Metaplanet has once again raised capital to expand its bitcoin holdings, issuing 8 billion yen (about $50 million) in zero-interest bonds as it doubles down on its BTC-focused treasury strategy.

In a filing on Friday, the Japanese firm disclosed that the full issuance was purchased by EVO Fund, a Cayman Islands-based investor that has repeatedly backed its prior deals. The latest transaction marks Metaplanet’s 20th bond issuance, highlighting its ongoing use of debt financing to support bitcoin accumulation.

The bonds are issued without interest, collateral, or guarantees, and include an auto-redemption feature tied to future fundraising from EVO—typically through stock warrant exercises. This structure allows each issuance to be repaid and replaced over time, effectively creating a rolling, zero-cost funding mechanism.

Since launching its bitcoin strategy in April 2024, Metaplanet has rapidly scaled its holdings. The company added 5,075 BTC in the first quarter and now holds a total of 40,177 BTC, making it Japan’s largest corporate bitcoin holder and the third-largest publicly listed bitcoin treasury globally, according to BitcoinTreasuries.

However, the approach has exposed the firm to significant market swings. Metaplanet reported a net loss of $619 million for fiscal 2025, driven largely by unrealized declines in the value of its bitcoin reserves.

The company has also faced pressure from short sellers, with its stock frequently ranking among the most shorted on the Tokyo Stock Exchange. Critics have questioned whether its reliance on EVO-backed financing can be sustained, particularly during periods of elevated bitcoin volatility or shifting investor priorities.

Still, the latest bond sale underscores continued backing from its key funding partner, a central pillar of its capital strategy.

Meanwhile, bitcoin markets remain volatile. After hitting an all-time high near $126,000 in October 2025, the cryptocurrency has since retreated amid geopolitical tensions in the Middle East. It is currently trading around $77,800, up roughly 10% over the past month as market sentiment begins to stabilize.