Metaplanet Launches Asia’s Largest-Ever Equity Raise Dedicated to Bitcoin, Targeting $5.4 Billion for Purchases

Metaplanet (3350.T), a Tokyo-based publicly traded company, has announced a landmark equity financing initiative to raise ¥770.9 billion (approximately $5.4 billion) to significantly expand its Bitcoin (BTC) holdings. Unveiled on June 6 by CEO Simon Gerovich, the plan involves issuing 555 million shares through moving-strike warrants, marking Japan’s first equity issuance at a premium to market price. The ambitious strategy aims to position Metaplanet as a major institutional Bitcoin holder, targeting 100,000 BTC by the end of 2026 and 210,000 BTC by 2027, equivalent to roughly 1% of Bitcoin’s total supply.

Building on Prior Success

This announcement builds on Metaplanet’s earlier “210 Million Plan,” which raised ¥93.3 billion (approximately $650 million) within 60 trading days. According to CEO Simon Gerovich, the “210 Million Plan” delivered a remarkable 189% return on Metaplanet’s Bitcoin investments, with the company’s stock price surging over threefold since the plan’s announcement. Currently ranked tenth globally among corporate Bitcoin holders, Metaplanet has established itself as a leader in Japan’s crypto investment landscape, often compared to Strategy’s Bitcoin acquisition strategy in the U.S.

The company’s decision to pursue Bitcoin as a treasury reserve asset began in earnest in 2024, following a strategic pivot from its previous hospitality-focused operations. Since early 2025, Metaplanet has accelerated its Bitcoin accumulation. The company currently holds 8,888 BTC, with 3,888 acquired since May, accounting for 43.7% of its total Bitcoin holdings. This aggressive strategy has made Metaplanet one of Japan’s most shorted stocks, yet strong demand and limited float have consistently driven its shares to hit daily trading limits in Tokyo.

Innovative Financing Structure

The current financing plan is notable for its scale and structure. The issuance of 555 million moving-strike warrants, a first in Japan’s capital markets, leverages Metaplanet’s high stock volatility and liquidity to issue shares at a premium. This approach underscores the company’s confidence in its Bitcoin strategy and its ability to attract investor interest.

The funds will be used exclusively to purchase Bitcoin, aligning with Metaplanet’s goal of accumulating a significant portion of the cryptocurrency’s fixed supply. As of June 6, Bitcoin’s price hovers around $103,000, according to CoinMarketCap, meaning the $5.4 billion could acquire approximately 52,427 BTC at current prices. However, Metaplanet’s phased acquisition plan through 2027 accounts for potential price fluctuations and market conditions.

Optimism and Risks

Metaplanet’s large-scale financing reflects its bullish outlook on Bitcoin’s long-term price trajectory. The company’s innovative funding methods, including zero-coupon bonds and moving-strike warrants, enable Bitcoin acquisitions without relying on traditional debt, capitalizing on market enthusiasm while protecting shareholder value. However, the strategy carries risks. A May 27 report by 10x Research noted that Metaplanet’s shareholders are paying a premium over five times Bitcoin’s spot price, effectively valuing each BTC at $596,154. This significant premium has sparked debate about the sustainability of Metaplanet’s approach. The report suggests that while the company’s stock benefits from Bitcoin’s rising prominence, a shift in market sentiment could expose investors to volatility risks.

Additionally, Japan’s macroeconomic challenges, including yen depreciation and rising bond yields (with 40-year yields at 3.037% as of press time), add complexity to Metaplanet’s Bitcoin strategy amid a broader sovereign debt crisis.

Market sentiment toward Metaplanet remains largely positive. However, critics argue that the leveraged financing model used by companies like Metaplanet and MicroStrategy may lead to valuation inflation and a “toxic” cycle of reinvestment. Metaplanet’s stock has surged 1,619.23% over the past year, highlighting its appeal among investors seeking Bitcoin exposure.

Looking Ahead

Metaplanet’s 2025-2027 Bitcoin Plan positions it as a trailblazer in Asia’s crypto investment space. By aiming to hold 210,000 BTC by 2027, the company is betting on Bitcoin’s long-term value proposition as a hedge against inflation and currency devaluation. Investors and market observers will be closely watching how Metaplanet navigates this ambitious roadmap, particularly as it balances stock market dynamics with crypto market volatility.