In a bold move underscoring its relentless pursuit of Bitcoin, Metaplanet has issued $21 million in zero-interest bonds to Cayman Islands-based Evo Fund. This comes just a day after the Japanese investment giant announced a separate $50 million raise. The strategic maneuver aims to accelerate its Bitcoin accumulation, aligning with Metaplanet’s ambitious goal of holding 10,000 BTC by the end of 2025.
The Bond Play: High Stakes, No Interest
Metaplanet’s issuance of the 17th series of bonds, each valued at $525,000, is scheduled to mature on November 28, 2025. Here’s the catch: these bonds come with zero interest, a move that allows the company to borrow without the burden of additional repayment costs. It’s a gamble, but one that Metaplanet seems willing to take. According to the terms, Evo Fund can redeem these bonds early, given at least five business days’ notice. The redemption can occur in full or in increments of $525,000, presenting a flexible yet potentially risky financial instrument for both parties involved.
What’s intriguing is the absence of any collateral or guarantees—traditional safety nets in the world of debt instruments. Instead, Metaplanet leans on Japanese corporate law, which permits such arrangements without the appointment of a bond administrator. Payments will be handled at the company’s Tokyo office, maintaining a tight grip on the process.
A Year of Ambitious Raises
The recent back-to-back fundraising efforts have propelled Metaplanet’s total capital raised this year to a staggering $135.2 million. With these funds, the company has already amassed approximately 7,800 BTC, valued at around $840 million today, according to BitcoinTreasuries.NET. This places Metaplanet as the 11th largest corporate Bitcoin holder. Their average purchase price? A hefty $91,340 per Bitcoin—a figure that might raise eyebrows among industry watchers given the fluctuating Bitcoin market.
Analyst Jane Armitage from CryptoInsight notes, “Metaplanet’s aggressive strategy in expanding its Bitcoin holdings, despite the volatile market, signals a long-term belief in Bitcoin’s value. But it raises questions about sustainability and risk management.” This follows their previous issuance of Metaplanet Issues $25M Bonds to Buy More Bitcoin, further highlighting their relentless pursuit of Bitcoin.
Earlier this year, Metaplanet made significant purchases, including 696 BTC through a mix of cash-secured put options and premiums from selling those contracts. By April’s end, another 145 BTC was added for $13.6 million. This consistent tapping into the debt market reveals a calculated approach to scaling its Bitcoin reserves.
Expanding Footprint: The U.S. Connection
On May 1, Metaplanet announced plans to establish a U.S. subsidiary, Metaplanet Treasury, based in Florida. The goal? To raise up to $250 million, further fueling its Bitcoin ambitions and tapping into U.S. capital markets. The company’s strategic vision has even attracted high-profile figures; Eric Trump, son of former U.S. President Donald Trump, joined Metaplanet’s Strategic Advisory Board in March. For more on this expansion, see our article on Metaplanet Registers U.S. Treasury Arm to Grow Its Bitcoin Reserve Strategy.
Notably, Metaplanet isn’t alone in this corporate Bitcoin rush. Just this week, GameStop, the American video game and electronics retailer, confirmed its first Bitcoin investment, acquiring 4,710 BTC. This move seems to echo a broader trend among corporations to diversify into digital assets, perhaps as a hedge against economic uncertainties.
Looking Ahead: The Bitcoin Enigma
Metaplanet’s aggressive accumulation strategy highlights an unwavering commitment to Bitcoin, yet it invites scrutiny over its long-term viability. With the crypto market’s inherent volatility and regulatory uncertainties, can such an aggressive strategy sustain itself? And what does this mean for other corporations eyeing similar paths?
While Metaplanet’s moves are undoubtedly bold, they underscore a broader narrative within the cryptocurrency landscape: a growing acceptance and strategic adoption of digital assets by traditional corporations. As we move deeper into 2025, all eyes will be on how Metaplanet and its peers navigate the turbulent yet promising waters of Bitcoin investment.
Source
This article is based on: Metaplanet issues $21M in bonds to buy Bitcoin, a day after $50M raise
Further Reading
Deepen your understanding with these related articles:
- Metaplanet to open US arm, plans to raise $250M for Bitcoin strategy
- Strategy’s $84B Bitcoin Expansion Plan Backed by Wall Street Analysts
- Strategy Raising Another $21B to Buy Bitcoin, Posts Large Q1 Loss on BTC Price Decline
Steve Gregory is a lawyer in the United States who specializes in licensing for cryptocurrency companies and products. Steve began his career as an attorney in 2015 but made the switch to working in cryptocurrency full time shortly after joining the original team at Gemini Trust Company, an early cryptocurrency exchange based in New York City. Steve then joined CEX.io and was able to launch their regulated US-based cryptocurrency. Steve then went on to become the CEO at currency.com when he ran for four years and was able to lead currency.com to being fully acquired in 2025.
