Metaplanet, often called the “Japanese MicroStrategy,” has announced the issuance of ¥8 billion in zero-coupon bonds. Together with the ¥1.2 billion in idle funds remaining from previous warrant issuances, the company will have approximately ¥9.2 billion (about $57.5 million) to purchase roughly 740 BTC.

Metaplanet currently holds 40,177 BTC,making it the third-largest corporate Bitcoin holder in the world. However, its stock price has been weak for a long time, causing its mNAV (market price relative to the value of its Bitcoin holdings) to drop to just 0.87. This has made it impossible for the company to raise fresh capital by issuing new shares. So the question is: Who is EVO, and why is it willing to provide zero-interest financing to help Metaplanet buy more Bitcoin?

Metaplanet Issues Its 20th Unsecured Zero-Coupon Bond

The main terms of the bond issuance are as follows:

Total amount raised: ¥8 billion 

Subscriber: EVO FUND 

Interest rate: 0.0% (zero-coupon) 

Maturity: Approximately 1 year (expected to mature in April 2027) 

Security: Unsecured and uncollateralized

Metaplanet Prepares ¥9.2 Billion “War Chest” — All to Be Used to Buy Bitcoin

According to the announcement, the entire ¥8 billion raised will be used exclusively to purchase Bitcoin. In addition, the company has redirected the remaining ¥1.2 billion idle funds (from prior warrant issuances) — which were originally earmarked for “general operating expenses” or “business expansion” — to “increasing Bitcoin holdings.” This move shows Metaplanet is fully concentrating all available capital to maximize leverage on its Bitcoin position.

Current situation,Metaplanet now ranks as the third-largest Bitcoin reserve company with 40,177 BTC. Because its stock price has remained depressed, it has not purchased any Bitcoin so far this year and has already been overtaken by Twenty One Capital.Its mNAV has fallen to 0.87, eliminating the possibility of raising equity through new share issuance. The company has therefore turned to bond financing as the next viable route. With the ¥9.2 billion war chest, it is expected to acquire approximately 740 additional BTC.

Who Is EVO and Why Is It Offering Zero-Interest Financing?

Michael Lerch, an American investor who entered Japan’s financial markets in the 1990s, built his empire around the EVO Fund based on his deep expertise in arbitrage trading. The fund specializes in providing capital to micro-cap companies that struggle to obtain traditional bank loans.

In 2025, EVO Fund participated in more than 80% of all floating-exercise-price warrant issuances in the Japanese market, with total committed amounts exceeding ¥1 trillion (approximately $6.3 billion), cementing its dominant position in this niche. The trend has continued into 2026 — according to the fund’s website, EVO has already signed equity financing agreements with at least 10 Japanese companies this year.

In practice, EVO employs securities lending and other hedging strategies for arbitrage trading. After exercising warrants to receive new shares, it immediately sells them in the secondary market to lock in profits regardless of the company’s long-term fundamentals.

For example, if the current stock price is ¥400 and the warrant exercise price is ¥350, the fund can borrow and short-sell shares in the market to lock in a ¥50 profit per share (net of costs). This arbitrage-driven approach ensures EVO’s returns are largely insulated from the underlying company’s operational performance.

Although this latest deal is structured as a “zero-coupon bond” with no interest charged — appearing like free money — it is typically paired with subsequent warrant exercises that allow EVO to profit handsomely. The end result is an increase in Metaplanet’s total share count, which dilutes existing shareholders.

Given Metaplanet’s currently depressed stock price, however, EVO appears to be the company’s last remaining lifeline.

Disclaimer: None of the information contained here constitutes an offer (or solicitation of an offer) to buy or sell any currency, product or financial instrument, to make any investment, or to participate in any particular trading strategy.