Metaplanet Raises $50M in Zero-Coupon Bonds to Buy Bitcoin: The Strategy Playbook Goes Global

📋 En bref (TL;DR)

Metaplanet issues $50 million in zero-coupon bonds: the publicly traded Japanese company raised 8 billion yen through its 20th bond issuance, fully subscribed by EVO Fund (Cayman Islands), to buy even more Bitcoin.
40,177 BTC in treasury: Metaplanet is now the 3rd largest corporate Bitcoin holder in the world, behind Strategy (815,061 BTC) and Twenty One Capital (43,514 BTC).
Target of 210,000 BTC by 2027: roughly 1% of Bitcoin’s total supply — a colossal ambition for a former Japanese hotel company.
The “Strategy playbook” goes global: over 150 publicly traded companies hold Bitcoin on their balance sheets in 2026, compared to a handful in 2020.
Satsuma, a cautionary tale: the British company that copied the model saw its stock collapse by 99%, and Pantera Capital is now demanding the liquidation of its remaining 646 BTC.
Japan reforms its crypto taxation: the tax on crypto capital gains is expected to drop from 55% to 20% starting in 2026, aligning crypto assets with traditional financial products.
Bitcoin at ~$78,000 at the time of the announcement, slightly below its all-time high of $126,198 reached in October 2025.

Metaplanet: $50 million in zero-rate bonds to buy Bitcoin

The mechanism: unsecured zero-coupon bonds

On April 24, 2026, Metaplanet Inc. (ticker 3350 on the Tokyo Stock Exchange) announced the issuance of 8 billion yen — approximately $50 million — in zero-coupon bonds. The entire issuance was subscribed by EVO Fund, a Cayman Islands-based fund specializing in structured financing for digital asset-oriented companies.

The characteristics of this bond are remarkable: zero interest, no guarantee, no collateral. Maturity is set for April 23, 2027, with the option of early repayment. EVO Fund can request repayment with five business days’ notice. For its part, Metaplanet can repay all or part of the issuance if it raises additional funds from the same investor.

This is Metaplanet’s 20th bond issuance as part of its Bitcoin accumulation strategy. Each issuance follows the same pattern: raise zero-interest debt, immediately convert it into BTC, and bet on Bitcoin’s long-term appreciation to repay the principal.

A war chest of 40,177 BTC

As of March 31, 2026, Metaplanet held 40,177 BTC at a cumulative acquisition cost of approximately $3.92 billion. In the first quarter of 2026, the company added 5,075 BTC to its treasury for $405.48 million, at an average price of $79,898 per bitcoin.

This pace of accumulation propels Metaplanet to the rank of 3rd largest corporate Bitcoin holder in the world among publicly traded companies, behind Strategy (formerly MicroStrategy, 815,061 BTC) and Twenty One Capital (43,514 BTC).

The key metric tracked by Metaplanet is BTC Yield: the growth in the number of bitcoins per share. In Q1 2026, this yield stood at 2.8%, meaning each shareholder indirectly holds 2.8% more Bitcoin than at the start of the quarter — without having invested a single additional cent.

The “Strategy playbook”: when public companies become Bitcoin vehicles

From MicroStrategy to a global movement

The model invented by Michael Saylor in August 2020 has become a playbook replicated across the globe. The principle is simple in theory, bold in practice: a publicly traded company issues debt (convertible bonds, zero-coupon bonds) or new shares, uses the entire proceeds to buy Bitcoin, then repeats the cycle. If Bitcoin rises faster than the cost of financing, the company’s stock outperforms.

In April 2026, over 150 publicly traded companies hold Bitcoin in their treasuries, according to data from BitcoinTreasuries.net. Collectively, they control approximately 1.16 million BTC — more than 5% of the maximum supply of 21 million bitcoins.

But the reality is more concentrated than it appears. According to CNBC data, Strategy accounted for 98% of corporate BTC purchases in March 2026. The share of purchases from other companies dropped to 2%, down from 95% in October 2025. Michael Saylor didn’t just create the playbook: he dominates the entire playing field.

