Metaplanet's Bitcoin Japan subsidiary has locked in financing of up to ¥9.66 billion (about $59.5 million) from EVO Fund, with an initial ¥662 million ($4 million) earmarked for immediate Bitcoin purchases. The deal, structured with zero-coupon convertible bonds and stock acquisition rights, gives the firm flexibility to deploy the remaining capital into other growth areas.
A convertible bond structure for Bitcoin buys
The financing isn't a straight Bitcoin purchase. It's a facility built around zero-coupon convertible bonds and stock acquisition rights. That means EVO Fund gets the option to convert debt into equity later, and Metaplanet's Bitcoin Japan can draw down funds in stages. The first tranche — ¥662 million — goes directly into BTC. The rest of the ¥9.66 billion is earmarked for private equity and operational expansion, not crypto.
Why not all in on Bitcoin?
Metaplanet is one of the most visible Bitcoin treasury companies in Asia, but this deal shows they're not going all-in at once. The structure lets them accumulate BTC gradually while keeping powder dry for other investments. It's a measured approach — buy some Bitcoin now, but leave room to pivot if opportunities arise in private equity or core operations. The zero-coupon element also means no interest payments, which helps preserve cash flow.
What this means for Asia's corporate Bitcoin treasury
Metaplanet's move reinforces a trend among Asian firms using debt-like instruments to fund Bitcoin holdings. Unlike MicroStrategy's straight convertible note offerings, this deal mixes equity kickers with a smaller initial BTC allocation. It's a hybrid that could appeal to other companies wanting exposure without betting the whole balance sheet. The EVO Fund, a private credit firm, is betting on Metaplanet's broader growth, not just its Bitcoin stash.
The full ¥9.66 billion isn't being deployed into Bitcoin immediately. Only the initial ¥662 million is for BTC, and that purchase could happen in the coming days or weeks. Beyond that, Metaplanet's Bitcoin Japan will need to detail how it plans to use the remaining capital for private equity and operational expansion. The market will be watching for the next tranche drawdown and any accompanying announcements.
