Japanese investment firm Metaplanet has announced a bold new step in its Bitcoin treasury strategy, raising $50 million through the issuance of zero-interest bonds to acquire additional BTC.
Zero-Interest Bonds Fund Bitcoin Buys
In its May 28 announcement, Metaplanet confirmed that the bonds will be issued in $1.25 million denominations, with no interest payments and no collateral or guarantees. The bonds are unsecured and do not include a bond administrator, underscoring the high trust between Metaplanet and its sole bondholder, Evo Fund, a Cayman Islands-based investment firm.
Investors will profit only from the redemption value of the bonds, rather than periodic interest. Evo Fund has previously participated in multiple Metaplanet bond rounds, serving as a key financial backer for the company’s Bitcoin acquisition strategy.
Bitcoin Holdings Top 7,800 BTC
Metaplanet’s latest bond issuance follows its second-largest BTC purchase, adding 1,004 Bitcoin worth over $100 million. This pushes the company’s total holdings to more than 7,800 BTC, valued at over $800 million at current prices, based on data from BitcoinTreasuries.net.
Despite the major purchase, the company stated the issuance will have minimal impact on its 2025 financials, though further updates will be disclosed as needed.
Metaplanet Stock Reflects Bullish BTC Sentiment
Metaplanet’s Bitcoin-forward approach has supercharged its stock, with a 10x Research report noting that the company trades as if its BTC reserves were worth five times their actual market value.
This disconnect has drawn criticism from notable investor Jim Chanos, who suggested investors are overpaying for indirect Bitcoin exposure via public equities. At the Sohn Investment Conference, Chanos said he’s “selling Strategy stock to buy Bitcoin,” favoring direct over corporate-wrapped exposure.
Bitcoin Treasury Trend Grows — But Not Without Critics
Metaplanet’s aggressive Bitcoin treasury strategy mirrors a broader trend among corporates shifting from fiat reserves to digital assets. However, the approach has not escaped scrutiny. Critics argue that companies offering Bitcoin exposure through stock may lead to overvalued equities, especially if BTC prices decline.
Still, Metaplanet remains committed, signaling confidence in Bitcoin’s long-term upside as it solidifies its role as a corporate BTC heavyweight.