Metaplanet, a Japanese Bitcoin treasury company, announced on April 24 that it will issue ¥8 billion (approximately $50 million) in zero-coupon ordinary corporate bonds. All proceeds will be used to increase its Bitcoin holdings, with the entire issuance subscribed by EVO Fund, an investment firm based in the Cayman Islands. This marks the company’s 20th bond issuance, continuing its "Bitcoin treasury" strategy launched in April 2024. Previously, Metaplanet acquired 5,075 BTC in Q1 2026, bringing its total holdings to 40,177 BTC as of March 31, making it the world’s third-largest publicly listed Bitcoin holder. Despite recording a net loss of $619 million in fiscal year 2025, Metaplanet continues to raise funds through the bond market, reflecting a deepening "Bitcoin-first" asset allocation philosophy. As of April 27, 2026, BTC was quoted at $77,800 on Gate, up about 10% over the past month, but still below the historic high of approximately $126,000 in October 2025.
How Zero-Coupon Bonds Enable Cost-Free Corporate Bitcoin Accumulation
The defining feature of zero-coupon bonds is a 0% coupon rate, meaning the issuer incurs no interest payment obligations at issuance. Metaplanet’s ¥8 billion zero-coupon bond matures in April 2027, requiring no interest payments during its term—only principal repayment at maturity. This structure allows the company to access cash with zero short-term financing costs, channeling all funds into assets expected to appreciate. Unlike traditional interest-bearing bonds, zero-coupon instruments avoid the "annual interest expense erosion" in accounting, limiting balance sheet cost pressure initially to issuance fees. However, zero interest does not mean zero cost—early redemption clauses often grant investors the right to demand early principal repayment under certain conditions, introducing potential liquidity risk. EVO Fund has fully subscribed to this bond and retains the early redemption option, meaning if the Bitcoin price drops sharply, the fund may trigger early repayment, putting concentrated debt servicing pressure on Metaplanet.
What EVO Fund’s Anchor Subscription Model Means for Metaplanet’s Debt Sustainability
EVO Fund, registered in the Cayman Islands, has consistently backed Metaplanet’s multiple financing rounds, reaffirming its role as a strategic core capital provider with this full subscription. This single-institution anchor subscription model is rare in crypto industry corporate financing. Its main advantage is high efficiency—no public offering, no negotiation with multiple investors over pricing and terms, allowing the company to lock in all capital quickly and execute asset allocation without delay. However, this concentrated funding structure introduces significant dependency risk. If the Bitcoin market enters a prolonged downturn or EVO Fund changes its capital strategy, Metaplanet’s ability to raise funds via zero-coupon bonds could be disrupted. The company has disclosed longer-term accumulation plans: from 2026 to 2028, it aims to raise about $1 billion through ¥33.4 billion in bond issuance and ¥131.7 billion in stock sales to expand its Bitcoin holdings. The scalability of this plan rests on continued participation from existing financing partners, making it a key constraint in its capital structure.
How the Global Landscape of Public Company Bitcoin Holdings Is Changing
As of March 31, Metaplanet holds 40,177 BTC, ranking as the world’s third-largest publicly listed Bitcoin holder, behind Strategy (formerly MicroStrategy, with about 766,970 BTC) and Twenty One Capital. At the current Bitcoin price of $77,800, Metaplanet’s holdings are valued at roughly $3.13 billion. CEO Simon Gerovich has set a target of 100,000 BTC by the end of 2026, with a long-term goal of 210,000 BTC (about 1% of total Bitcoin supply), currently at around 40% of the annual target. The company once purchased 5,075 BTC for $405 million in a single week, surpassing Strategy’s $330 million in the same period, making it one of the top weekly net buyers among listed companies. Globally, publicly listed companies (excluding mining firms) collectively hold about 1.03 million BTC, accounting for 5.2% of circulating supply and a current market value of approximately $7.178 billion.
How to Reconcile the Tension Between Unrealized Losses and Continued Accumulation
Metaplanet reported a net loss of ¥95 billion (about $619 million) in fiscal year 2025, mainly due to unrealized valuation losses from the decline in Bitcoin’s fair value holdings. From an accounting perspective, this loss reflects fair value adjustments on the asset side, not actual operating cash outflows. The key question is whether this loss becomes a real constraint on debt servicing after issuance. Bitcoin fell from a peak of about $126,000 in October 2025 to around $77,800, a roughly 38% drop, causing significant balance sheet equity impact. However, Metaplanet’s average holding cost is about $78,000 to $79,898, close to current market prices, meaning most holdings have not incurred substantial impairment. The tension between financial statement losses and ongoing accumulation is essentially a mismatch between "accounting profit" and "capital allocation logic"—the former focuses on past asset valuation changes, while the latter is based on the company’s belief that Bitcoin’s long-term upside outweighs downside risk.
