Bitcoin's Treasury Revolution Gains a New Giant: Metaplanet’s $1.4B Bet

Japan's Metaplanet has significantly expanded its capital-raising efforts in a new share offering that could raise up to $1.44 billion. The firm, which transitioned from a hospitality and real estate group to a Bitcoin treasury company, announced the issuance of 385 million new shares priced at 553 yen ($3.75) each, representing a 9.9% discount to the company’s closing price of 614 yen on September 9. The offering is structured as an international share sale outside Japan, with payments due on September 16 and shares to be delivered on September 17.

The funds raised are intended to be allocated toward the purchase of additional Bitcoin between September and October, serving as a hedge against the continued depreciation of the Japanese yen. The company also plans to use the capital to expand its Bitcoin-related income-generating business, which has primarily relied on trading BTC options so far. This initiative builds upon a series of previous Bitcoin acquisitions, which have elevated Metaplanet to the sixth-largest public Bitcoin holder globally, with 20,137 BTC currently on its balance sheet.

The company’s share offering underscores the growing trend among public corporations to treat Bitcoin as a core treasury asset. Metaplanet’s strategy was first introduced in 2024 as a response to Japan’s economic challenges, including inflation, negative interest rates, and an increasing national debt. Since then, the company has raised multiple rounds of capital to acquire Bitcoin, albeit at the cost of shareholder dilution. Metaplanet’s stock price has surged over 150% in the past year due to investor enthusiasm for its Bitcoin strategy, though it has recently declined nearly 39% in the past month, underperforming Japan’s benchmark Nikkei Index.

Industry analysts have noted that Bitcoin treasury firms like Metaplanet face increasing volatility as premiums between share prices and net asset values (NAV) narrow. Greg Cipolaro, NYDIG’s global head of research, has highlighted this compression as a potential source of risk for the sector. Despite these challenges, the strategy remains popular, with more than 1 million BTC now held by public companies globally, and some expanding their treasuries into altcoins such as Ether (ETH) and Solana (SOL).

Metaplanet’s latest capital raise is part of a broader plan to accumulate 100,000 BTC by the end of 2026 and 210,000 BTC by 2027, which would represent 10% of the total Bitcoin supply. Its current holdings of 20,136 BTC account for 67% of its 2025 target and 20% of its 2026 goal. With the added capital, the company appears well-positioned to meet its ambitious Bitcoin accumulation roadmap.