Metaplanet has announced the issuance of ¥8 billion in zero-coupon bonds to expand its Bitcoin holdings to 100,000 by the end of the year. The Tokyo-listed company aims to increase its current reserves of over 40,000 BTC, despite reporting a ¥95 billion net loss for fiscal 2025 due to valuation declines. The bond issuance, fully subscribed by EVO Fund, allows Metaplanet to raise capital without immediate interest costs, with maturity set for 2027. The company acquired 5,075 BTC in the first quarter of 2026, bringing its total holdings to 40,177 BTC, making it one of the largest publicly traded Bitcoin holders. Despite financial pressures and a 3.5% drop in its stock following the announcement, Metaplanet remains committed to its Bitcoin accumulation strategy, targeting 210,000 BTC by 2027. The bond issuance is part of a broader strategy to use debt financing rather than operating cash flow to fund its Bitcoin purchases.