Metaplanet Launches Asia’s Largest Bitcoin Equity Raise: A Game Changer in Digital Assets

In a groundbreaking move for the cryptocurrency market, Metaplanet has initiated what is heralded as Asia’s largest equity raise specifically for Bitcoin. Led by CEO Simon Gerovich, the firm aims to issue 555 million shares through moving strike warrants, targeting a staggering ¥770.9 billion ($5.4 billion) capital raise. This ambitious agenda reflects a robust strategy focused on enhancing Bitcoin accumulation, thereby positioning Metaplanet as a significant player in the public corporate Bitcoin holding arena. Following the acquisition of 1,088 BTC for ¥16.9 billion ($117.5 million), the company’s on-chain holdings have skyrocketed to 8,888 BTC, making it one of the top ten public corporate Bitcoin holders globally.

Innovative Financing Strategy

The fresh capital offering adopts an innovative structure featuring a third-party allotment spread across three warrant series. This allows for a pricing mechanism that adjusts according to market performance. An intriguing aspect of the deal is that the warrants are issued at a premium to the market price, enabled by Metaplanet’s robust trading liquidity and inherent market volatility. The initial strike price is set at ¥1,388 per share, representing a premium over recent closing prices. The company aims to wrap up this full capital raise within a projected timeframe of six to ten months.

Success of the 210 Million Plan

This latest initiative follows the successful execution of Metaplanet’s “210 Million Plan,” which raised ¥93.3 billion ($650 million) in a mere 60 trading days by issuing 210 million split-adjusted shares. During this period, the company managed to significantly boost its Bitcoin holdings from 1,762 BTC to 7,800 BTC, showcasing an impressive 189% increase in Bitcoin per share — a metric defined as the company’s internal yield. In fact, Metaplanet’s share price has more than tripled since launching the 210 Million Plan, encapsulating investor confidence in its strategic direction.

Performance Metrics and Future Goals

As of June 2025, Metaplanet’s Bitcoin holdings have reached a total of 8,888 BTC, with an investment cost basis of ¥122.2 billion and an average BTC price of approximately $93,354. Notably, these holdings have been entirely funded through non-dilutive debt and equity mechanisms based on warrants. The year-to-date Bitcoin yield, calculated at 225.4%, reflects the company’s core objective—continuously increasing the Bitcoin per share through adept capital market operations. Encouragingly, Metaplanet has revised its year-end target yield to an ambitious 600%, with long-term aspirations of accumulating 30,000 BTC by the end of 2025.

Long-Term Vision

Looking further ahead, Metaplanet has unveiled revised long-term targets to acquire a staggering 100,000 BTC by the end of 2026 and aims to hit 210,000 BTC by 2027. This corresponds to roughly 1% of Bitcoin’s total supply, marking an audacious leap in ambition compared to earlier targets set at the beginning of the year. The company’s financial projections outline potential issuance scenarios and sensitivity analyses, leveraging multiple capital instruments, including moving strike warrants and possibly perpetual convertible securities. This strategy effectively underscores Metaplanet’s commitment to bridging traditional capital markets with digital assets in Japan, where retail investor access to Bitcoin remains highly regulated.

Bridging Capital Markets and Digital Assets

Metaplanet is emerging as a pivotal entity in Japan’s investment landscape, offering equity-based exposure to Bitcoin in a tax-advantaged framework due to NISA eligibility and institutional access through the Tokyo Stock Exchange (TSE). By functioning as a listed Bitcoin treasury vehicle, the firm is making strides to provide retail and institutional investors with innovative ways to engage with Bitcoin. Currently, Metaplanet stands as Japan’s most liquid equity in terms of trading volume and ranks among the country’s top performers by market capitalization this year. Through the implementation of warrant-based fundraising techniques, real-time treasury operations, and yield-oriented metrics, the company has crafted a financialized model for Bitcoin accumulation, stimulating shareholder engagement and interest.

In conclusion, Metaplanet’s recent capital raise and ambitious Bitcoin acquisition strategy illustrate the growing synergy between traditional finance and cryptocurrency. By issuing a significant number of shares and refining its investment approach, the company is poised to lead the charge in evolving investment opportunities in this digital asset realm. As the landscape continues to evolve, Metaplanet is set to play a crucial role in shaping the future of Bitcoin investment in Asia and beyond.