Metaplanet issues ¥8 billion zero-interest bonds to buy more Bitcoin

Metaplanet Inc. (TSE: 3350) announced on April 24, 2026 that it has issued its 20th series of ordinary bonds totaling JPY 8,000,000,000 to EVO FUND. The company said the proceeds will be allocated to acquiring additional Bitcoin as part of its corporate treasury strategy.

The bonds carry no interest, have a face value of JPY 200,000,000 each, and are scheduled for payment on April 24, 2026 with a maturity date of April 23, 2027. Redemption will be at par (¥100 per ¥100 of principal). EVO FUND may request early redemption with five business days’ notice; the issuance is unsecured and carries no collateral or guarantee. The filing states the transaction is expected to have only a minimal impact on Metaplanet’s consolidated results for the fiscal year ending December 2026.

The move extends Metaplanet’s capital-markets-driven approach to building a Bitcoin treasury. Company disclosures and market reports indicate Metaplanet added 5,075 BTC in Q1 2026, bringing total holdings to about 40,177 BTC as of March 31, 2026—placing it among the largest public corporate Bitcoin holders. Market reaction to the bond announcement was mixed, with short-term share price movement noted in trading reports.

From a financial-structure perspective, zero-interest (zero-coupon) private placements like this allow Metaplanet to source funding without periodic interest expense, deferring cash outflow to maturity. The company has used similar instruments previously, including ordinary bonds and stock-acquisition rights, to fund Bitcoin accumulation—an approach that reduces reliance on operating cash flows while increasing balance-sheet exposure to BTC.

Analysts note the strategy’s trade-off: it accelerates Bitcoin accumulation and can be cost-effective in low-rate environments, but it also raises balance-sheet sensitivity to Bitcoin price volatility and creates maturity-clustering risk around bond redemption dates. Investors will watch for any early redemptions, further capital-market transactions, and how Bitcoin price trends through the bond’s life to assess whether the financing supports long-term value creation or amplifies downside volatility.