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Metaplanet has announced a new bond issuance to finance additional Bitcoin purchases, issuing 8 billion yen (about $50 million) in zero-interest ordinary bonds. The company’s decision comes as it continues to expand its BTC strategy despite reporting a $619 million net loss for fiscal 2025, driven mainly by unrealized valuation declines on its Bitcoin holdings. Following the announcement, Metaplanet’s shares fell, while Bitcoin traded near $77,800.
Metaplanet said the 8 billion yen bond issuance will fund future Bitcoin acquisitions. The company confirmed that EVO Fund fully subscribed to the issuance, and noted that EVO Fund has also supported earlier Metaplanet financing rounds.
The latest transaction is Metaplanet’s 20th bond issuance. Since adopting its Bitcoin accumulation strategy in April 2024, the company has used debt and equity-linked instruments to support its plan.
Metaplanet purchased 5,075 BTC in the first quarter of 2026. As of March 31, its total Bitcoin holdings stood at 40,177 BTC, placing it among the largest listed Bitcoin treasury companies globally.
Despite the continued accumulation, Metaplanet reported a $619 million net loss for fiscal 2025. The loss was mainly attributed to unrealized valuation losses on its Bitcoin holdings, highlighting the balance-sheet pressure associated with holding a large Bitcoin reserve. Even so, the company said it continues to direct capital toward BTC purchases under its treasury strategy.
Metaplanet shares declined after the bond issuance was announced. Market data cited in reports showed the stock dropped about 3.5% in one day.
Over a longer period, the stock remained under pressure, falling about 2% over five days and around 27% across six months, even as it gained roughly 10% over one month. The decline suggests investors remain cautious about a debt-funded Bitcoin strategy, with Metaplanet’s exposure to BTC price swings continuing to influence its market performance.
Bitcoin traded around $77,800 after recovering from earlier weakness. BTC gained about 9% over the past month, though it remained below its October 2025 record near $126,000.
Short-term price action was mixed, with BTC down slightly on the day, while weekly and monthly trends showed some recovery. Against this backdrop, Metaplanet’s bond sale adds to its Bitcoin-focused treasury plan as it seeks to increase BTC holdings while managing debt obligations following a large unrealized loss.
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