In a remarkable financial maneuver, Japanese investment firm Metaplanet has announced the issuance of $21 million in zero-interest bonds to Evo Fund, a Cayman Islands-based investment firm. This development follows closely on the heels of a separate announcement regarding a $50 million fundraising effort aimed at accelerating Metaplanet’s ambitious Bitcoin acquisition strategy.
The bonds, categorized as the 17th series, were issued on May 29 and possess a face value of $525,000 each, with a maturity date set for November 28, 2025. A key aspect of these bonds is the absence of interest payments, allowing Metaplanet to borrow capital without incurring additional repayment costs.
Under the issuance terms, Evo Fund has the option for early redemption, requiring a minimum notice of five business days. Furthermore, these bonds can be redeemed in full or in part, making them flexible financial instruments for the investor.
Notably, there are no collateral or guarantees associated with the bonds, nor has a bond administrator been designated, which is permitted under Japanese corporate law. Payments will be managed from Metaplanet’s Tokyo office.
Year-to-Date Fundraising Success
Metaplanet has made substantial strides in the debt market this year, raising a total of $135.2 million to fund its Bitcoin purchases. This includes $25.9 million raised in February, $13.3 million in March, and $25 million earlier in May. The firm’s objective is to accumulate a total of 10,000 BTC by the end of 2025.
As of now, Metaplanet holds approximately 7,800 BTC, making it the 11th largest corporate holder of Bitcoin globally. This sizeable holding is valued at around $840 million, with an average purchase price of $91,340 per Bitcoin. Recent acquisitions included 696 BTC through strategic options trading, followed by an additional purchase of 145 BTC valued at $13.6 million just before the end of April.
Expansion and Future Plans
On May 1, Metaplanet also declared its plans to open a wholly owned U.S. subsidiary, Metaplanet Treasury, based in Florida, with aspirations to raise up to $250 million targeting U.S. capital markets. The company has attracted notable personalities, including Eric Trump, who joined its Strategic Advisory Board in March.
The corporate Bitcoin acquisition strategy is gaining traction across various sectors. Recently, U.S. retailer GameStop confirmed its first Bitcoin investment, acquiring 4,710 BTC.
As Metaplanet continues to pursue its goals, the financial landscape around Bitcoin investments is rapidly evolving, highlighting both the opportunities and the challenges that await corporate entities in this burgeoning field.
