Metaplanet Goes Full Crypto Degen: Drops $50M in Zero-Coupon Bonds to Stack More Bitcoin

In a move that screams ’bull market or bust,’ Tokyo-listed Metaplanet just weaponized corporate debt to double down on BTC.

Zero-interest bonds? Check. $50 million war chest? Check. Another corporate treasury flipping to a Bitcoin standard? Almost certainly—because when traditional finance fails, you might as well YOLO into hard money.

Bonus jab: Because nothing says ’prudent fiscal strategy’ like levering up debt to buy volatile assets at all-time highs. Wall Street analysts are either seething or secretly updating their LinkedIn profiles to ’Bitcoin maximalist.’

Zero-Interest Bonds Redeemable at Par, Proceeds Reserved Solely for BTC Acquisition

Metaplanet clarified that each bond carries a face value of $1.25m and will be redeemed at par.

The company has included provisions for early redemption, contingent on specific fundraising milestones involving the bondholder.

*Metaplanet Issues 50 Million USD in 0% Ordinary Bonds to Purchase Additional $BTC* pic.twitter.com/Fz3J7i22XJ

Proceeds from this zero-coupon debt will go entirely toward the purchase of Bitcoin, continuing the company’s ongoing treasury diversification.

Metaplanet noted that the issuance WOULD have minimal immediate impact on its consolidated financials for the year ending Dec. 2025, but signaled it would update stakeholders if material effects arise.

Short Sellers Pounce, Yet Metaplanet Ramps Up Institutional Bitcoin Strategy

The announcement comes amid a wave of scrutiny over Metaplanet’s valuation. Research firm 10X Research recently flagged that the company’s stock trades at an implied Bitcoin price of $596,154, over five times the actual market value. Short sellers have taken notice, making Metaplanet the most shorted stock in Japan.

Despite market skepticism, Metaplanet has continued to expand. Last month, the company announced the launch of a wholly owned subsidiary in Florida to accelerate its Bitcoin treasury strategy in what it called a “rapidly emerging” crypto hub.

CEO Simon Gerovich confirmed the move, citing planned capital of up to $250m to broaden access to institutional liquidity in the US.

While critics question the sustainability of its approach, Metaplanet remains firm in its belief that Bitcoin offers a strategic hedge and long-term value. This latest bond issuance shows that conviction, even as the broader market evaluates the risks of asset-heavy balance sheets in volatile sectors.