metaplanet’s bitcoin treasury model follows the debt-for- BTC playbook that Strategy pioneered in the United States. In Japan, where domestic capital markets and structured finance offer favorable conditions, the company has executed 20 rounds of this strategy in roughly two years.

The firm has publicly set a target of 100,000 BTC by the end of 2026 and 210,000 BTC by the end of 2027. At 40,177 BTC today, it needs to add nearly 60,000 more coins this year to stay on pace.

EVO FUND’s consistent participation across all 20 bond series signals a durable financing relationship rather than one-off transactions. That continuity reduces execution risk for future raises, assuming market conditions hold.

Bitcoin-focused communities responded positively to the announcement, viewing it as further evidence of corporate treasury adoption outside the United States. Some observers have flagged leverage risk given BTC’s price volatility, though the zero-interest structure removes the most common pressure point in debt-financed accumulation strategies.

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