Based on filings, the bonds are unsecured, which means there is no collateral backing the debt. EVO Fund also holds the right to demand early repayment with just five business days’ notice — a clause that could put pressure on Metaplanet if crypto markets turn sharply.
The two parties have built a financing relationship that has helped Metaplanet accumulate one of the largest corporate Bitcoin holdings in Asia.
Going into this latest raise, Metaplanet already held roughly 40,177 BTC — built largely through an aggressive first quarter when it added more than 5,000 Bitcoin in three months.
That puts the company third among publicly listed firms worldwide by Bitcoin holdings, according to available data. The only companies ahead of it are operating at a significantly larger scale.
Stock Slips As Deal Is AnnouncedMetaplanet’s share price fell about 3.60% on the day the deal was disclosed, based on Yahoo Finance data. The drop suggests some investors aren’t fully sold on the strategy, even as the company keeps pushing forward.
Metaplanet said in its filing that the bond issuance is expected to have only a minimal impact on its consolidated results for the 2026 fiscal year. It added that if any significant change to its financial position emerges from the deal, it will issue a follow-up disclosure promptly.
Bitcoin was trading at $77,650 at the time of the announcement — the price Metaplanet needs to at least hold for its zero-cost debt bet to break even.
Featured image from Unsplash, chart from TradingView
