Metaplanet Plans to Raise $5.4 Billion to Expand Crypto Reserve

Japanese investment firm Metaplanet has unveiled a bold new strategy to deepen its commitment to Bitcoin. The company announced a $5.4 billion equity raise, aimed at significantly increasing its bitcoin reserves and accelerating its transition into a full-fledged bitcoin treasury company. Massive Equity Raise to Drive Bitcoin Accumulation Metaplanet revealed plans to issue 555 million shares, accounting for 92.4% of its total shares outstanding. This issuance will take place through Japan’s version of an at-the-market equity facility, known as moving strike warrants. Funds will be raised gradually over two years to minimize any market disruption. The EVO FUND will be the designated allottee, with Evolution Japan Securities arranging the transaction. CEO Simon Gerovich shared the announcement on social media, saying, “Thrilled to announce Asia's largest-ever equity raise to buy bitcoin — again! This time: $5.4 billion to accelerate our bitcoin strategy.” Ambitious Bitcoin Goals Through 2027 This initiative, dubbed the “555 Million Plan,” builds on Metaplanet’s earlier “210 Million Plan.” The company now aims to hold 30,000 BTC by the end of 2025, an increase from its previous 10,000 BTC goal. By the end of 2026, it targets 100,000 BTC, and it plans to reach 210,000 BTC by the end of 2027. That final target would give Metaplanet a 1% share of Bitcoin’s total 21 million supply — a milestone the company refers to as joining the “Bitcoin 1% club.” To reach this goal, Metaplanet intends to deploy various financial instruments beyond moving strike warrants, including convertible bonds, preferred shares, and ordinary bonds. Strong Conviction Amid Market Volatility “Bitcoin is repricing the global cost of capital,” Metaplanet stated. “Through our 555 Million Plan, Metaplanet is doubling down on a high-conviction, equity-driven capital markets strategy to accelerate our bitcoin accumulation trajectory. As the most volatile listed equity in Japan, we are not scared of turbulence — we harness it.” The company has already accumulated 8,888 BTC, worth around $920 million. This includes the recent purchase of 1,088 BTC, enabling Metaplanet to reach 89% of its 10,000 BTC goal within just five months. The total acquisition cost was approximately $849 million, giving the company an unrealized gain of about $71 million. Climbing the Global Bitcoin Leaderboard With these acquisitions, Metaplanet now ranks seventh globally among corporate bitcoin holders, according to data from The Block. Currently, 144 companies hold bitcoin in some form, and 114 of them are publicly traded, according to Gerry O’Shea, Head of Global Market Insights at Hashdex. Recent entrants to the bitcoin treasury space include Trump Media, GameStop, K33, and Paris Saint-Germain, who join other adopters like Twenty One, Nakamoto, and KULR. All of these companies are following a trend popularized by Strategy, the firm behind one of the earliest and most aggressive bitcoin acquisition models. BTC Yield: Metaplanet’s Performance Metric To track performance, Metaplanet uses a metric called BTC Yield. This indicator reflects the percentage change in the ratio of bitcoin holdings to fully diluted shares outstanding over time. So far this year, the company’s BTC Yield has surged to 225.4%, with holdings jumping from 1,762 BTC to 8,888 BTC. “We share Strategy's (MSTR) belief that bitcoin-backed securities form the bridge between the old financial world and the new,” Metaplanet said. “The issuance of perpetual duration securities backed by bitcoin in the United States marks an inflection point in the global re-architecture of capital markets. Bitcoin is in the process of dematerializing $300 trillion of 20th-century analog store-of-value assets.” Stock Performance Reflects Market Confidence Despite closing down 1.6% on Friday, Metaplanet’s stock has gained 258% year-to-date and is up 1,390% over the past year. The company is currently the most traded stock in Japan by volume and turnover. It also ranks as the second-best performing stock in the country for the year and has outpaced all other stocks tenfold since it adopted its bitcoin-focused strategy.