Japan’s Metaplanet Issues $13.6 Million in 0% Bonds to Purchase Bitcoin

Japan’s investment firm Metaplanet has issued $13.6 million in 0% ordinary bonds to fund the purchase of additional Bitcoin.

Tokyo-listed firm Metaplanet is issuing 2 billion JPY (around $13.6 million) in bonds to EVO FUND. The funds are aimed at purchasing more Bitcoin (BTC) as part of the firm’s ongoing strategy to increase its holdings in digital assets.

In a Feb. 27 regulatory filing, Metaplanet stated that the bonds carry no interest and will be redeemed at face value on Aug. 26. However, the bondholder, EVO FUND, has the option to request early redemption at any time. Early redemption can be made for all or part of the outstanding bonds, provided the request is made at least one business day in advance.

The funds required for the redemption of the bonds will come from the proceeds of the 13th to 17th Series of Stock Acquisition Rights, which Metaplanet expects to exercise. If the funds from these exercises reach a multiple of 50 million JPY, part of the bonds may be redeemed early.

The bond issuance will be fully allocated to EVO FUND, with no guarantee or collateral attached to the bonds. Despite the news, Metaplanet’s shares have dropped nearly 25% as crypto prices experience a week-long decline.

The announcement comes just two days after Metaplanet added 135 BTC to its treasury, strengthening its position as one of Japan’s most active corporate Bitcoin investors. Like Strategy (formerly MicroStrategy), which holds the largest corporate Bitcoin treasury, Metaplanet has been gradually growing its holdings since launching its Bitcoin Treasury Operations. The firm’s BTC Yield, measuring the amount of Bitcoin held per share, grew by 309.8% in Q4 2024. However, it has slowed down to 23.2% in early 2025 as Metaplanet increased the number of its shares.

Read more: Metaplanet up 3,600% in 12 months, Japan’s fastest-rising stock