Metaplanet Offers More 0% Ordinary Bonds for Bitcoin Acquisition

Metaplanet, a Japanese investment firm, has released a new series of 0% interest bonds worth $13.35 million to EVO FUND, with the goal of increasing its Bitcoin holdings.

According to a recent announcement, the Tokyo-headquartered investment firm will issue ¥2 billion to EVO FUND, following a decision made during the company's board of directors meeting. This marks the ninth time the Japanese firm has issued ordinary bonds.

In a Mar. 18 regulatory filing, it is stated that the funds obtained from the ordinary bonds issuance will be utilized to acquire more Bitcoin (BTC). This decision aligns with the firm's ongoing strategy to expand its BTC holdings as one of the largest corporate Bitcoin holders in Asia.

The bonds do not bear any interest and can be fully redeemed on Sept. 17, at ¥100 per ¥100 of the bonds' face value. However, EVO FUND has the option to redeem the bonds before the redemption date by providing a written notice to Metaplanet at least one business day before the desired date. Early redemption can be made for all or part of the outstanding bonds.

The funds required for the redemption of the bonds will come from the proceeds of the 14th to 17th Series of Stock Acquisition Rights, which Metaplanet anticipates exercising.

The bond issuance will be entirely allocated to EVO FUND, with no guarantee or collateral attached to the bonds. Despite the bond issuance, Metaplanet’s shares decreased by nearly 0.5% to a price of ¥4,030, according to Google Finance.

On Feb. 27, Metaplanet also issued ordinary bonds to EVO FUND at the same amount of ¥2 billion, which were worth $13.6 million at that time. The investment firm announced that the funds would be used to purchase more Bitcoin.

Since April 2024, Metaplanet has been steadily acquiring more BTC after it initiated its own Bitcoin Treasury Operations. Most recently on March 12, the firm purchased 162 BTC, which brought its total holdings to 3,050 BTC or equivalent to over $251 million at current market prices.