Metaplanet Buys $117M in Bitcoin & Issues Bonds

[umair]

Japan-based Metaplanet, Asia’s largest corporate Bitcoin holder, recently made headlines with the purchase of 1,112 BTC (around $117.2 million), pushing its total holdings to 10,000 BTC—a milestone it had been targeting this year.
What stands out is how the purchase was financed: Metaplanet announced the issuance of $210 million worth of zero-interest bonds, labeled its 18th series, to support further Bitcoin acquisition. These bonds are set to mature in December 2025 and were issued through Cayman-based EVO Fund, signaling the firm's innovative use of capital markets—adopting a treasury-backed, no-interest debt instrument—to fund its crypto strategy.

This integrated acquisition strategy highlights a trend among corporate Bitcoin treasuries: using leveraged financial instruments (like bonds or equity) to fund BTC purchases, often trading at a premium, rather than spending existing operational cash reserves. Metaplanet is being likened to the “MicroStrategy of Japan,” with investors effectively buying a Bitcoin bucket that trades at a multiple above the actual Bitcoin value on its balance sheet.

There are several implications to consider:

Institutional Confidence: Raising debt specifically for BTC purchases shows faith in the long-term value of the asset.

Yield Strategy: Zero-interest bonds mean Metaplanet depends entirely on Bitcoin appreciation to justify the funding cost.

Risk Exposure: High leverage and market volatility could create risk if BTC price dips or if bond redemption is needed later in the year.

Question for Discussion:

Do you think this bond-backed strategy provides a sustainable model for firms looking to grow Bitcoin reserves, or does it introduce unsustainable leverage risks?