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.