Metaplanet has launched a fresh 8bn yen ($50mn) zero-interest bond offering to accelerate its Bitcoin (BTC) purchases, the latest step in its rapid rise as one of the world’s largest corporate holders of the cryptocurrency.
Metaplanet Issues $50mn Zero-Interest Bond To Fuel Bitcoin Accumulation
24 April 2026 - 09:30 CEST
The Tokyo-listed former hotel operator, now a prominent Bitcoin treasury play, aims to use the proceeds to narrow the gap with bigger peers while advancing toward its target of 210,000 BTC by end-2027.
Bonds extend low-cost funding playbook
Metaplanet has built its treasury strategy around equity raises, options income and zero-interest debt structures popular in Japan due to flexible accounting treatment, low prevailing rates and regulatory tolerance for such instruments that minimize immediate cash outflows. This allows firms to raise capital cheaply while betting on Bitcoin’s long-term appreciation.
Since pivoting in 2024, the Simon Gerovich-led company has acquired Bitcoin worth roughly $3.1bn–$4.2bn at cost. As of early April, it held 40,177 BTC, ranking third globally behind Strategy and Twenty-One Capital. The new bonds, issued to EVO Fund and maturing in roughly one year, provide additional low-cost capital with no coupon payments.
Gerovich has repeatedly defended the approach as a systematic, long-term accumulation strategy rather than short-term speculation. "We are building Japan’s Bitcoin standard," he has emphasized in public remarks, framing the treasury as a hedge against yen weakness and macroeconomic shifts.
The firm also earns revenue by selling Bitcoin options against its holdings, generating 3bn yen ($19mn) in the first quarter alone. Analysts note that zero-interest structures remain viable in the current environment because investors accept the Bitcoin-backed risk profile in exchange for principal repayment and potential equity upside.
Stock decouples from Bitcoin rally
Initial excitement for Metaplanet’s Bitcoin pivot sent shares soaring from around 30 yen after its first purchase in April 2024 to a peak of 1,850 yen in June 2025. That enthusiasm has cooled. As of 05:15UTC on 24 Apr, the stock traded near 338 yen, down more than 80% from its high and showing muted reaction to recent accumulation.
Year-to-date performance has lagged Bitcoin itself, raising questions about execution risk, dilution from repeated capital raises and the firm’s ability to generate sustainable non-treasury revenue.
The company has not detailed exact maturity or conversion features for this tranche beyond standard redemption at par, but strong demand from existing supporters can be expected given prior full subscriptions. Progress toward the 210,000 BTC goal will hinge on continued access to capital and favourable Bitcoin market conditions.
