Japanese investment firm Metaplanet has intensified its pursuit of Bitcoin dominance with a swift follow-up to its latest capital raise. On May 29, the company issued $21 million in zero-interest bonds to the Evo Fund, a Cayman Islands-based investment firm, just one day after securing $50 million in a separate funding round. The back-to-back announcements mark a significant step in Metaplanet’s strategy to become one of the world’s largest corporate Bitcoin holders.
Zero-Interest Bonds with Flexible Redemption
The freshly issued 17th bond series, totalling $21 million, was offered in denominations of $525,000 each, maturing on November 28, 2025. These bonds stand out in the current market for their zero-interest structure, meaning Metaplanet can borrow capital without incurring additional repayment costs, a strategic advantage in volatile financial conditions.
Interestingly, Evo Fund has the right to redeem the bonds early with a minimum five-day notice. Redemption is allowed either in full or in multiples of $525,000. Metaplanet has also retained the option to trigger redemptions linked to future fundraising events involving the same investor.
In a move that may raise eyebrows in traditional finance circles, the bond issuance comes with no collateral, no guarantees, and no bond administrator. This is permissible under Japanese corporate law, and all payment handling will be managed through Metaplanet’s Tokyo office.
Aiming for 10,000 BTC by Year-End
So far in 2025, Metaplanet has raised a total of $135.2 million to fund its aggressive Bitcoin accumulation plan. This includes:
$25.9 million in February
$13.3 million in March
$25 million in early May
$50 million and $21 million raised this week
The company currently holds around 7,800 BTC, ranking 11th among corporate Bitcoin holders, according to BitcoinTreasuries. At a current valuation of $840 million, Metaplanet’s average BTC purchase price sits at $91,340.
Source: Metaplanet
Earlier this year, the company deployed strategic options-based accumulation, notably adding 696 BTC in March through cash-secured put options, along with another 145 BTC for $13.6 million in April.
Eyes on US Market with New Florida Subsidiary
On May 1, Metaplanet announced its US expansion via a newly formed subsidiary, Metaplanet Treasury, based in Florida. The subsidiary aims to raise up to $250 million from US capital markets to further its Bitcoin strategy. This move underscores the company’s ambition to tap deeper liquidity pools and align with regulatory structures abroad.
The firm has also been building a high-profile advisory board, with Eric Trump, son of former US President Donald Trump, joining in March—highlighting a growing intersection between politics, finance, and crypto strategy.
Corporate Bitcoin Race Intensifies
Metaplanet’s announcement comes amid a wider trend of corporate Bitcoin accumulation. On May 28, GameStop, the US-based gaming and electronics retailer, revealed its entry into the Bitcoin space with a 4,710 BTC acquisition. The move signals renewed momentum in corporate digital asset investment, mirroring the early moves of pioneers like MicroStrategy and Tesla.
Metaplanet’s bold approach zero-interest funding, unconventional bond structures, and US market expansion signals a paradigm shift in corporate treasury strategy, placing Bitcoin at the centre of long-term capital planning.
As 2025 progresses, all eyes will remain on Metaplanet to see whether it can successfully reach its 10,000 BTC target and further climb the ranks of corporate Bitcoin holders.
