Five equity-backed notes issued through Luxembourg’s ORO II fund will trade against dollars, USDT and Bitcoin for eligible non-US investors.
Tokyo-listed Metaplanet has issued 8 billion Japanese yen ($50 million) in zero-interest bonds to EVO FUND, with the proceeds earmarked for additional Bitcoin purchases, according to a Thursday filing.
According to the filing, the 20th series of ordinary bonds matures in April 2027 and is unsecured, giving Metaplanet another source of zero-interest funding as it expands one of the largest corporate Bitcoin treasuries in the market.
EVO FUND, a Cayman-based fund at the core of Evolution Financial Group, specializes in structured financings for digital asset-focused companies and is the main subscriber to Metaplanet’s zero-interest bonds used to fund Bitcoin purchases.
Under the terms of the deal, the bonds will be redeemed at par on maturity, though EVO FUND can request early redemption with five business days’ notice. Metaplanet may also redeem part or all of the bonds if it completes future financings with the same investor.
Related: Nakamoto sells $20 million in Bitcoin and cuts Metaplanet stake
The latest raise extends a financing strategy Metaplanet has used repeatedly as it leans further into its Bitcoin treasury model, tapping capital markets rather than relying solely on operating cash flow.
Metaplanet’s share price was down around 3.69% at the time of writing, according to data from Yahoo! Finance.
Metaplanet expands Bitcoin holdings with debt-funded strategy
The latest raise follows an aggressive first quarter in which Metaplanet added 5,075 BTC, lifting its total holdings to about 40,177 BTC and cementing its position as the third-largest publicly listed Bitcoin holder.
Metaplanet Issues $50 million in 0% Ordinary Bonds to Purchase Additional $BTC. Source: Metaplanet
That expansion has made the company one of the clearer examples in Asia of a public firm using debt and equity financing to accumulate Bitcoin as a treasury asset, drawing frequent comparisons to MicroStrategy’s balance sheet strategy in the United States.
With the new issuance, Metaplanet is signaling that it intends to keep buying even after a volatile stretch for crypto markets, with BTC trading around $77,000 in recent sessions.
The company said in the filing that the bond sale is expected to have only a minimal impact on its consolidated results for fiscal 2026, and that, if “any material impact” on its financial performance or other matters arises, it will provide an update promptly.
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Nakamoto, the Bitcoin treasury company formerly known as KindlyMD, sold $20 million worth of Bitcoin in March and cut a large portion of its Metaplanet stake at a loss during the first quarter of the year.
The company, chaired by David Bailey, sold roughly 284 Bitcoin (BTC) for $20 million, implying an average price of about $70,400 per coin. At the end of 2025, Nakamoto valued its Bitcoin at $87,519 per coin, when it held 1,625 BTC worth $142.2 million, suggesting that the sale came at a 20% discount to its year-end valuation.
“We plan to use the proceeds to invest further in our businesses as well as replenish our working capital for costs associated with the recent Mergers,” the company said in a filing.
The company’s Bitcoin holdings stand at roughly 5,058 BTC following the sale of 284 BTC in March, down from 5,342 BTC at the end of 2025.
Related: Nakamoto Holdings’ shares sink as $563M PIPE deals trigger massive sell-off
Nakamoto exits Metaplanet stake at loss
Alongside its crypto sale, Nakamoto also exited a significant portion of its Metaplanet position at a loss. The firm had acquired eight million shares at $3.75 each, for a total cost of about $30 million. In the first quarter, it sold five million shares for roughly $11.1 million, implying a price of $2.22 per share.
The Metaplanet investment had already been marked down by the end of 2025. Nakamoto reported an unrealized loss of $9.29 million on the position, including foreign exchange impacts, with the carrying value falling to $20.7 million.
Nakamoto reported a $166.2 million loss in 2025 tied to changes in the fair value of its crypto holdings, as Bitcoin declined below its average purchase price. The company posted a net loss of $52.2 million for the year.
Related: Metaplanet raises $255M and adds warrant structure for Bitcoin buys
Nakamoto exits healthcare
In a statement, Bailey said Nakamoto plans to wind down legacy healthcare operations while focusing on integrating recent acquisitions, including BTC Inc and UTXO Management.
Shares of Nakamoto have fallen sharply in recent months. The company’s shares are down 40% year-to-date and 80% over the past six months, according to data from Yahoo! Finance. Nakamoto’s shares traded at around $0.21 at the time of writing, well below their mid-2025 peak above $30.
In December 2025, when the company was still trading as KindlyMD, it received a Nasdaq notice after its shares fell below the $1 minimum bid price for 30 consecutive business days, triggering a six-month window to regain compliance or face delisting.
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Metaplanet Inc. has taken out $100 million in loans against its Bitcoin holdings, hoping to use that money to buy more Bitcoin and underpin operations.
The Tokyo-listed company reportedly executed the loan at the end of October under an existing credit facility, signaling its continued commitment to Bitcoin as a core asset.
More Bitcoins
Based on reports, the borrowing was completed on October 31 and represents roughly 3% of Metaplanet’s total Bitcoin holdings. The firm currently owns around 30,823 BTC, valued between $3.3 billion and $3.5 billion late last month.
The lender’s identity remains undisclosed, though the loan carries a floating interest rate tied to US dollar benchmarks plus an additional spread.
