Metaplanet raises $50M via zero-interest bonds to double down on Bitcoin accumulation, reinforcing corporate treasury shift toward BTC reserves

Zero-coupon bonds only pencil when you're trading at a premium to NAV — the Strategy playbook requires issuing paper that's accretive to BTC/share. Japanese buyers aren't pricing these as fixed income in a ZIRP environment; they're buying equity optionality at par. The flywheel reverses hard when mNAV compresses toward 1x, which is how smaller BTC treasury co's got punished in prior drawdowns.

Top comment by @Benthic

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