How Yen Depreciation Is Changing Corporate Bitcoin Reserve Strategies
The sustained depreciation of the yen against the dollar is a key macro backdrop for understanding Metaplanet’s strategy. Since 2020, Bitcoin has appreciated about 1,159% against the dollar, but about 1,704% against the yen, mainly due to the yen’s structural weakening versus the dollar. Metaplanet borrows and repays in yen, while holding Bitcoin assets priced in yen. In a yen depreciation environment, the real value of debt shrinks as domestic purchasing power declines, while Bitcoin’s yen-denominated value is amplified by exchange rate effects. This means the company can use "increasingly cheap" debt to acquire "increasingly expensive" assets, creating a favorable exposure based on exchange rate trends. If USD/JPY continues to rise and the Bank of Japan maintains loose monetary policy, this logic will be further strengthened. However, a reversal with yen appreciation would simultaneously increase the real debt burden and depress asset valuations, creating two-way risk.
Metaplanet’s Example: The Demonstration Effect of Bitcoin Asset Allocation Among Asian Corporates
Japan’s Digital Asset Accounting Amendment, passed in 2025, cleared regulatory barriers for companies to directly hold crypto assets. Under this framework, more than 30 publicly listed Japanese companies, including Metaplanet and Remixpoint, have disclosed Bitcoin holdings, with several recently increasing their allocations. Asian listed firms differ from their Western counterparts in facing lower interest rates and ongoing domestic currency depreciation, making Bitcoin both an "alternative reserve" and a "currency hedge" in asset allocation. In Japan, Bitcoin ETF net inflows reached $720 million in February 2026, with average corporate custody allocations around $1.2 million and holding periods typically set at 3 to 5 years. This allocation logic fundamentally differs from retail speculation in 2017—larger capital, longer holding periods, and decision anchors focused on balance sheet duration matching. Metaplanet’s use of zero-coupon bonds to increase Bitcoin holdings offers a derivative model for Asian corporates: leveraging capital market tools in a low-rate environment to build digital asset exposure without tapping core operating funds, thereby scaling up allocations. However, this path is not universally applicable; its sustainability depends heavily on interest rates, currency trends, and ongoing participation from financing partners.
Summary
Metaplanet’s 20th zero-coupon bond issuance raised $50 million to increase its Bitcoin holdings, pushing its total to 40,177 BTC and ranking it as the world’s third-largest publicly listed Bitcoin holder. Despite a net loss in fiscal year 2025, the company continues to expand via zero-coupon bonds, reflecting a capital allocation logic shaped by zero-interest financing, EVO Fund’s anchor subscription model, and the yen depreciation environment. However, this strategy faces three constraints: liquidity pressure from EVO Fund’s early redemption rights, debt servicing challenges in a bearish market, and two-way balance sheet impacts from potential yen appreciation. From a broader perspective, Metaplanet’s approach offers Asian corporates an analytical framework—leveraging capital market tools in a low-rate environment to establish Bitcoin exposure, evolving from a case study into a regional structural trend.
Frequently Asked Questions (FAQ)
How much Bitcoin does Metaplanet currently hold?
As of March 31, 2026, Metaplanet holds 40,177 BTC, ranking as the world’s third-largest publicly listed Bitcoin holder, behind Strategy and Twenty One Capital.
What risks and advantages does zero-coupon bond financing bring to Metaplanet?
The advantage is that zero interest cost allows the company to expand its holdings with minimal short-term capital expense. The main risk comes from EVO Fund’s early redemption rights—if Bitcoin prices fall sharply, investors may demand early repayment, requiring Metaplanet to repay ¥8 billion principal in a lump sum. Additionally, if future financing channels are blocked, the company’s long-term accumulation plan could be pressured.
How does yen depreciation affect Metaplanet’s Bitcoin strategy?
Metaplanet borrows and repays in yen while holding Bitcoin assets denominated in yen. In a depreciating yen environment, the real value of debt shrinks as domestic purchasing power declines, while Bitcoin’s yen price is amplified by exchange rate effects. This puts the company in a favorable one-way exposure: depreciation strengthens its asset-side advantage.
Are other Asian listed companies also increasing their Bitcoin allocations?
Besides Metaplanet, more than 30 Japanese publicly listed companies have disclosed Bitcoin holdings. In February 2026, Japanese Bitcoin ETF net inflows reached $720 million, with average corporate custody allocations around $1.2 million and holding periods set at three to five years, reflecting a structural trend of long-term corporate capital allocation.
What is the current trend in Bitcoin prices?
As of April 27, 2026, BTC was quoted at $77,800 on Gate, up about 10% over the past month, but still has about 38% downside from the historic high of approximately $126,000 in October 2025.
