Metaplanet raises $21M in no-interest bonds to buy more Bitcoin

Japanese Bitcoin treasury company Metaplanet has revealed plans to raise $21 million through a new bond issuance, aiming to expand its Bitcoin holdings.

Metaplanet will redeem the 17th issuance of its ordinary bonds, which carry no interest, on November 28, 2025.

As per the firm’s Thursday announcement, Evo Fund, based in the Cayman Islands, purchased the entire new bond issuance.

The Tokyo-listed investment company advanced its bold Bitcoin accumulation strategy on Wednesday by issuing a fresh $50 million bond series.

Evo Fund has consistently subscribed to Metaplanet’s zero-yield bond issuances, reinforcing its support for the company’s Bitcoin acquisition strategy.

The company set all bonds in the issuance at $525,000 apiece and will pay them back at par.

Metaplanet also stated that the bond issuance will unlikely significantly affect its consolidated financial results for 2025.

Metaplanet confirmed that it will disclose more details if required.

At present valuations, the $21 million bond issuance would enable the firm to buy about 195 Bitcoin, per CoinGecko’s data.

Metaplanet first disclosed plans to acquire Bitcoin in April 2024, with an ambitious aim to reach 10,000 BTC by the end of 2025.

The firm currently holds 7,800 coins, valued at over $839 million, positioning itself as Asia’s biggest public corporate holder and 11th largest globally, according to BitcoinTreasuries.NET.

Earlier this month, the company added 1,004 BTC to its holdings.

Google Finance reports that Metaplanet’s stock price has surged over 1,985% in the past year, currently trading at 1,168 Japanese yen ($8.01).

Last month, the firm shared its goal of setting up a U.S.-based subsidiary to secure $250 million for expanding its Bitcoin treasury strategy.

Metaplanet plans for the new firm to broaden its connections with U.S. institutional investors and enable continuous operations across different time zones.

On Wednesday, investors pushed Metaplanet’s daily trading volumes to approach $1 billion, reflecting increased interest.

CEO Simon Gerovich announced on X that the company reached a $5 billion market capitalization, with its stock closing the day 9.5% higher. He added, “Bitcoin to the moon.”

This bond issuance, aimed at further Bitcoin accumulation, will likely positively influence Metaplanet’s net asset value (NAV) premium by increasing the company’s underlying Bitcoin holdings without diluting equity.

As the firm expands its Bitcoin treasury, investors may value the stock at a higher premium relative to NAV due to enhanced asset backing and growth prospects.

Consequently, this strategy supports a stronger NAV premium by aligning market capitalization growth with increasing Bitcoin reserves.