Tokyo-listed investment firm Metaplanet has issued $21 million worth of zero-interest bonds to Evo Fund, a institutional investor, as part of its expanding Bitcoin investment strategy.
The deal, confirmed on May 29, reflects Metaplanet’s aggressive pivot toward digital assets, particularly Bitcoin, which it has described as a hedge against Japan’s rising debt and currency depreciation.
These zero-coupon convertible bonds, maturing in 2029, allow Evo Fund to convert the debt into equity at a predetermined rate, giving it a strategic stake in Metaplanet while providing the company with immediate liquidity—without the burden of interest payments.
Metaplanet Follows MicroStrategy’s Lead, Emerges as Asia’s Top Bitcoin-Focused Public Firm
The move closely mirrors MicroStrategy’s long-standing Bitcoin accumulation strategy, and positions Metaplanet as a leading Bitcoin-focused public company in Asia.
The firm began acquiring Bitcoin in April 2024 and now holds a substantial amount on its balance sheet, viewing it as a core reserve asset.
According to the agreement, Evo Fund may ask for the bonds to be redeemed early with at least five business days’ notice.
Partial or complete redemptions are permitted, but they must be made in $525,000 increments. Metaplanet has the authority to start redemptions as well, especially if Evo Fund is involved in subsequent fundraising rounds and specific cumulative payment levels are met.
Since there is no guarantee or security to back up the bonds, they are unsecured.
To streamline the procedure under Japan’s legal framework, Metaplanet has made its Tokyo offices the official site for managing all associated payments.
Also Read: Metaplanet Buys Additional 1,004 Bitcoin For $104M Amid Growing Crypto Push
Evo Fund’s Backing Signals Growing Institutional Interest in Bitcoin-Focused Strategies
Evo Fund’s involvement highlights rising institutional interest in Bitcoin-centric corporate strategies.
According to Metaplanet’s announcement, the proceeds from the bond sale will be used to increase its BTC holdings and reinforce its commitment to Bitcoin as a long-term store of value.
This development underscores the growing trend of corporations embracing digital assets in capital management strategies.
Metaplanet Accelerates Bitcoin Strategy with Aggressive Debt-Fueled Funding Rounds
Metaplanet has been aggressively financing its Bitcoin acquisition strategy by utilizing the loan market.
The Tokyo-listed company raised $25.9 million in February, $13.3 million in March, and an additional $25 million in early May among other recent months.
Following the most recent fundraising campaign, $135.2 million has been raised in 2025.
Metaplanet has positioned Bitcoin as a key treasury asset by stating that it hopes to own 10,000 BTC by the end of 2025.
Consistent fundraising efforts demonstrate the company’s long-term belief in the worth of Bitcoin and its potential as a hedge against economic uncertainty, especially in Japan, where debt levels and currency concerns are still rising.