Japanese bitcoin treasury firm Metaplanet is back in the market with another round of balance-sheet leverage, issuing 8 billion yen, worth roughly $50 million, in zero-interest ordinary bonds to finance future bitcoin purchases.

In a Friday filing, the company said the latest issuance was fully taken up by EVO Fund, a Cayman Islands-based investor that has repeatedly anchored Metaplanet’s previous offerings. It also marks the firm’s 20th bond issuance, underscoring its long favored strategy of tapping debt markets to fund bitcoin accumulation.

The bonds carry no interest, no collateral, and no guarantee, but also contain an auto-redemption trigger that kicks in whenever Metaplanet raises matching amounts from EVO through future financings, typically stock warrant exercises.

In practice, that means each bond is effectively retired and replaced as the next financing round completes, turning the 20-bond sequence into a rolling zero-cost credit line

Metaplanet, now Japan’s largest corporate bitcoin holder, has maintained a steady buying spree since April 2024, adding 5,075 BTC in the first quarter alone. As of writing, it held 40,177 BTC, which makes it the third-largest listed bitcoin treasury globally, according to BitcoinTreasuries.

The aggressive accumulation continues even as the firm faces deep paper losses. Metaplanet reported a $619 million net loss for fiscal 2025, largely driven by unrealized markdowns on its bitcoin stack.

Metaplanet has cycled in and out of the top slot for most-shorted stock on the Tokyo Stock Exchange over the past year, with short sellers questioning whether the EVO-anchored financing loop can be sustained as bitcoin volatility rises or as EVO’s own capital allocation priorities shift.

Friday’s filing is, among other things, a vote of confidence from the one counterparty whose continued participation keeps the model working.

The broader backdrop, however, has been volatile rather than outright bearish. Bitcoin, which briefly surged to an all-time high near $126,000 in October 2025, has since pulled back amid geopolitical shocks in the Middle East. It is currently trading around $77,800, still up roughly 10% over the past month as risk sentiment stabilizes.