Key Takeaways:

• Metaplanet issued its 20th zero-coupon bond series on April 24, 2026, raising $50M to buy bitcoin.
• The Tokyo-listed firm held 40,177 BTC at the end of Q1 2026, making it the world’s 3rd-largest public BTC holder.
• Metaplanet targets 100,000 BTC by the end of 2026, with EVO FUND anchoring its debt financing pipeline.

Metaplanet Chases 100,000 BTC Goal as $50M Capital Raise Signals New Acquisitions

The bonds carry a 0% coupon, mature on April 23, 2027, and were subscribed in full by EVO FUND, a Cayman Islands-based vehicle affiliated with Evolution Financial Group that has anchored every prior bond issuance in this series. The unsecured notes redeem at par, meaning Metaplanet pays back exactly what it borrowed with no interest expense over the life of the debt.

The structure gives Metaplanet access to capital at zero carrying cost. Proceeds convert directly into BTC exposure, with any price appreciation flowing to the company’s balance sheet rather than servicing interest payments.

EVO FUND retains the right to request early redemption with five business days’ written notice. A separate clause requires Metaplanet to redeem a corresponding portion of the bonds early if EVO FUND provides additional financing that reaches certain thresholds, preserving flexibility for both parties.

Metaplanet held 40,177 BTC as of March 31, 2026, acquired at an average cost of roughly $97,000 to $104,000 per coin. At bitcoin prices near $78,000 in late April, the company’s BTC position sits below that average basis. The $50 million raise could add an estimated 640 to 700 BTC to its treasury, though no purchase confirmations have appeared in follow-up filings.

The company added 5,075 BTC in Q1 2026 alone, making it Japan’s largest corporate bitcoin holder and the third-largest among publicly traded companies globally, trailing only Strategy (formerly Microstrategy) and one other firm.

Metaplanet’s stock fell approximately 3% to 4% following the announcement, trading around ¥339 in early post-news activity. The reaction mirrors prior financing events, where short-term dilution concerns weigh on shares despite zero-cost debt terms.