Metaplanet Eyes $837M Raise to Buy More Bitcoin After Hitting 18,991 BTC Stash

Japanese investment company Metaplanet has approved a plan to raise 180.3 billion yen ($1.2 billion) through an overseas share issuance, with nearly $837 million earmarked for fresh Bitcoin purchases.

The move, disclosed in a Wednesday filing, shows the Tokyo-listed firm’s aggressive pivot into digital assets and its ambition to cement its position as one of the world’s largest corporate holders of Bitcoin.

Metaplanet Turns to Overseas Investors for $1.2B Bitcoin Treasury Expansion

The company said it intends to issue up to 555 million new shares, which could expand its total outstanding stock from 722 million to approximately 1.27 billion shares.

The offering price will be determined between September 9 and September 11 through a bookbuilding process, with payments scheduled to settle shortly after.

The share issuance will take place exclusively in overseas markets, with sales in the United States limited to qualified institutional buyers under Rule 144A of the U.S. Securities Act.

According to Metaplanet, the bulk of the proceeds, around 123.8 billion yen ($837 million), will be allocated to Bitcoin purchases between September and October 2025.

Another 6.5 billion yen ($45 million) will be directed toward its Bitcoin Income Generation business, where the company earns revenue by selling options against its holdings.

In the second quarter, this segment contributed 1.9 billion yen in sales revenue, helping Metaplanet post 816 million yen in operating profit on 1.2 billion yen in revenue.

The latest funding plan comes after a series of rapid acquisitions that have lifted Metaplanet’s Bitcoin reserves to 18,991 BTC, valued at more than $2.14 billion. On August 18, the firm added 775 BTC worth $775 million, followed by another 103 BTC purchase on August 25 for 1.7 billion yen ($11.8 million).

These buys pushed its total stash up from 18,113 BTC in the previous quarter, extending a steady accumulation drive that began in April 2024 when the company rebranded itself as a “Bitcoin treasury company.”

CEO Simon Gerovich, a former Goldman Sachs derivatives trader, has overseen the company’s dramatic transformation from a hotel management business into Asia’s most prominent corporate Bitcoin holder.

Under his leadership, Metaplanet has pursued what it calls the “555 Million Plan,” a long-term target of amassing 210,000 BTC by 2027, equal to about 1% of the cryptocurrency’s fixed supply.

Metaplanet Shareholder Base Surges 1,000% as Bitcoin Strategy Gains Global Spotlight

Metaplanet’s strategy mirrors that of U.S. software firm Strategy, which pioneered the use of Bitcoin as a treasury reserve. Like its American counterpart, the Japanese firm funds acquisitions through capital market raises, including share issuances and bond programs.

Earlier this year, it redeemed 3 billion yen ($20.4 million) of its 19th Series Ordinary Bonds to optimize liabilities while continuing to scale its Bitcoin holdings.

The company argues that its aggressive Bitcoin strategy is rooted in Japan’s challenging macroeconomic conditions, marked by high national debt, prolonged negative real interest rates, and a weakening yen.

By shifting its reserves into Bitcoin, Metaplanet says it aims to hedge against inflation, currency depreciation, and broader instability in the global monetary system. Management also highlighted Bitcoin’s scarcity, portability, and transparency as reasons for treating it as a superior reserve asset compared with traditional safe havens such as government bonds.

As of June 30, Metaplanet had 128,000 shareholders, a figure that has surged by more than 1,000% in the past year thanks to its high-profile Bitcoin accumulation. The company has also become a focal point for global institutional investors, with the upcoming international offering designed to deepen access to long-term overseas capital and improve liquidity for its shares.

With 18,991 BTC already on its balance sheet, Metaplanet now ranks as the fourth-largest corporate Bitcoin holder globally and the largest in Asia. Industry observers have increasingly referred to the company as “Asia’s MicroStrategy,” a label reinforced by its bold financing strategies and its rapid rise into the upper echelon of public Bitcoin holders.

The company’s filing confirmed that the international offering will go ahead only if shareholders approve an increase in the total number of authorized shares at an extraordinary general meeting on September 1.

If approved, the share sale will significantly expand Metaplanet’s capital base, setting the stage for its next wave of Bitcoin acquisitions and reinforcing its role as one of the most aggressive corporate buyers in the digital asset market.

Japan’s Crypto-Friendly Policies Fuel Corporate Bitcoin Momentum

Japan’s push for clearer regulation is fueling a wave of corporate crypto adoption. The Financial Services Agency plans to classify digital assets as financial products under the Financial Instruments and Exchange Act by 2026, while proposed tax reforms could cut capital gains on crypto to a flat 20% from rates as high as 55%.

Finance Minister Katsunobu Kato reinforced this direction at the WebX2025 forum in Tokyo, highlighting digital assets’ potential in diversified portfolios.

Amid the policy shift, Tokyo-listed firms are ramping up Bitcoin holdings. Five companies, including Metaplanet, disclosed new allocations this week, adding 156.79 BTC to their reserves.

Energy firm Remixpoint led with 41.5 BTC ($4.6M), bringing its total to 1,273 BTC, ranking among the top 40 global corporate holders.

Fashion retailer ANAP Holdings lifted its balance to 1,017 BTC, while Agile Media Network added 0.59 BTC. Def Consulting also confirmed a new treasury program.