TLDR
- Metaplanet has raised 50 million through a private placement of zero-interest bonds.
- The company plans to use the entire amount to increase its Bitcoin holdings.
- Each bond is valued at 1.25 million and does not offer any interest payments.
- Evo Fund is the sole buyer of the bonds and continues to support Metaplanet’s Bitcoin strategy.
- The bonds are unsecured and carry no collateral or administrative guarantees.
Metaplanet has issued $50 million in zero-interest bonds to expand its Bitcoin (BTC) exposure and strengthen its crypto strategy. The Tokyo-listed company continues its aggressive move into Bitcoin as a treasury asset. This latest action signals Metaplanet’s ongoing commitment to shifting away from fiat-based reserves.
Metaplanet Issues Zero-Interest Bonds Again
Metaplanet confirmed the private placement of $50 million in zero-interest bonds to fund additional Bitcoin purchases. Each bond is worth $1.25 million, with no interest payments promised during the bond’s duration. The proceeds will contribute directly to the company’s expanding Bitcoin holdings.
The bonds are unsecured and carry no collateral, which means they depend entirely on issuer credibility and repayment capacity. Metaplanet stated there will be no bond administrator involved, and no guarantees are attached. Despite the risk, the bond structure highlights strong trust between Metaplanet and the bondholder.
Evo Fund, based in the Cayman Islands, will subscribe to the entire bond issue as the sole buyer. Evo Fund has consistently backed Metaplanet’s Bitcoin strategy, participating in multiple funding rounds. Its continued support shows confidence in Metaplanet’s approach and Bitcoin’s future value.
Bitcoin Holdings Rise After Strategic Bond Placement
Metaplanet used the capital from past bond rounds to acquire 1,004 Bitcoin, worth over $100 million at the time of purchase. This addition brought the company’s total Bitcoin reserves to 7,800 BTC, valued at over $800 million. The firm has reported a 20% unrealized gain on its total Bitcoin portfolio.
The company believes the latest bond issuance will have minimal financial impact in 2025. However, Metaplanet has pledged to disclose any significant developments arising from the transaction. It maintains its focus on building long-term digital asset value over short-term earnings.
Metaplanet’s Bitcoin acquisitions continue to define its corporate strategy while shifting attention away from traditional treasury models. The latest bond issue reinforces this transition. With each move, the company positions itself deeper into the digital asset space.
Equity Valuation Surges Amid Bitcoin Strategy Criticism
Metaplanet’s equity price has surged following its Bitcoin strategy, though market analysts question the scale of the premium. Research firm 10x Research reported that Metaplanet trades as if its Bitcoin holdings are valued at five times their market worth. This discrepancy has sparked debates over Bitcoin exposure through corporate entities.
Well-known equity analyst Jim Chanos commented on similar companies, expressing concerns over inflated valuations tied to Bitcoin-heavy balance sheets. Speaking at the Sohn Investment Conference, Chanos said he prefers buying Bitcoin directly rather than holding such stocks. His view suggests that direct asset ownership offers more efficient exposure.