Key players in 2026

Here is the ranking of the main publicly traded corporate holders as of April 25, 2026:

Strategy (MSTR): 815,061 BTC — the undisputed titan, with an average acquisition cost of $75,527 per BTC
Twenty One Capital (XXI): 43,514 BTC — a dedicated vehicle launched with backing from Tether and SoftBank
Metaplanet (3350): 40,177 BTC — Japan’s champion, accelerating rapidly
Marathon Digital (MARA): ~17,000 BTC — accumulation primarily through mining
Strive/Semler (ASST): ~13,132 BTC — merger finalized in January 2026, with an ambitious target of 105,000 BTC
Tesla (TSLA): ~11,000 BTC — reduced position after selling 75% in 2022

Satsuma: when the playbook turns into a nightmare

A 99% stock price collapse

Every strategy has its limits, and Satsuma Technology (SATS), listed in London, is the brutal illustration. In April 2026, the Satsuma stock lost 99% of its value, plunging from a post-raise peak to fractions of a penny.

The scenario unfolded in three acts. In August 2025, Satsuma raised 164 million pounds ($221 million) through a convertible bond subscribed by high-profile investors: Pantera Capital, ParaFi, Kraken, Digital Currency Group. Enthusiasm was at its peak.

Then Bitcoin dropped from its all-time high of $126,198 to roughly $60,000 in early February 2026 — a decline of more than 50%. Satsuma’s NAV premium collapsed, and bondholders refused to convert their debt into equity. Satsuma was forced to sell a significant portion of its BTC to repay creditors.

Final act: CEO Henry Elder resigned in March 2026. Pantera Capital, holding a 6.7% stake, is now demanding the full liquidation of the remaining 646 BTC (approximately $50 million) and the return of cash to shareholders.

Lessons for investors

Satsuma’s failure highlights several risks of the “bitcoin treasury company” model:

Entry timing is critical: buying near the top with maximum bond leverage is an extremely high-risk bet
Capital structure matters: convertible bonds with early repayment clauses can force panic selling during market downturns
Company size matters: Strategy can absorb a 50% BTC decline thanks to its size and reputation. A small player like Satsuma doesn’t have that safety cushion
Leadership must be stable: management that wavers at the first sign of trouble destroys investor confidence

Japan, a welcoming land for Bitcoin treasuries

A historic tax reform

Metaplanet’s success cannot be understood without the Japanese regulatory context. Japan is undergoing a major shift in its crypto taxation. Until recently, capital gains on crypto assets were taxed as “miscellaneous income” at a marginal rate of up to 55% — a considerable barrier for both companies and individuals.

In 2026, the FSA (Financial Services Agency) proposed reclassifying crypto assets as financial products under the FIEA (Financial Instruments and Exchange Act). This reform plans to align the tax rate with that of traditional financial gains: 20%, down from 55% previously.

This change is a game changer for Japanese companies looking to adopt the Metaplanet model. At 55% taxation, gains on treasury BTC were nearly confiscatory. At 20%, the math changes dramatically.

Simon Gerovich: Japan’s Michael Saylor

At the helm of Metaplanet, Simon Gerovich defends a long-term vision despite the stock’s volatility. Metaplanet shares have lost roughly 85% from their 2025 all-time high (1,930 yen) to stabilize around 350 yen in April 2026.

Facing criticism, Gerovich fired back: “Even in this year’s bear market, our stock dropped 23% while Bitcoin dropped 24%. We have not underperformed Bitcoin.” The argument is financially defensive: the stock is a leveraged proxy for BTC, and its performance should be measured in relative terms, not absolute ones.

The financials support this thesis. In 2025, Metaplanet’s revenue surged 738% year-over-year, with operating income up 1,695%. The bulk of revenue (95%) comes from premiums earned on Bitcoin options transactions — a mechanism complementary to pure accumulation.

The official target remains unchanged: reach 100,000 BTC by the end of 2026, then 210,000 BTC (1% of total supply) by the end of 2027.

An irreversible phenomenon?

In 2026, the question is no longer whether publicly traded companies will adopt Bitcoin as a treasury asset, but how many will do so and how they will structure their exposure. The model is diversifying:

Direct accumulation (Strategy, Metaplanet): issuing debt and equity to buy BTC
Mining + holding (Marathon Digital): producing their own BTC and keeping it on the balance sheet
Mergers & acquisitions (Strive/Semler): acquiring companies that already hold BTC
Passive reserve (Tesla, GameStop): one-time allocation without a continuous accumulation strategy

But the Satsuma affair serves as a reminder of a fundamental reality: copying a playbook is not the same as understanding a playbook. The Bitcoin treasury strategy works under specific conditions — access to cheap financing, tolerance for volatility, a long time horizon, and leadership capable of staying the course during 50%+ drawdowns.

