Metaplanet unveils $5.4B equity raise plan to accelerate bitcoin accumulation

Japanese investment firm Metaplanet, which has transitioned into a bitcoin treasury company, has announced the launch of a $5.4 billion equity raise to fund the acquisition of more bitcoin.

Funds will be raised through the issuance of 555 million shares (92.4% of total shares outstanding) in moving strike warrants — Japan’s version of an at-the-market equity facility — with equity sold incrementally to minimize market impact over the next two years. EVO FUND is the allottee for the plan, with Evolution Japan Securities as the arranger.

“Thrilled to announce Asia’s largest-ever equity raise to buy bitcoin — again! This time: $5.4 billion to accelerate our bitcoin strategy,” Metaplanet CEO Simon Gerovich posted to X on Friday.

The “555 Million Plan,” as Metaplanet describes it, follows on from its prior “210 Million Plan,” with the company now targeting holdings of 30,000 BTC by the end of 2025 from 10,000 BTC previously, 100,000 BTC by the end of 2026 from 21,000 BTC, and 210,000 BTC by the end of 2027 to join the bitcoin 1% club — referencing holdings of 1% or more of its total 21 million supply. The 210,000 BTC goal will be pursued using a range of instruments: moving strike warrants, plus potential convertible bonds, preferred shares, and ordinary bonds, Metaplanet said.

Metaplanet bitcoin treasury targets. Image: Metaplanet.

“Bitcoin is repricing the global cost of capital,” Metapanet said in a statement. “Through our 555 Million Plan, Metaplanet is doubling down on a high-conviction, equity-driven capital markets strategy to accelerate our bitcoin accumulation trajectory. As the most volatile listed equity in Japan, we are not scared of turbulence — we harness it.”

Following its initial plan, Metaplanet currently holds 8,888 BTC worth around $920 million, having announced the purchase of an additional 1,088 BTC on Monday — achieving 89% of its initial 10,000 BTC target by the end of 2025 in just five months. Its holdings were bought for a total cost of approximately $849 million — implying paper gains of around $71 million.

As a result, Metaplanet now sits 7th by holdings globally in the corporate bitcoin accumulation race, according to The Block’s data dashboard.

Corporate bitcoin accumulation race

There are now 144 companies that have adopted some form of bitcoin treasury, 114 of which are publicly traded, Gerry O’Shea, Head of Global Market Insights at Hashdex, told The Block. Last week, Trump Media, GameStop, K33, and Champions League winners Paris Saint-Germain became the latest to disclose or advance their bitcoin treasuries, joining the likes of Tether-backed Twenty One, Nakamoto, and KULR in adopting the bitcoin acquisition model pioneered by Strategy.

Like many of those firms, Metaplanet uses a key performance indicator known as BTC Yield to assess the effectiveness of its bitcoin acquisition strategy in driving shareholder value. BTC Yield represents the percentage change period-to-period of the ratio between Metaplanet’s bitcoin holdings and its fully diluted shares outstanding. Year-to-date, Metaplanet said it has achieved a BTC Yield of 225.4%, with its bitcoin holdings rising from 1,762 BTC to 8,888 BTC during the period.

“We share Strategy’s (MSTR) belief that bitcoin-backed securities form the bridge between the old financial world and the new,” Metaplanet said. “The issuance of perpetual duration securities backed by bitcoin in the United States marks an inflection point in the global re-architecture of capital markets. Bitcoin is in the process of dematerializing $300 trillion of 20th-century analog store-of-value assets.”

Metaplanet’s shares closed down 1.6% on Friday, according to TradingView, having gained 258% year-to-date and 1,390% over the past year. It is now the number one stock in Japan by turnover and volume, the second-best performing stock in the country this year, and best-performing by a 10x margin since embarking on its bitcoin strategy, according to the statement.