Japan-based Bitcoin treasury firm Metaplanet has issued an 8 billion JPY ($50 million) zero-interest bond to Evo Fund as part of its aggressive funding strategy. According to reports from AMBCrypto and CoinGape, this bond issuance represents the first phase of the company's 165 billion JPY ($1 billion) capital plan for Bitcoin acquisitions covering the 2026-2028 period. The debt will be repaid when it matures by April 2027, with the total fund for Bitcoin purchases expected to be less than the announced 165 billion JPY figure. Metaplanet disclosed the raise on April 24, 2026, with the proceeds specifically earmarked for additional Bitcoin purchases. At the time of announcement, BTC traded at $77,716, down 0.6% over the prior 24 hours, as reported by CoinMarketCap.
When including all stock acquisition rights, Metaplanet will have a total financing capacity of 157.204 billion JPY ($982 million) for Bitcoin purchases. As reported by AMBCrypto, this amount would translate to approximately 13,000 BTC at current prices. However, the funding capacity is subject to Bitcoin and Metaplanet's stock recovery and overall market conditions. The company currently owns 40,177 BTC worth $3.11 billion at current rates, according to on-chain tracking tools. The $50 million bond issuance translates to roughly 643 BTC at current prices before fees, execution slippage, and any staged buying program. Metaplanet has been repeatedly accessing capital markets including equity, warrants and debt to grow its BTC portfolio, mirroring Michael Saylor's Strategy playbook which relies on MSTR offerings and STRC stock for BTC purchases.
Despite the funding capacity challenges, Metaplanet has demonstrated continued aggressive Bitcoin accumulation. According to CoinGape, the company bought 5,075 BTC in the beginning of this month, adding to its existing holdings. The company has historically announced purchases in tranches shortly after capital raises, with management treating BTC accumulation as its primary use of capital since shifting from a hotel operator to a bitcoin-focused holding company in 2024. Metaplanet has evolved into one of the largest corporate Bitcoin owners globally, though it still trails Strategy which leads the race with over 815,000 BTC after acquiring an additional $2.54 billion in Bitcoin this week.
As reported by AMBCrypto and CoinGape, Metaplanet has chosen zero-interest bonds as a faster and cheaper capital-raising method compared to expensive preferred stock issuances. The company's role model, Strategy, is now using its preferred stock Stretch (STRC) to drive multi-billion-dollar BTC purchases, paying 11.5% interest to STRC holders. Metaplanet's zero-interest bond approach allows for faster capital raising without waiting for optimal market conditions for stock sales, providing a more cost-effective alternative for funding its Bitcoin acquisition strategy. The bonds are issued at par and repaid at par on a set maturity date, with the lender's entire economic return coming from the equity story rather than yield. Bondholders are Metaplanet's largest existing shareholders and allied investment vehicles, and the bonds can be used toward future share subscriptions, making the structure function less like traditional debt and more like a pre-funded equity commitment.
