The company, published on the Tokyo Stock Exchange Metaplanet, issued 300 billion yen (approximately $208 million) on zero bonds on June 30, 2025, and purchased 1,005 new Bitcoins.
This has increased total holdings to 13,350 BTC (over $1.4 billion at current prices). The company also hopes to raise more than $5.4 billion to acquire up to 210,000 BTC by 2027. Metaplanet controls about 1% of all Bitcoin that has existed so far, and if successful it will become the second largest corporate holder in the world of Bitcoin.
CEO Simon Gerovich said the year-to-date yield from the company’s Bitcoin strategy is already 349%, with investors responding enthusiastically.
Metaplanet supporters said using 0% bonds would allow the company to access “free” capital without issuing new shares or paying expensive interest, but critics say the company’s approach is too dependent on the price of Bitcoin. They warn the community that Metaplanet could face huge paper losses, and warn of the potential challenges of repaying bond obligations if investors experience a decline in trust and cryptocurrency experiences a sharp decline (which has been there many times before).
Metaplanet issues bonds to buy more bitcoin
Metaplanet made the headline when it raised about 300 billion yen through Zero’s regular bonds (approximately $208 million). The Company has now access to a large capital pool without immediate costs, diluting shareholder shares, or long-term interest obligations, as it does not require interest payments during the life of its bonds.
The EVO Fund, a private institutional investor, subsidized the entire bond offering with 0% interest. This demonstrated an increasing interest in the institutions in Japan’s Bitcoin-based strategy, where investors are seeking alternative value stores due to ultra-low interest rates and weakening of the yen. It could also be a gamble that Metaplanet’s Bitcoin Holdings will be highly valued over time and can increase the ability of bond principals to repay bond principals when they mature.
Before purchasing new Bitcoin, Metaplanet first allocated it to a 0.36% annual repurchase and cancellation at an interest rate worth 1.75 billion yen (approximately $12 million) in its previous bond series, before purchasing new Bitcoin. I then used the rest of my revenue to purchase 1,005 new BTC at an average price of $107,601 per coin, with a total cost of around $108 million. The company currently owns 13,350 BTC, ahead of well-known corporate owners such as Tesla and Galaxy Digital.
Metaplanet is expected to hold 210,000 BTC
Metaplanet’s holdings quadrupled to 13,350 BTC three months ago, from just 3,350 BTC, and the company plans to more than double its current position to around 30,000 BTC by the end of 2025 within the next six months.
We aim to increase that number to 100,000 BTC by the end of 2026 and accumulate 210,000 BTC by 2027 (1% of all Bitcoin that exists). Metaplanet plans to raise $5.4 billion through bond issuance, private placement and other capital market products to fund this massive accumulation effort under the “555 million plan.”
Zero Selfish Bonds look smart, but they do carry risk
Zero interest loans may not have interest, but they are debt obligations that must be fully repaid upon maturity.
Metaplanet does not have repeated revenue streams from these holdings. Bitcoin is an unproductive asset and helps you pay off your bonds as it does not generate income, pay dividends, or offer unique returns unless sold. The company essentially bets that Bitcoin’s value will rise well enough for the bond to mature and cover both major repayments and substantial profits.
Metaplanet can sell just a small portion of its holdings at a higher price, pay off its zero profit obligations in full, hold the majority of its position, and double or triple the net worth of the book if Bitcoin rises steadily over the next two years.
However, the company still holds liabilities that need to be paid, but at its core it depreciates the balance sheet if the price of Bitcoin drops significantly. This scenario would undermine Metaplanet’s balance sheet and investor narrative.
Even the collapse of Archegos Capital, the spiral of Terra-Luna’s death, or the explosion of Wework based on the promise of unsustainable growth, are warning stories of the broader dangers many companies face to invest in assets that don’t generate revenue.
Each case shows how aggressive financial engineering and optimistic growth forecasts masked deeper vulnerabilities that became visible only when external conditions changed. They also reveal how quickly investor trust can turn into panic when expectations are not met, especially when debt is involved.
Metaplanet’s capital strategy assumes that Bitcoin is a sound store of value and a high-growth asset that is well valued to cover long-term debt commitments. The combination of reduced assets and fixed debt repayment schedules that can cause liquidity crunches and sudden declines in investor trust pose a major risk to the company’s trust in Bitcoin.
Metaplanet could face serious challenges refinancing future obligations if capital markets tighten or facility supporters are not willing to take on the zero profits of crypto companies.
Similarly, the company is in an increasingly vulnerable position, and even small mistakes can cause surveillance as it expands its Bitcoin holdings and debt. The tone of regulation could change quickly if Japanese financial regulators begin to question the prudence of allowing listed companies to fund large, speculative bets with zero-cost leverage.
Investors push stocks up after Bitcoin buys
Metaplanet’s trust in Bitcoin strategy remains high, at least in the short term, as investors raised millions through zero bonds and used the majority to buy another 10% of the company’s stock price.
Metaplantet announces its ambitious goals, raises funds to buy more Bitcoin, and outlines a roadmap that allows it to hold up to 210,000 BTC in an environment where many companies are cautious about digital assets by 2027. The company’s audacity has attracted media attention and investor attention, especially among those who view Bitcoin as an undervalued or one day think Fiat currency could be replaced as a dominant valued storage of the world.
However, Metaplanet’s profits are only real when Bitcoin is high. The company’s balance sheet could soon be a hit, and the same investors who currently support its strategy can cut their stock in the process if Bitcoin price suddenly drops 20% or 30%.
Metaplanet stocks are clearly doing well, but the question is whether the current valuation reflects long-term value or short-term speculation. The market appears to be giving Metaplanet the benefits of doubt.
