Metaplanet has launched what it calls Asia’s largest equity raise dedicated to Bitcoin. According to CEO Simon Gerovich, the company is issuing 555 million shares through moving strike warrants in a ¥770.9 billion ($5.4 billion) capital raise.

The firm has also acquired 1,088 BTC for ¥16.9 billion ($117.5 million), increasing its on-chain holdings to 8,888 BTC and positioning itself among the asset’s ten largest public corporate holders.

The purchase, executed on June 2, follows a ¥50 billion ($330 million) bond issuance in May and coincides with a marked acceleration in the company’s capital markets activity targeting Bitcoin accumulation.

Metaplanet $5.4 billion Bitcoin plan

The new offering is structured as a third-party allotment across three warrant series, with pricing designed to adjust relative to market performance. Uniquely, the warrants are issued at a premium to market price, enabled by the company’s elevated trading liquidity and volatility.

The initial strike price of ¥1,388 per share represents a premium over recent closing prices. The company aims to complete the full raise over a projected six- to ten-month period.

This development follows what Metaplanet referred to as its “210 Million Plan,” a capital raise that brought in ¥93.3 billion ($650 million) in just 60 trading days through the issuance of 210 million split-adjusted shares.

During that period, Bitcoin holdings grew from 1,762 BTC to 7,800 BTC, representing a 189% BTC yield, as defined by the company’s internal metric that tracks the increase in BTC per fully diluted share outstanding. The firm’s share price has more than tripled since the start of that initiative.

As of June 2025, Metaplanet’s BTC holdings total 8,888 BTC, acquired at a cost basis of ¥122.2 billion and an average price of approximately $93,354 per coin. Per company materials, these holdings were funded entirely through non-dilutive debt and warrant-based equity mechanisms.

The BTC yield KPI, which rose to 225.4% year-to-date, reflects the firm’s central operating objective: continually growing Bitcoin per share through structured capital market operations. The company has also adjusted its year-end target yield to 600% and outlined a forward goal of 30,000 BTC by the end of 2025.

The future of Metaplanet

Metaplanet has disclosed revised long-term targets of acquiring 100,000 BTC by the end of 2026 and 210,000 BTC by 2027, equivalent to approximately 1% of the total Bitcoin supply. These figures represent a fivefold increase in ambition compared to guidance issued at the start of the year.

Metaplanet Bitcoin plans (Source: Metaplanet)

The company’s deck projects future issuance scenarios and sensitivity analyses based on assumed mNAV trajectories, with leverage applied through multiple capital instruments, including moving strike warrants and potential perpetual convertible securities.

The latest offering emphasizes Metaplanet’s growing role in bridging traditional capital markets and digital assets in Japan, where regulatory constraints continue to limit retail investors’ access to spot Bitcoin.

By operating as a listed Bitcoin treasury vehicle, the firm provides equity-based exposure in a tax-advantaged wrapper, with NISA eligibility and institutional access within the TSE framework.

Metaplanet has emerged as Japan’s most liquid equity by trading volume and one of the country’s top performers year-to-date by market cap growth.

With warrant-based fundraising tools, real-time treasury operations, and yield-oriented metrics driving shareholder engagement, the company has created an increasingly financialized model of Bitcoin accumulation.

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Filed under: Bitcoin - @ June 6, 2025 11:25 am