Metaplanet Raises $50M via Zero-Interest Bonds to Load Up on BTC

This isn’t Evo Fund’s first time backing Metaplanet. The fund has previously supported several similar bond offerings, all aimed at fueling Metaplanet’s bold Bitcoin accumulation strategy.

While the company says this latest fundraising round is unlikely to have a big impact on its 2025 financials, it has promised to stay transparent about any major developments related to the deal.

Metaplanet’s Bitcoin Holdings Top $800 Million

This new bond deal comes hot on the heels of Metaplanet’s second-biggest Bitcoin buy to date—snapping up 1,004 BTC worth over $100 million. That purchase brought its total Bitcoin stash to 7,800 BTC, now valued at over $800 million, according to BitcoinTreasuries.net .

Here’s where things stand:

• 7,800 BTC held by Metaplanet

• $800M+ total value

• ~20% gain on its BTC investment so far

With Bitcoin increasingly seen as a corporate reserve asset, Metaplanet is positioning itself as one of the few Japanese firms going all-in on crypto. Its Bitcoin-first treasury strategy is a sharp contrast to the traditional fiat-heavy approach of most companies—and is reminiscent of moves by U.S. giant MicroStrategy.

Stock Price Surges, But Critics Are Wary

Metaplanet’s Bitcoin-heavy approach has sent its stock price soaring. On May 27, research firm 10x Research reported that shares were trading as if the company’s Bitcoin holdings were worth five times their actual value.

That premium has raised eyebrows, including from Jim Chanos, a well-known short-seller, who spoke out at the Sohn Investment Conference in New York. Chanos warned against buying into companies whose share prices are inflated just because they hold Bitcoin. He argued that investors might be better off buying BTC directly rather than paying a premium for a “corporate wrapper.”