In a bold continuation of its Bitcoin accumulation strategy, Japanese investment firm Metaplanet Inc. has issued yet another round of zero-interest bonds—this time raising $21 million from EVO FUND, a Cayman Islands-based investment group. The proceeds? You guessed it—more Bitcoin.
With this latest issuance, Metaplanet is now sitting on a Bitcoin treasury of approximately 7,800 BTC, putting the firm 78% of the way toward its ambitious goal of reaching 10,000 BTC by the end of 2025. In the process, it’s quietly climbing the ranks among public companies with major Bitcoin holdings, now listed as 11th largest globally, according to data from Bitcoin Treasuries.
Creative Capital for Digital Gold
While the crypto space has no shortage of headline-chasing firms, Metaplanet is carving out a name as one of the most strategically committed and financially inventive players in Bitcoin adoption. Rather than relying on revenue surpluses or traditional equity sales, the company has turned to a more calculated approach: raising debt through bond issuances to fund its crypto treasury.
This most recent bond sale marks Metaplanet’s 17th debt-based capital raise specifically for Bitcoin in 2025 alone. The company has now raised a cumulative total of $135.2 million this year, using tools like zero-interest bonds and option strategies. Notably, in February, it raised $25.9 million, followed by $13.3 million in March, $25 million in early May, and a separate $50 million notice just a day before this latest round.
The structure of these bonds is particularly flexible. EVO FUND, for instance, can request early repayment with just five days’ notice, offering the investor an easy exit without locking up capital long-term. Metaplanet, on the other hand, isn’t paying any interest, meaning it borrows the funds at no extra cost—a rare move in traditional finance, but increasingly normalized in crypto-forward strategies.
Bitcoin First, Corporate Second
What sets Metaplanet apart isn’t just its financial engineering. It’s the deliberate prioritization of Bitcoin as its core treasury asset, echoing a model popularized by U.S.-based MicroStrategy. But Metaplanet’s journey is distinct—it’s unfolding in Japan, where corporate crypto exposure is still far from mainstream.
The company’s average purchase price for Bitcoin currently sits at $91,340, with its total holdings now valued around $840 million, based on recent BTC market prices. While the strategy is high-risk, especially with crypto volatility, Metaplanet is doubling down—not dialing back.
Earlier this year, in a move that turned heads, Eric Trump, son of U.S. President Donald Trump, was appointed to Metaplanet’s newly formed Strategic Advisory Board. The company cited his experience in real estate and his “passion for Bitcoin” as a key reason for the hire. While it raised eyebrows internationally, it aligned with Metaplanet’s broader mission: to become a global leader in Bitcoin adoption.
Eyes Set on U.S. Expansion
Adding to its momentum, Metaplanet recently announced it would establish a wholly owned subsidiary in Florida. Dubbed Metaplanet Treasury Corp., the U.S. arm aims to attract institutional investors and operate across multiple time zones. The firm is seeking to raise an additional $250 million as part of this expansion.
The decision to set up shop in Florida is a calculated one. The state has rapidly become a Bitcoin innovation hub, with pro-crypto policies, active investor communities, and a favorable regulatory environment. For Metaplanet, this could mean increased liquidity access, greater exposure to North American capital markets, and even more aggressive Bitcoin accumulation.
On Track and Unapologetically Bullish
With 7,800 BTC already secured and $135 million raised through non-traditional financing in just five months, Metaplanet is pacing well ahead of many peers in corporate Bitcoin adoption. Whether or not it reaches its 10,000 BTC target by year’s end, one thing is clear—the company is treating Bitcoin not just as an investment, but as a strategic pillar of its corporate identity.