For retail investors, the rise of “bitcoin treasury companies” offers an alternative to spot Bitcoin ETFs for gaining BTC exposure through a standard brokerage account. But you need to understand what you’re buying: structural leverage on Bitcoin, with all the risks that entails — on the upside as well as the downside.

Glossary

Zero-coupon bond

A debt instrument issued without periodic interest payments (coupons). The investor purchases the bond at face value and is repaid at par upon maturity. For the issuer (here Metaplanet), it is zero-cost financing — provided the principal is repaid at maturity. The risk is entirely borne by the subscriber (EVO Fund).

Corporate Bitcoin Treasury

A strategy whereby a publicly traded company holds Bitcoin in its treasury reserves, alongside or in place of traditional treasury assets (cash, government bonds). Popularized by Michael Saylor and MicroStrategy (renamed Strategy) starting in August 2020.

BTC Yield

A key performance indicator (KPI) used by bitcoin treasury companies. It measures the growth in the number of BTC per share over a given period. A BTC Yield of 2.8% (Metaplanet in Q1 2026) means each share represents 2.8% more bitcoin compared to the start of the quarter.

NAV Premium

The gap between a company’s market capitalization and its net asset value (NAV). Bitcoin treasury companies often trade at a premium — their market cap exceeds the value of their BTC — because the market values their ability to raise funds and buy more Bitcoin. When this premium disappears or turns negative (discount), the model enters crisis, as seen with Satsuma.

Strategy Playbook

An expression referring to the financial model created by Strategy (formerly MicroStrategy): issue debt or equity to buy Bitcoin, then use BTC appreciation to justify further fundraising, in a self-reinforcing accumulation cycle. In 2026, over 150 publicly traded companies have adopted variations of this model.

Bitcoin Standard

A vision in which Bitcoin becomes the global monetary reference, gradually replacing the dollar as a store of value and unit of account. Companies that adopt a 100% Bitcoin treasury believe that BTC will outperform all other forms of savings over the long term.

Frequently Asked Questions

Why does Metaplanet issue zero-interest bonds to buy Bitcoin?

Metaplanet uses zero-coupon bonds as a zero-cost financing tool. The principle: borrow at 0% interest, use the entire proceeds to buy Bitcoin, and bet that BTC will appreciate enough to repay the principal at maturity. Since 2024, Metaplanet has completed 20 such issuances, all subscribed by EVO Fund. This model rests on the conviction that Bitcoin’s returns will far exceed the cost of debt over the investment horizon.

How much Bitcoin does Metaplanet hold as of April 2026?

As of March 31, 2026, Metaplanet holds 40,177 BTC at a total acquisition cost of approximately $3.92 billion. With the new $50 million raise announced on April 24, the company could add between 640 and 700 additional BTC. Metaplanet is targeting 100,000 BTC by the end of 2026 and 210,000 BTC (1% of Bitcoin’s total supply) by the end of 2027.

Which companies are copying MicroStrategy's (Strategy's) Bitcoin playbook?

Over 150 publicly traded companies hold Bitcoin on their balance sheets in 2026, but the main players are Strategy (815,061 BTC), Twenty One Capital (43,514 BTC), Metaplanet (40,177 BTC), Marathon Digital (~17,000 BTC), Strive/Semler (~13,132 BTC), and Tesla (~11,000 BTC). However, Strategy dominates massively: in March 2026, Michael Saylor’s company accounted for 98% of corporate BTC purchases.

Why did Satsuma Technology lose 99% of its value?

Satsuma Technology, listed in London, raised $221 million in convertible bonds in August 2025 to buy Bitcoin, backed by Pantera Capital and other major funds. When Bitcoin dropped from its record of $126,000 to $60,000 in early 2026, creditors refused to convert their debt into equity and demanded repayment. Satsuma was forced to sell part of its BTC at a loss, the CEO resigned, and the stock collapsed by 99%. Pantera is now demanding the liquidation of the remaining 646 BTC.

Is Japan a favorable country for companies holding Bitcoin?

Japan is becoming significantly more favorable. The FSA (Financial Services Agency) plans to reclassify crypto assets as financial products and lower the crypto capital gains tax rate from 55% to 20% starting in 2026, matching the level of traditional financial assets. This reform, combined with a rigorous but clear regulatory framework, makes Japan an increasingly attractive environment for bitcoin treasury companies like Metaplanet.

Sources

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Metaplanet Raises $50M in Zero-Coupon Bonds to Buy Bitcoin: The Strategy Playbook Goes Global

Metaplanet: $50 million in zero-rate bonds to buy Bitcoin