Metaplanet issues ¥8 billion in zero-coupon bonds to prepare to buy Bitcoin—who exactly is EVO, the legendary figure behind it?

Japanese version of MicroStrategy Metaplanet announced the issuance of 8 billion yen of zero-coupon bonds, and when combined with the previously remaining idle cash of 1.2 billion yen, it could buy about 740 bitcoins. Metaplanet currently holds 40,177 bitcoins, making it the third-largest holder among bitcoin reserve companies. Due to the company’s long-troubled weakness in its stock price, its mNAV ( current stock price-to-the value of the bitcoins it owns ratio ) has fallen to 0.87, meaning it can no longer buy bitcoins by issuing new shares. But who is EVO? Why would someone be willing to help Metaplanet buy coins with a zero-coupon financing?

Metaplanet issues the 20th unsecured zero-coupon bonds

Metaplanet announced that it will raise funds by issuing corporate bonds (bonds). The main terms are as follows:

Total financing amount: 8 billion yen

Subscription target: EVO FUND

Interest rate: 0.0% (no interest)

Maturity: About one year (expected to mature in April 2027)

Collateral: Unsecured, no collateral

Metaplanet has prepared 9.2 billion yen in cash, which will be used entirely to buy bitcoin

Metaplanet said that the 8 billion yen raised this time will be used entirely to purchase bitcoin.

In addition, the company also announced that the remaining idle funds (about 1.2 billion yen) from previously issued warrants will be redirected—from the original “general operating funds” or “business expansion purposes” to “increasing its bitcoin holdings.” This shows the company is further concentrating resources, leveraging all available capital to maximize its bitcoin holdings.

Metaplanet currently holds 40,177 bitcoins, making it the third-largest holder among bitcoin reserve companies. Due to the company’s stock price having been weak for a long time, it has not started buying coins yet this year and has already been surpassed by Twenty One Capital.

Its mNAV ( current stock price-to-the value of the bitcoins it owns ratio ) has fallen to 0.87, meaning it can no longer buy bitcoin by issuing new shares. It is speculated that it can only raise funds first by issuing bonds in order to buy coins. If the 9.2 billion yen ( is about $57.5 million ), it could buy about 740 bitcoins.

Who is EVO? Why is it willing to provide zero-coupon financing to Metaplanet?

Michael Lerch, an American investor, entered Japan’s financial industry in the 1990s. With deep experience in arbitrage trading, he built a financial landscape centered on the EVO fund. The fund focuses on providing capital to micro- to small-cap companies that have difficulty obtaining loans through traditional banking systems.

Data shows that in 2025, the EVO fund participated in Japan’s market to issue over 80% of floating performance-linked warrants, with the agreement amount exceeding 1 trillion yen (, or about $6.3 billion ), establishing its dominant position in that niche market. This trend continued into 2026 as well—according to the fund’s website, Evo has signed equity financing agreements with at least 10 Japanese companies so far this year.

In practice, EVO uses hedging mechanisms such as loaning stocks to carry out “arbitrage trades.” After exercising warrants to receive new shares, it quickly sells them in the secondary market to lock in profits amid stock price fluctuations. For example, if a company’s current stock price is 400 yen and its future exercise price is 350 yen, the fund can borrow and sell shares in the market in advance to lock in the profit at 50 yen (—of course, deducting the related costs ). This practical capital operation model through arbitrage ensures that the fund’s returns are not absolutely affected by customers’ companies’ long-term fundamentals.

(Metaplanet finances coin purchases through “the king of the Tokyo death spiral”—and before Bitcoin rises, it can only rely on EVO to keep going? )

Although this time it is issuing “bonds” and EVO does not collect interest—seemingly a free sponsorship—this usually comes with subsequent warrant exercises (Warrant Exercise), allowing EVO to profit. In the end, it will also lead to an increase in Metaplanet’s total number of shares, thereby diluting existing shareholders’ equity. However, judging by Metaplanet’s current stock price, it seems that EVO is also its final lifeline.

This article Metaplanet issues 8 billion yen of zero-coupon bonds to prepare to buy bitcoin—who is EVO behind it? It first appeared on Lian News ABMedia.