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The Japanese bitcoin treasury firm Metaplanet is back in the market with another round of balance-sheet leverage, offering 8 billion yen (about $50 million) in zero-interest ordinary bonds to finance future bitcoin purchases.
The company said in a Friday filing that the new issuance was “fully initiated by EVO Fund, an investor from Cayman Islands who has repeatedly anchored Metaplanet’s previous offerings.” It also marks the company’s 20th bond issue, highlighting its long-held strategy of tapping debt markets to fund bitcoin accumulation.
The Japanese largest corporate bitcoin holder, Metaplanet, has been on the steady buying trend since April 2024 with 5,075 $BTC added in the first quarter alone. BitcoinTreasuries reported that as of writing, it was the third-largest listed bitcoin treaury in the world (in terms of its value) with 40,177 $BTC.
Despite deep paper losses at the firm, this aggressive accumulation continues even as s continue to accumulate. Metaplanet said it had lost $619 million net loss for fiscal 2025, mostly due to unrealized markdowns on its bitcoin stack.
But the wider context, however, has been volatile rather than outright bearish. Bitcoin – which briefly went up to an all time high near $126,000 in October 2025 – has recovered from geopolitical shocks in the Middle East. As risk sentiment stabilizes, it is trading around $77,800 (still up about 10% over the past month) at a time when its current value is roughly $7,600.
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