Metaplanet Doubles Down on Bitcoin With $50M Bond Raise Backed by Evo Fund

Japanese investment firm Metaplanet is ramping up its Bitcoin strategy by raising $50 million through a private placement of zero-interest bonds.

The offering, announced May 28, is structured in $1.25 million tranches and will be fully subscribed by Evo Fund, a Cayman-based investor that has consistently backed Metaplanet’s crypto ambitions.

The bonds come with no interest payments, no collateral, and no administrative oversight—highlighting a deep level of trust between the two firms and a shared bullish stance on Bitcoin’s long-term trajectory.

This latest funding round follows Metaplanet’s massive acquisition of 1,004 BTC, bringing its total holdings to 7,800 BTC—currently valued at over $800 million. Despite minimal expected impact on its 2025 financials, the company says further disclosures will be made if necessary.

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Metaplanet’s crypto-heavy treasury approach has driven significant interest in its stock, with 10x Research noting that investors are pricing in Bitcoin exposure at five times its actual value. Critics like short-seller Jim Chanos argue that buying BTC directly is a more cost-effective strategy than holding shares in firms like Metaplanet or Strategy Corp, which package Bitcoin exposure through equity.

As more companies experiment with BTC as a treasury reserve asset, debates over valuation and access models continue to intensify on Wall Street.

Alexander Stefanov

With over 8 years of experience in the cryptocurrency and blockchain industry, Alexander is a seasoned content creator and market analyst dedicated to making digital assets more accessible and understandable. He specializes in breaking down complex crypto trends, analyzing market movements, and producing insightful content aimed at educating both newcomers and seasoned investors. Alexander has built a reputation for delivering timely and accurate analysis, while keeping a close eye on regulatory developments, emerging technologies, and macroeconomic trends that shape the future of digital finance. His work is rooted in a passion for innovation and a firm belief that widespread education is key to accelerating global crypto adoption.