Tokyo-listed Metaplanet announced Wednesday that it has issued a new series of bonds worth $50m to further its Bitcoin acquisition strategy, marking another step in its aggressive push into digital assets.
At the center of Metaplanet’s aggressive accumulation effort is EVO FUND, a Cayman Islands-based investment firm that has become its primary backer.
The company has included provisions for early redemption, contingent on specific fundraising milestones involving the bondholder. Proceeds from this zero-coupon debt will go entirely toward the purchase of Bitcoin, continuing the company’s ongoing treasury diversification.
Metaplanet clarified that each bond carries a face value of $1.25m and will be redeemed at par.
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.
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.