Metaplanet is doubling down on its Bitcoin strategy with a fresh round of zero-interest funding to buy more BTC.
Summary
Metaplanet has issued 8 billion yen (about $50 million) in zero-interest bonds to finance additional Bitcoin purchases.
The bonds were fully subscribed by EVO Fund, marking the company’s 20th bond issuance.
The firm continues to expand its Bitcoin holdings as part of its long-term treasury strategy.
The Japanese company said the bond carries no interest cost, making it a cheap way to raise capital specifically for Bitcoin accumulation.
EVO Fund, based in the Cayman Islands, fully backed the issuance and has supported several of Metaplanet’s earlier fundraising rounds.
Bitcoin Treasury Strategy Keeps Expanding
Metaplanet has been steadily increasing its Bitcoin position since April 2024. It is now one of the most aggressive corporate Bitcoin buyers in Asia.
As of March 31, the company held 40,177 BTC after purchasing 5,075 BTC during the first quarter of 2026.
That puts Metaplanet among the top corporate Bitcoin holders globally, ranking as the third-largest Bitcoin treasury firm.
The company’s approach follows a growing trend of public firms treating Bitcoin as a core treasury asset rather than a short-term investment.
Losses Don’t Slow Accumulation
Despite its aggressive buying, Metaplanet reported a $619 million net loss for fiscal 2025.
The loss was mainly due to unrealized Bitcoin valuation changes — meaning the value of its BTC holdings dropped on paper during market downturns, even though the company did not sell.
These paper losses are common for companies holding large amounts of Bitcoin, especially during volatile price cycles.
Still, Metaplanet is continuing its accumulation strategy rather than scaling back.
Market Context
Bitcoin recently traded around $77,800, showing some recovery after recent pressure in global markets. Even with a monthly gain of about 10%, BTC remains well below its October 2025 peak of around $126,000.
That gap highlights the risk and opportunity in corporate Bitcoin treasury strategies — where companies benefit during rallies but face large unrealized losses during downturns.
For now, Metaplanet’s latest bond shows one clear message: it is staying committed to Bitcoin, even if the market stays volatile.
