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

Japanese publicly-traded company Metaplanet has announced a significant capital raise to fund the acquisition of Bitcoin, aiming to drive adoption in Japan. The company plans to issue 21 million shares of 0% discount moving strike warrants, valued at over 116 billion yen (approximately $745 million), to achieve this goal. This move is set to be the largest capital raise in Asian equity markets for buying Bitcoin.

Metaplanet's strategy aligns with its objective to counter the yen's declining value and solidify its position as a leader in Bitcoin adoption. The company's ambitious Bitcoin strategy has two phases. The first phase, marked by the $745 million fundraising initiative, aims to accumulate 10,000 BTC by the fourth quarter of 2025. The second phase targets an increase in holdings to 21,000 BTC by the fourth quarter of 2026, worth approximately $2.1 billion based on current market values.

Simon Gerovich, representative director of Metaplanet, stated that the company is recognized as "Tokyo's preeminent Bitcoin company" and is seizing the momentum to solidify its position. Gerovich added, "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." Currently, Metaplanet is the 15th-largest corporate Bitcoin holder.

Metaplanet's adoption of Bitcoin as a core treasury asset in April 2024 has led to exponential growth for the company. The company reported a BTC Yield of 309% for Q4 2024, following a 41% yield in Q3. Metaplanet's BTC holdings reflect significant unrealized gains, and the company has experienced a substantial increase in the number of shareholders, surpassing 50,000. Additionally, the company's share trading volume has increased by 430 times year-on-year.