Metaplanet Borrows From Global Markets to Hedge Against Yen’s Slide

Metaplanet Inc (TYO:3350), the Japanese company that has repositioned itself as one of the largest public Bitcoin (BTC) holders, announced a new share offering of 385 million shares priced at 553 yen ($3.75) each, aiming to raise approximately 212.9 billion yen ($1.44 billion) . The offering represents a 9.9% discount to the company’s closing price on the day of the announcement and is structured as an equity issuance rather than a bond offering, meaning existing shareholders face potential dilution risk . Proceeds from the offering will be allocated toward purchasing additional Bitcoin as a hedge against the Japanese yen’s depreciation and to expand Metaplanet’s Bitcoin-related income-generating activities, including trading BTC options .

The company has previously engaged in multiple capital-raising efforts to fund its Bitcoin treasury strategy, which it introduced in 2024 as a response to Japan’s inflationary pressures, negative interest rates, and long-term debt challenges. As of the latest data, Metaplanet holds 20,137 BTC on its balance sheet . The firm added 136 BTC to its treasury at an average price of nearly $112,000 per coin earlier in September, bringing its total holdings to over 20,000 BTC, valued at around $2.06 billion . This acquisition further solidifies its position as the sixth-largest publicly traded Bitcoin treasury company globally .

Despite Metaplanet’s aggressive accumulation of Bitcoin, the company’s stock has experienced a recent downturn. Shares traded on the Tokyo Stock Exchange fell nearly 39% in the past month, underperforming the broader Nikkei index . The decline has been attributed to a narrowing premium between Metaplanet’s share price and its net asset value (NAV), a trend that has raised concerns among analysts. Greg Cipolaro, global head of research at NYDIG, noted that this premium compression could introduce volatility for Bitcoin treasury companies as the market recalibrates . In response, Metaplanet has turned to global markets for additional capital, as its domestic fundraising efforts face headwinds .

Public companies with digital asset treasuries continue to expand their influence in the crypto space. Collectively, these firms now hold over 1 million BTC, with MicroStrategy (MSTR) leading the pack with 638,460 coins . Some companies have begun to diversify beyond Bitcoin, adding Ethereum (ETH), Solana (SOL), and other altcoins to their holdings . The trend reflects a growing institutional appetite for digital assets as a strategic component of corporate treasuries.

Meanwhile, Bitcoin’s price remains in focus as market participants anticipate a Federal Reserve rate cut in September. As of the latest data, the price of Bitcoin traded at $111,812.8, reflecting a 0.8% increase from earlier in the week . The broader crypto market, however, has shown mixed performance, with altcoins like Ether (ETH), XRP, and Solana recording modest gains but remaining rangebound . Traders are closely watching upcoming U.S. inflation data for clues about the central bank’s next move, with markets pricing in a 90.1% probability of a 25 basis point rate cut during the Fed’s September 16-17 meeting .