Japan-based Metaplanet has advanced its leveraged balance sheet strategy, taking a fresh step in its Bitcoin accumulation efforts. The Tokyo Stock Exchange-listed company, which stands as the largest institutional holder of Bitcoin in the country, has issued a zero-interest bond worth 8 billion yen (approximately $50 million).
Investor backing and bond details
In a statement released Friday, Metaplanet announced that the entire bond issue was purchased by Cayman Islands-based EVO Fund, a longstanding major investor in the company’s debt offerings. With this move, Metaplanet has reaffirmed its commitment to expanding its Bitcoin portfolio. The latest issuance brings the company’s total bond issues to 20. Analysts have observed that Metaplanet’s borrowing-driven Bitcoin hoarding strategy continues to raise questions about its long-term sustainability.
Record BTC reserves and financial impacts
Since April 2024, Metaplanet has systematically expanded its bitcoin holdings, acquiring 5,075 BTC in the first quarter of this year alone. This brought the company’s total Bitcoin stash to 40,177. According to BitcoinTreasuries, Metaplanet now ranks as the world’s third-largest public company by bitcoin holdings.
However, this bold strategy has brought considerable financial strain. For the fiscal year 2025, Metaplanet reported a net loss of $619 million, much of it attributed to unrealized losses in the value of its bitcoin assets.
Market volatility and bitcoin prices
Recent months have seen no decisively bearish trend in crypto markets, but rather significant volatility. In October 2025, the price of Bitcoin briefly hit an all-time high above $126,000, before quickly retreating amid geopolitical tensions in the Middle East.
Currently, Bitcoin trades around $77,800, after a 10% increase in the past month, signaling a new balance in risk appetite. Data from CryptoAppsy shows ongoing attention to BTC hovering at this level.
In its announcement, Metaplanet stated, “Our new bond issue was fully subscribed by global institutional investors. We will continue to strengthen our Bitcoin portfolio with determination despite market volatility.”
Metaplanet’s aggressive accumulation tactics are closely watched throughout the industry. Funds raised through bond issuances are expected to be channeled into further Bitcoin purchases in the coming period.
Investors and markets are keeping a close eye on the company’s leading role in Japan’s Bitcoin sector, its bold financial performance, and appetite for risk. Experts warn that this approach could have significant implications both for Metaplanet and the wider crypto ecosystem in the medium to long term.
