A Japanese investment company has announced the issuance of another series of 0% ordinary bonds to EVO FUND, amounting to $13.35 million, aimed at acquiring more Bitcoin.
In a recent announcement, the Tokyo-based firm is providing ¥2 billion to EVO FUND, a decision made during a meeting of the company’s board of directors. This represents the ninth issuance of ordinary bonds by the firm to date.
According to a regulatory filing from March 18, the proceeds from this ordinary bond issuance will be directed toward expanding its Bitcoin (BTC) portfolio. This move aligns with the company’s strategy to enhance its BTC holdings, positioning it as one of the largest corporate Bitcoin holders in Asia.
The bonds are interest-free and can be redeemed in full on September 17, at ¥100 for every ¥100 of the bonds’ nominal value. However, EVO FUND has the option to redeem the bonds early by notifying the firm in writing at least one business day prior to the desired redemption date. Early redemption can occur for all or a portion of the outstanding bonds.
Funds required for the redemption will come from the anticipated proceeds of the 14th to 17th Series of Stock Acquisition Rights, which the company plans to exercise.
This bond issuance is entirely allocated to EVO FUND and comes without any guarantees or collateral. Despite this issuance, the share price of the company saw a decline of nearly 0.5%, settling at ¥4,030.
Previously, on February 27, the firm also issued ordinary bonds to EVO FUND for the same amount of ¥2 billion, which was valued at $13.6 million at the time, with the intention of using the funds to acquire more Bitcoin.
Since April 2024, the company has been consistently increasing its Bitcoin holdings, following the launch of its Bitcoin Treasury Operations. Most recently, on March 12, it purchased 162 BTC, bringing its total BTC holdings to 3,050, which is valued at over $251 million based on current market prices.