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Metaplanet raises $50 million through zero-interest bonds from EVO FUND to expand its Bitcoin treasury, extending its capital markets-driven accumulation strategy. Tokyo-listed Metaplanet has issued 8 billion Japanese yen ($50 million) in zero-interest bonds to EVO FUND, with the proceeds earmarked for additional Bitcoin purchases, according to a Thursday filing. According to the filing, the 20th series of ordinary bonds matures in April 2027 and is unsecured, giving Metaplanet another source of zero-interest funding as it expands one of the largest corporate Bitcoin treasuries in the market. EVO FUND, a Cayman-based fund at the core of Evolution Financial Group, specializes in structured financings for digital asset-focused companies and is the main subscriber to Metaplanet’s zero-interest bonds used to fund Bitcoin purchases. Under the terms of the deal, the bonds will be redeemed at par on maturity, though EVO FUND can request early redemption with five business days’ notice. Metaplanet may also redeem part or all of the bonds if it completes future financings with the same investor. The latest raise extends a financing strategy Metaplanet has used repeatedly as it leans further into its Bitcoin treasury model, tapping capital markets rather than relying solely on operating cash flow. Metaplanet's share price was down around 3.69% at the time of writing, according to data from Yahoo! Finance. The latest raise follows an aggressive first quarter in which Metaplanet added 5,075 BTC, lifting its total holdings to about 40,177 BTC and cementing its position as the third-largest publicly listed Bitcoin holder. That expansion has made the company one of the clearer examples in Asia of a public firm using debt and equity financing to accumulate Bitcoin as a treasury asset, drawing frequent comparisons to MicroStrategy’s balance sheet strategy in the United States. With the new issuance, Metaplanet is signaling that it intends to keep buying even after a volatile stretch for crypto markets, with BTC trading around $77,000 in recent sessions. The company said in the filing that the bond sale is expected to have only a minimal impact on its consolidated results for fiscal 2026, and that, if any material impact on its financial performance or other matters arises, it will provide an update promptly.
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