Metaplanet's $745M Bitcoin Bet: Asia's Largest Equity Raise

Japanese publicly-traded company Metaplanet has announced plans to raise over 116 billion yen, worth around $745 million, to fund more Bitcoin purchases. On Jan. 29, the company issued 21 million shares of 0% discount moving strike warrants, which it plans to use to raise the funds needed to increase its Bitcoin (BTC) holdings. Metaplanet has stated that this move is the “largest capital raise” in Asian equity markets for buying Bitcoin.

The move aligns with Metaplanet’s strategy to counter the yen’s declining value and solidify its position as a leader in Bitcoin adoption. The company plans to acquire 21,000 BTC by 2026, with the first phase of its ambitious Bitcoin strategy involving a $745 million fundraising initiative. Metaplanet aims to accumulate 10,000 BTC by the fourth quarter of 2025, which would cost over $1 billion at current prices. By Q4 2026, the company plans to increase its holdings to 21,000 BTC, worth approximately $2.1 billion based on current market values.

Metaplanet representative director Simon Gerovich said in a press release that the market recognized the company as “Tokyo’s preeminent Bitcoin company.” The executive said the company is seizing the momentum to solidify its position. “Our vision is to lead the Bitcoin renaissance in Japan and emerge as one of the largest corporate Bitcoin holders globally. This plan is our commitment to that future,” Gerovich added. Currently, Metaplanet is the 15th-largest corporate Bitcoin holder.

Metaplanet first bought Bitcoin on April 8, 2024, making BTC a core treasury asset. Gerovich said that since the company adopted a Bitcoin standard, it has “experienced exponential growth.” The company reported a BTC Yield of 309% for Q4 2024, following a 41% yield in Q3. The company’s BTC holdings also reflect significant unrealized gains. Apart from its Bitcoin investments, the company also experienced growth in the number of shareholders, surpassing 50,000, and a 430-fold increase in share trading volume year-on-year.