In a move that underscores its unwavering commitment to Bitcoin, Japanese investment firm Metaplanet has announced plans to raise $50 million through a private issuance of zero-interest bonds—an unconventional financial strategy aimed at significantly increasing its crypto reserves.
The news, shared on May 28, signals another major leap in Metaplanet’s evolution from a traditional investment player into a full-fledged Bitcoin-centric company. The entire bond issuance will be subscribed by Evo Fund, a Cayman Islands-based investment group and Metaplanet’s long-time financial ally in its Bitcoin accumulation efforts.
Zero-Interest Bonds: A Strategic Financial Tool
This isn’t just any bond sale. Metaplanet’s latest round consists of bonds worth $1.25 million each—issued without any promise of interest payments. Investors won’t see periodic returns, and any gains will come solely from the redemption value when the bonds mature.
It’s a clear departure from the traditional debt model. But this arrangement reflects the level of trust between Metaplanet and Evo Fund, as well as a shared bullish outlook on Bitcoin’s long-term value. The bonds are unsecured and come with no collateral or administrative backing, making it evident that Evo Fund sees Bitcoin—and Metaplanet’s strategy—as a bet worth taking.
This isn’t Evo Fund’s first rodeo with Metaplanet, either. The firm has previously subscribed to several similar zero-interest bond offerings, which provided Metaplanet with the liquidity to steadily grow its Bitcoin holdings.
Doubling Down on Bitcoin
This new $50 million injection will likely be used to further fortify Metaplanet’s already impressive BTC reserves. In a prior headline-grabbing purchase, the company acquired 1,004 Bitcoins in a single swoop—valued at over $100 million. That brought its total Bitcoin stash to around 7,800 BTC, translating to over $800 million at current prices.
According to figures from BitcoinTreasuries.NET, Metaplanet is sitting on a nearly 20% gain from its Bitcoin investments—a rare achievement for a publicly traded company venturing so deeply into digital assets.
Yet, the company remains cautious about how this new bond issuance will affect its books. In its announcement, Metaplanet stated that it expects the financial impact on its 2025 results to be minimal but promised to update shareholders if anything changes.
Investors Are Paying a Premium—Perhaps Too Much?
While Metaplanet’s crypto-heavy balance sheet has sparked excitement in certain corners of the market, it has also raised eyebrows. Research from 10x Research suggests that the company’s stock is trading as though its Bitcoin holdings are worth five times more than their actual market value.
This suggests that investors might be pricing in more than just BTC—they could be banking on Metaplanet becoming a future leader in the corporate Bitcoin space. But not everyone agrees with this enthusiasm.
Critics Aren’t Convinced
Legendary investor Jim Chanos, known for his sharp skepticism of overhyped stocks, recently called out the broader strategy of gaining Bitcoin exposure through public companies. Speaking at the Sohn Investment Conference in New York, Chanos argued that buying Bitcoin directly is a smarter move than paying a premium through corporate stocks like Metaplanet’s.
Chanos said he’s selling shares in so-called “strategy stocks” and instead buying Bitcoin outright—a bold statement that adds weight to a growing debate: Is the corporate BTC treasury trend sustainable, or are investors just overpaying for convenience?
A Growing Trend, or a Risky Bet?
Metaplanet’s latest move is part of a larger trend where companies are reconsidering their treasury management strategies in a world of fiat uncertainty and inflation risk. By parking capital in Bitcoin, these firms are signaling long-term confidence in decentralized assets as stores of value.
Whether Metaplanet’s aggressive Bitcoin pivot will continue to pay off remains to be seen. But one thing’s certain: it’s making waves—and more than a few investors are watching closely.
