Metaplanet, a Japanese investment firm, is doubling down on its commitment to Bitcoin with plans to raise $50 million through the issuance of zero-interest bonds. This strategic move highlights Metaplanet’s bullish stance on Bitcoin. It also underscores its divergence from traditional fiat-based financial models.
A $50 Million Capital Raise Through Zero-Coupon Bonds
On May 28, Metaplanet announced its decision to issue zero-coupon bonds in a private placement round. These bonds, issued in denominations of $1.25 million, will carry no interest payments. Instead, investors will only realize returns upon maturity, based on the redemption value.
This unconventional structure highlights the speculative and long-term nature of the investment. It aligns with Metaplanet’s vision of accumulating Bitcoin as a core asset in its treasury strategy. These bonds will be unsecured and lack collateral or an appointed bond administrator. This unusual move, Metaplanet raises $50M via zero-interest bonds, underscores the strong relationship and mutual confidence between Metaplanet and Evo Fund.
The sole bondholder in this round will be the Cayman Islands-based Evo Fund, which has consistently supported Metaplanet’s Bitcoin acquisition strategy. Evo Fund has participated in multiple rounds of similar bond issuances. As a result, the company has amassed significant Bitcoin holdings over time.
Metaplanet’s Growing Bitcoin Treasury
This financing comes shortly after Metaplanet completed its second-largest Bitcoin purchase: 1,004 BTC, valued at over $100 million. The acquisition brought the firm’s total Bitcoin holdings to approximately 7,800 BTC, now worth more than $800 million.
According to data from BitcoinTreasuries.NET, Metaplanet has recorded a nearly 20% gain on its Bitcoin investments. This further validates its aggressive accumulation strategy.
Despite the substantial capital raise, the company anticipates minimal impact on its 2025 financials. However, it has committed to providing additional disclosures if necessary.
Market Reaction to Metaplanet’s Strategy
Metaplanet’s focus on Bitcoin appears to be resonating with investors. Recent data from 10x Research revealed that the company’s stock is trading at valuations that imply its Bitcoin holdings are worth nearly five times their actual value.
This premium valuation reflects investor enthusiasm for gaining indirect exposure to Bitcoin through Metaplanet’s shares. However, the surge has sparked concerns among prominent market voices.
At the Sohn Investment Conference in New York, famed short-seller Jim Chanos criticized the growing appeal of corporate Bitcoin wrappers. He revealed he’s offloading Strategy stock in favor of direct Bitcoin purchases, signaling skepticism about the sustainability of such valuations.
Why Zero-Interest Bonds?
The decision to issue zero-interest bonds instead of traditional debt instruments reflects Metaplanet’s confidence in Bitcoin’s long-term potential. By avoiding periodic interest payments, the company can allocate more resources toward acquiring Bitcoin and expanding its treasury holdings.
Additionally, the absence of collateral or a bond administrator highlights the deep trust between Metaplanet and its primary backer, Evo Fund. This unique arrangement reinforces their shared belief in Bitcoin’s ability to outperform traditional assets over time.
Final Thoughts
Metaplanet raises $50M via zero-interest bonds plan marks a bold step in its mission to deepen its Bitcoin exposure. While the move has garnered significant market attention—and even criticism—it underscores the growing trend of corporations adopting Bitcoin as a key component of their financial strategies.
As Metaplanet continues to accumulate Bitcoin, all eyes remain on how this strategy will play out in the long term. Will the company’s bet on Bitcoin pay off, or will the market’s enthusiasm wane as valuations come under scrutiny?
