Metaplanet is not slowing down. The Tokyo-listed Bitcoin treasury firm has announced it had issued its 20th Series of Ordinary Bonds—8 billion Japanese yen, or approximately $50 million—at a 0% interest rate, with the proceeds going directly into more Bitcoin purchases.
The bonds were subscribed in full by EVO FUND, the investment firm that has now acted as the sole buyer for nearly every one of Metaplanet’s zero-interest bond issuances since the firm’s pivot to Bitcoin in April 2024. The structure follows a now-familiar template: unsecured, unguaranteed, and short-dated, with a redemption mechanism tied to a parallel warrant program.
CEO Simon Gerovich confirmed the arrangement shortly after the official disclosure, specifying that the bonds will be redeemed using proceeds from the company’s 27th Series of Stock Acquisition Rights — a 37 billion yen warrant programme with an exercise window running from April 2026 through April 2027. In effect, Metaplanet borrows interest-free cash from EVO, buys Bitcoin immediately, and then pays EVO back out of warrant exercises that EVO itself will participate in.
Why Zero-Interest Bonds Work in Japan
The mechanics of the “Metaplanet Loop” are unique to Japan’s macroeconomic environment. With the Bank of Japan maintaining historically low rates and the yen facing persistent devaluation, capital is structurally cheap. For lenders like EVO Fund, zero-coupon debt that carries no interest but offers equity upside via linked warrants is a rational trade-off.
Furthermore, Metaplanet provides a significant tax advantage for domestic investors. In Japan, direct crypto holdings can be taxed at rates as high as 55%. However, capital gains from Metaplanet stock—accessible via the tax-exempt NISA program—are taxed at a flat rate of 20%. This has made Metaplanet one of the most traded stocks on platforms like SBI Securities.
Holdings, Losses, and the 210,000 BTC Goal
Metaplanet closed Q1 2026 with 40,177 BTC, acquired at an average cost of approximately $104,106 per coin for a total expenditure of roughly $4.18 billion. With Bitcoin currently trading near $76,000, the firm is sitting on substantial unrealized losses.
However, Gerovich remains undeterred, emphasizing “Bitcoin per share” as the primary metric of success. By that measure, the firm delivered a 2.8% BTC yield year-to-date in Q1 2026.
Strategic Outlook
The $50 million raise is a modest but critical step in Metaplanet’s broader roadmap. The firm is currently targeting 210,000 BTC by 2027—roughly 1% of the total supply. This “555 Million Plan” is designed to position Metaplanet as the “MicroStrategy of Asia.”
The fact that the zero-interest bond channel remains open through EVO FUND suggests that institutional confidence in the “warrant-linked redemption” model remains intact, even amidst a volatile first-quarter drawdown for the underlying asset.
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