Japanese investment firm Metaplanet is going all in on Bitcoin.
On May 28, Metaplanet announced it is raising $50 million through zero-interest bonds to further increase its Bitcoin (BTC) reserves. The move strengthens its position as one of the largest corporate BTC holders outside the U.S.
Zero-Interest Bonds for Bitcoin Accumulation
The bonds, issued in $1.25 million denominations, come with no interest payments and are unsecured, meaning there’s no collateral backing them. Evo Fund, a Cayman Islands-based investment firm, is the sole subscriber to the bond offering and has been Metaplanet’s main financial backer throughout its Bitcoin accumulation strategy.
This level of trust and risk acceptance signals strong mutual confidence and a bullish long-term view on BTC.
Metaplanet expects the issuance will have minimal impact on its 2025 financial results, though any material changes will be disclosed to shareholders.
Bitcoin Holdings Now Worth $800M+
The $50 million debt raise comes just after Metaplanet’s second-largest BTC purchase, where it added 1,004 BTC worth over $100 million. This brings its total BTC holdings to 7,800 BTC, valued at over $800 million as of current prices.
According to BitcoinTreasuries.NET, Metaplanet is already up nearly 20% on its Bitcoin investments.
Metaplanet Stock: A Bitcoin Proxy?
Metaplanet’s bold Bitcoin strategy has made waves in the stock market. 10x Research recently noted that Metaplanet’s stock is trading as if its Bitcoin is worth 5x its actual value, suggesting that investors are overpaying for indirect BTC exposure.
This mirrors criticism from well-known investor Jim Chanos, who told the Sohn Investment Conference he’s selling Bitcoin treasury stocks like Strategy (MSTR) to buy Bitcoin directly. Chanos argues that it’s more cost-effective to hold BTC directly than gain exposure through public companies trading at a premium.
Bitcoin Treasury Trend Grows Globally
Metaplanet’s actions highlight a growing global trend where corporations use debt and equity strategies to build BTC-based treasuries as an alternative to fiat reserves. This approach — pioneered by MicroStrategy — continues to attract both admiration and skepticism.
Despite warnings from traditional finance voices, Metaplanet’s stock surge and strong BTC performance indicate that investors remain confident in crypto-backed corporate growth.
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