Source: Fortune · Getty Images
Metaplanet has just tapped a $100 million loan from their credit facility.
This represents about 3% of their Bitcoin value.
I’d imagine it is to prepare for share buybacks at a potential sub 1.0 mNAV…
…or they’re looking to BUY THE DIP!
— Adam Livingston (@AdamBLiv) November 5, 2025
Balance Sheet Plans And Buybacks
Metaplanet has indicated that the funds will go toward acquiring more Bitcoin and supporting revenue-generating strategies linked to its holdings.
The company also has a ¥75 billion share buyback plan—about $500 million in total. Based on reports, the management believes borrowing against Bitcoin allows the firm to strengthen its position without selling existing assets.
Bitcoin As Treasury Asset
Analysts say the move reflects a growing trend of companies treating Bitcoin as a treasury asset, rather than a purely speculative investment, but it clearly carries risks.
A sharp drop in Bitcoin’s price could reduce the value of the collateral, forcing the company to add more collateral or unwind part of its position.
Although the $100 million amount is a small element of its total value in Bitcoin, critics say adding debt to a volatile balance sheet will create financial stress.
Reports also brought to spotlight how the market value of Metaplanet sometimes retreated below the valuation of the Bitcoin it holds, indicating weaker investor sentiment.
Still, the company continues to explore income-producing plans like Bitcoin options trading to generate returns that are beyond price appreciation.
Image: FXLeaders
Deep Trust In Crypto
Market observers are now focusing on how fast the company will put to use the borrowed funds to purchase additional crypto and whether more borrowing will follow.
Changes in Bitcoin’s market price, as well as potential guidance from Japanese regulators, may also impact future decisions.
For now, this $100 million loan is a bold demonstration of Metaplanet’s deep conviction in Bitcoin and possibly sets an example for other firms exploring crypto-backed financing.
Featured image from Unsplash, chart from TradingView
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Is crypto winter coming? It’s already more than set in for bitcoin treasury companies (BTCTC).
Aiming to replicate the once-in-a-generation success of Michael Saylor’s MicroStrategy (MSTR) and perhaps taking advantage of a U.S. regulatory regime that is willing to look the other way at questionable public offerings, a wave of crypto asset treasury companies have gone public in 2025.
The result has been massive investor losses nearly across the board. And while the plunge in the price of bitcoin over the past 11 days (yes, it was only Monday, Oct. 3 when BTC peaked above $126,000) can be blamed for some of the carnage, BTCTC share prices were tumbling well prior to that.
Checking a small group of BTCTCs, losses over the past three months range from “just” 38% in the case of Strategy to 94% for KindlyMD (NAKA).
‘Steady lads’
As his TerraUSD algorithmic stablecoin began de-pegging from the dollar in May 2022, Do Kwon famously tweeted, “Deploying more capital — steady lads.” Within days, TerraUSD, which had previously commanded a market cap of about $50 billion, was worthless.
That social media post has gone on to become a meme for the crypto community whenever things start to look questionable for the markets or any companies.
This isn’t to suggest any level of comparable shiftiness or criminality, or to predict the future BTCTCs, but some of the executive teams at these firms have recently been uber-busy on social networks in defense of their business models.
Simon Gerovich, CEO of Japan’s Metaplanet (MTPLF) — which remains higher since it adopted the BTCTC strategy in 2024, but has had a 70% share price decline over the past three months — on Friday attempted to make the case for why a shift to preferred stock issuance will deliver strong returns to shareholders.
“When bitcoin appreciates faster than the cost of capital, that difference compounds into greater bitcoin per share and the benefit accrues to the common shareholders,” he said in a post on X.
The tl;dr: Metaplanet investors will benefit if “number go up.”
KindlyMD CEO David Bailey — whose 94% share plunge over the past three months has left the stock price below $1 and in danger of being delisted by the Nasdaq — on Thursday found it necessary to deny the claims of an X poster that his company had “FTX vibes.”
“In no way is there any similarity to FTX,” said Bailey. “We’re a regulated, registered security that buys and holds bitcoin.” When the CEO of publicly traded company has to respond to a random s–tposter to say “we’re not FTX,” it’s safe to say the plot may have been lost.
Then there was Strive (ASST) CIO Ben Werkman — whose share price plunge has nearly matched that of NAKA and also faces delisting danger — attempting to explain the difficulties and a way forward.
“Now the exuberance is gone, and many companies are now in position with their balance sheets intact to be able to move to the second phase of the journey,” said Werkman in an extremely long post to X.
“Achieving scale is difficult, but now many companies have it,” he continued. “Valuations are reaching what I would consider deep value territory (just based on balance sheets alone), and these are the valuations where many investors will place their bets for the long term.”
Werkman went on to remind that many assumed Saylor’s Strategy (then MicroStrategy) was going to zero in 2022’s crypto winter. Those who faded that assumption were rewarded with mind-boggling returns. MSTR was trading at about $30 when Do Kwon made his “steady lads” post. Even after their recent decline, the shares are still at $290 — or nearly a 10-bagger over the last three and a half years.
Whatever the future may hold for the BTCTCs, one thing is for sure: the vibes are anything but positive at the moment. If any of the latecomers are going to mirror the massive success of first mover Strategy, it could require a lot more than just a rising bitcoin price.
This op-ed is part of CoinDesk’s Bitcoin Treasuries Theme Week, sponsored by Genius Group.
