Metaplanet Issues Record $50M in Zero-Interest Bonds to Expand Bitcoin Holdings

Tokyo-based investment firm Metaplanet has made its boldest move yet in the crypto space, issuing a record $50 million in zero-interest bonds to fund its continued accumulation of Bitcoin. The bonds, part of the firm’s 16th series of ordinary bonds, were issued to venture capital group EVO FUND, marking the largest issuance in the company's history.

This latest financing push reinforces Metaplanet’s strategic commitment to Bitcoin as a long-term asset. In line with its ongoing policy, the capital raised will be used exclusively to purchase more BTC, further strengthening the firm’s position among Asia’s largest corporate holders of the cryptocurrency.

The bonds issued carry no interest and are redeemable at full face value—$1.25 million per bond—on November 27, 2025. However, EVO FUND retains the option to redeem them earlier by giving at least five business days' notice. Redemption can be partial or full, depending on the investor’s discretion.

In a unique feature of the deal, if Metaplanet conducts another fundraising round that involves EVO FUND, the redemption dynamics may shift based on the results of that raise. Specifically, if funds raised reach a multiple of the bond’s face value, Metaplanet may redeem bonds at a rate of $1 per $1 of face value on the following trading day.

The announcement comes just days after Metaplanet disclosed its most recent Bitcoin purchase—1,004 BTC acquired on May 19—bringing its total holdings to 7,800 BTC. Based on current market valuations, this amounts to $846.9 million in Bitcoin, putting Metaplanet at 78% of its 10,000 BTC target set for the end of 2025.

CEO Simon Gerovich has been vocal about the firm’s pro-Bitcoin stance, framing the digital asset as a foundational part of Metaplanet’s investment thesis. The company’s strategy positions it as a regional leader in corporate crypto adoption, with a focused and consistent approach to asset accumulation.