Japanese listed company Metaplanet announced that its board meeting on June 16, 2025, resolved to issue zero-coupon straight bonds totaling $210M to EVO Fund. The bonds are exclusively subscribed by EVO Fund and all the proceeds will be used to buy more Bitcoin.
After the board’s resolution, the company issued the 18th Series of zero-coupon, non-interest-bearing Ordinary Bonds to EVO Fund, raising $210M. The bonds are scheduled to mature on December 12, 2025, with early redemption options tied to future fund-raising activity.
The Metaplanet team claimed the issuance of these bonds was expected to have minimal impact on the company’s consolidated financial results for the fiscal year ending December 2025.
On January 28, 2025, Metaplanet’s board of directors approved the issuance of the 13th to 17th Series of Stock Acquisition Rights to EVO Fund via third‑party allotment. The issuance consisted of five tranches, each comprising 4.2M shares, for a total of 21M. The exercise price for each tranche was set at 100 % of the previous day’s closing price (0 % discount), with an adjustable exercise price mechanism and suspension provisions designed to align with market conditions.
Metaplanet targets a $5.4B equity raise, issuing 555M shares by 2027
Metaplanet announced earlier this month the launch of a $5.4 billion equity raise campaign to fund the acquisition of more Bitcoin. Funds will be raised by issuing 555 million shares (92.4% of total shares outstanding) in moving strike warrants—Japan’s version of an at-the-market equity facility.
On February 13, 2025, Metaplanet confirmed receipt of the JPY 4 billion ($27.7M) raised through the 6th Series bonds. On February 19, 2025, Metaplanet completed the partial early redemption of JPY 2 billion (~$13.9M) of the 6th Series bonds. The remaining JPY 2 billion was fully redeemed on February 21, completing repayment ahead of schedule. The company also raised JPY 2 billion (~13.9M) on March 12 and another JPY 2 billion on March 18 after issuing the 8th and 9th Series of Ordinary Shares, respectively.
On April 16, the Board approved the issuance of the 11th Series of zero‑coupon, non‑interest‑bearing Ordinary Bonds to EVO Fund via third‑party allotment, raising $10 million. On May 2, the company issued the 12th Series of zero-coupon, non-interest-bearing Ordinary Bonds to EVO Fund, raising JPY 3.6 billion (~$25M). On May 13, they issued the 15th Series of zero-coupon, non-interest-bearing Ordinary Bonds to EVO Fund, raising $15 million.
On May 28, Metaplanet issued the 16th Series of Ordinary Bonds to EVO Fund, raising $50 million, and issued the 17th Series on May 29, raising another $21M. The bonds are scheduled to mature on November 27 and 28, respectively.
Metaplanet reaches the 10K BTC point as yield drops by 8.4% QTD
*Metaplanet Acquires Additional 1,112 $BTC, Total Holdings Reach 10,000 BTC* pic.twitter.com/XlM13kQnS9
— Metaplanet Inc. (@Metaplanet_JP) June 16, 2025
Metaplanet CEO Simon Gerovich said his company today acquired 1,112 BTC for ~$117.2M at ~$105,435 per BTC and has achieved a BTC yield of 266.1% YTD 2025. As of today, Metaplanet holds 10K BTC acquired for ~$947 million at ~$94.7K per BTC. As of the announcement of Metaplanet’s BTC acquisition, Bitcoin’s price saw an immediate uptick of 2.3%, moving from $105.4K to $106.9K USD on major exchanges like Binance and Coinbase, according to real-time data from CoinGecko.
The “555 Million Plan,” as Gerovich described it, followed on from its prior “210 Million Plan,” with the company now targeting holdings of 30K BTC by the end of 2025 from 10K BTC previously, 100K BTC by the end of 2026 from 21K BTC, and 210K BTC by the end of 2027 to join the Bitcoin 1% club — referencing holdings of 1% or more of the total 21 million BTC supply. The company disclosed that the 210K BTC goal would be pursued using various instruments, including moving strike warrants, potential convertible bonds, preferred shares, and ordinary bonds.
According to Metaplanet’s latest BTC acquisition statement, the company’s holdings increased from 1.6K BTC on December 23 to 10K BTC on June 16. From January 1, 2025, to March 31, the company achieved a BTC yield of 95.6%. In the quarter to date, from April 1 to June 16, the company’s BTC yield has been 87.2%.
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