Metaplanet has launched what it calls Asia’s largest fairness increase devoted to Bitcoin. Based on CEO Simon Gerovich, the corporate is issuing 555 million shares by transferring strike warrants in a ¥770.9 billion ($5.4 billion) capital increase.
The agency has additionally acquired 1,088 BTC for ¥16.9 billion ($117.5 million), growing its on-chain holdings to eight,888 BTC and positioning itself among the many asset’s ten largest public company holders.
The acquisition, executed on June 2, follows a ¥50 billion ($330 million) bond issuance in Could and coincides with a marked acceleration within the firm’s capital markets exercise focusing on Bitcoin accumulation.
Metaplanet $5.4 billion Bitcoin plan
The brand new providing is structured as a third-party allotment throughout three warrant sequence, with pricing designed to regulate relative to market efficiency. Uniquely, the warrants are issued at a premium to market value, enabled by the corporate’s elevated buying and selling liquidity and volatility.
The preliminary strike value of ¥1,388 per share represents a premium over current closing costs. The corporate goals to finish the complete increase over a projected six- to ten-month interval.
This improvement follows what Metaplanet known as its “210 Million Plan,” a capital increase that introduced in ¥93.3 billion ($650 million) in simply 60 buying and selling days by the issuance of 210 million split-adjusted shares.
Throughout that interval, Bitcoin holdings grew from 1,762 BTC to 7,800 BTC, representing a 189% BTC yield, as outlined by the corporate’s inner metric that tracks the rise in BTC per absolutely diluted share excellent. The agency’s share value has greater than tripled for the reason that begin of that initiative.
As of June 2025, Metaplanet’s BTC holdings complete 8,888 BTC, acquired at a value foundation of ¥122.2 billion and a mean value of roughly $93,354 per coin. Per firm supplies, these holdings had been funded fully by non-dilutive debt and warrant-based fairness mechanisms.
The BTC yield KPI, which rose to 225.4% year-to-date, displays the agency’s central working goal: frequently rising Bitcoin per share by structured capital market operations. The corporate has additionally adjusted its year-end goal yield to 600% and outlined a ahead objective of 30,000 BTC by the top of 2025.
The way forward for Metaplanet
Metaplanet has disclosed revised long-term targets of buying 100,000 BTC by the top of 2026 and 210,000 BTC by 2027, equal to roughly 1% of the full Bitcoin provide. These figures signify a fivefold enhance in ambition in comparison with steering issued at the beginning of the 12 months.
The corporate’s deck tasks future issuance situations and sensitivity analyses based mostly on assumed mNAV trajectories, with leverage utilized by a number of capital devices, together with transferring strike warrants and potential perpetual convertible securities.
The newest providing emphasizes Metaplanet’s rising position in bridging conventional capital markets and digital belongings in Japan, the place regulatory constraints proceed to restrict retail buyers’ entry to identify Bitcoin.
By working as a listed Bitcoin treasury car, the agency offers equity-based publicity in a tax-advantaged wrapper, with NISA eligibility and institutional entry throughout the TSE framework.
Metaplanet has emerged as Japan’s most liquid fairness by buying and selling quantity and one of many nation’s prime performers year-to-date by market cap progress.
With warrant-based fundraising instruments, real-time treasury operations, and yield-oriented metrics driving shareholder engagement, the corporate has created an more and more financialized mannequin of Bitcoin accumulation.
