Melker Bengtsson
Japanese Bitcoin treasury company Metaplanet have led yet another fully subscribed bond issue at zero interest. This is their 20th issuance so far and it’s for ¥8 billion, roughly $50 million. The entire bond was bought by EVO Fund, a Cayman Islands-based investment firm. It’s redeemable in April 2027. They also funded the previous 19. It’s, essentially, a convertible bond.
Metaplanet CEO Simon Gerovich tweeted “I’m buying Bitcoin!”
ビットコイン買うぞ！ https://t.co/AZQxhvdD7a
— Simon Gerovich (@gerovich) April 24, 2026
It’s the first time they’ve issued new bonds since June/July of last year. As the price of Bitcoin has gone down, issuing new bonds hasn’t been profitable which is why they’ve reached for a credit facility instead. But as the market strengthens, the bond issuance continues.
Metaplanet bought 5,075 BTC in the first quarter of 2026 and now hold a total of 40,177 BTC. The issuance goes right along with the strategy they call the “555 Million Plan” - they have authorization to issue 555 million shares and expect to raise around ¥770 billion (a bit more than $5.3 billion) with them. It replaced the “210 Million Plan”.
Strategy, Capital B and other Bitcoin treasury companies all follow the similar strategies of convertible bonds or share issuance to raise capital. Strategy recently raised $2.54 billion. The American Bitcoin treasury company is on another level from the others.
Metaplanet’s target for 2026 is to get to a total of 100.000 BTC and 210.000 by the end of next year. That leaves another 60.000 BTC to be acquired this year.
