Metaplanet continues to aggressively expand its Bitcoin holdings. The company, which is publicly traded in Tokyo, recently issued 8 billion yen in bonds (around $50 million) with no interest. They plan to use all of the money raised to buy more Bitcoin.
EVO FUND completely purchased the bonds, continuing their pattern of being the only buyer for almost all of Metaplanet’s zero-interest bonds since the company started investing in Bitcoin in April 2024. These bonds are structured similarly to previous issuances: they are unsecured, not guaranteed, have a short repayment period, and include a related warrant program for redemption.
CEO Simon Gerovich explained that the company will use funds from a new stock rights offering – a 37 billion yen program running from April 2026 to April 2027 – to pay off its bonds. Essentially, Metaplanet is borrowing money from EVO, using it to buy Bitcoin right away, and then repaying EVO with proceeds from the stock rights offering, in which EVO will also invest.
ビットコイン買うぞ！
— Simon Gerovich (@gerovich) April 24, 2026
Why Zero-Interest Bonds Work in Japan
The “Metaplanet Loop” is a financial strategy that works well in Japan due to its specific economic conditions. Because Japan’s central bank keeps interest rates very low and the value of the yen has been declining, borrowing money is relatively inexpensive. This makes a type of debt – where you don’t pay interest but receive potential profits from company stock – an attractive option for lenders like EVO Fund.
Metaplanet offers a tax benefit for investors in Japan. While directly owning cryptocurrencies can be taxed up to 55%, profits from buying Metaplanet stock are taxed at a lower, fixed rate of 20% thanks to Japan’s NISA program. This favorable tax treatment has contributed to Metaplanet becoming a very popular stock on platforms like SBI Securities.
Holdings, Losses, and the 210,000 BTC Goal
At the end of the first quarter of 2026, Metaplanet held 40,177 Bitcoin. They purchased this Bitcoin at an average price of about $104,106 per coin, for a total investment of around $4.18 billion. Because Bitcoin is now trading at approximately $76,000, Metaplanet currently has significant unrealized losses on its investment.
Despite challenges, Gerovich continues to focus on “Bitcoin per share” as the key indicator of success. According to this metric, the company achieved a 2.8% return in Bitcoin during the first quarter of 2026.
Strategic Outlook
As an analyst, I see Metaplanet’s recent $50 million raise as a small but important move in their overall strategy. They’re aiming to hold 210,000 Bitcoin by 2027 – about 1% of all Bitcoin in existence. This ambitious goal, known as the “555 Million Plan,” is essentially their attempt to become the leading Bitcoin holding company in Asia, much like MicroStrategy is in the West.
Despite a rocky start to the year for the asset it’s based on, the continued availability of zero-interest bonds through EVO FUND indicates that institutions still believe in the warrant-linked redemption strategy.
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2026-04-24 09:58