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Finance

Metaplanet Doubles Down on Bitcoin: How This Japanese Firm Aims to Outmaneuver Market Volatility

Metaplanet bought 1,009 BTC, now holding 20,000. They issued shares to fund bond redemptions amid stock struggles.

byAndres Castro

September 1, 2025, 8:32 AM

Executive Summary

Metaplanet, Japan’s largest Bitcoin treasury firm, acquired an additional 1,009 BTC, bringing its total holdings to 20,000 BTC, valued at approximately $112 million.

The company issued 11.5 million new shares last week, raising about $65.73 million primarily from Evo Fund, to bolster Bitcoin reserves and finance bond redemptions.

Despite aggressive Bitcoin accumulation, Metaplanet’s share price has fallen 54% since mid-June, prompting plans to raise up to $880 million through an overseas public offering and potentially $3.7 billion via preferred shares.

The Story So Far

Metaplanet, Japan’s largest Bitcoin treasury firm, is aggressively expanding its Bitcoin holdings as a core strategy, but is simultaneously grappling with a significant decline in its share price, which is prompting the firm to issue new shares, finance bond redemptions, and pursue large-scale fundraising initiatives to ensure liquidity and continue its accumulation efforts.

Why This Matters

Metaplanet’s significant expansion of its Bitcoin treasury to 20,000 BTC, solidifying its position as Japan’s largest corporate holder, reinforces the growing trend of institutional adoption of Bitcoin as a core treasury asset. However, this aggressive accumulation, financed through share issuances and planned future offerings, is occurring amidst a sharp decline in its stock price, highlighting the financial pressures and market complexities companies face when integrating digital assets into their balance sheets and the critical importance of successful fundraising for sustained growth in this sector.

Who Thinks What?

Metaplanet views its aggressive Bitcoin accumulation and strategic share issuances as a necessary dual strategy to expand its holdings and manage financial pressures.

Evo Fund, as a key investor, has exercised warrants to acquire shares, providing capital to Metaplanet for its Bitcoin reserves and bond redemptions.

Analysts express concern that Metaplanet’s falling stock price could reduce the attractiveness of exercising further warrants for investors like Evo Fund, potentially impacting the firm’s liquidity and capacity for future Bitcoin acquisitions.

Japan-based Metaplanet, the nation’s largest Bitcoin treasury firm, has significantly expanded its holdings, acquiring an additional 1,009 BTC to reach a total of 20,000 BTC. This strategic move, valued at approximately 16.479 billion yen (nearly $112 million), coincides with the issuance of 11.5 million new shares last week, primarily driven by an investor’s exercise of warrants, aiming to bolster its Bitcoin reserves and finance bond redemptions amidst a challenging market for its stock.

Metaplanet’s Growing Bitcoin Treasury

The recent acquisition brings Metaplanet’s total Bitcoin holdings to 20,000 BTC, solidifying its position as the sixth-largest and top Japanese Bitcoin treasury firm. The firm reported an average acquisition price of $102,607 per Bitcoin, indicating a 6.75% profit compared to Bitcoin’s price at the time of the announcement.

Share Issuance and Financial Strategy

The issuance of 11.5 million new shares followed an investor’s exercise of warrants to acquire stock. Evo Fund, the investor in question, acquired 10 million shares at $5.67 and an additional 1.5 million shares at just under $6, totaling approximately $65.73 million. Metaplanet intends to use these proceeds to finance the early redemption of roughly $20.4 million worth of previously issued bonds. Evo Fund still retains rights to acquire an additional 34.5 million shares.

Market Pressures and Future Plans

Despite its aggressive Bitcoin accumulation, Metaplanet faces mounting pressure as its share price has tumbled 54% since mid-June, even as Bitcoin gained about 2% during the same period. Analysts highlighted that falling stock prices could make exercising warrants less attractive for Evo Fund, potentially squeezing Metaplanet’s liquidity and reducing its capacity to acquire more Bitcoin.

In response to these challenges, Metaplanet’s strategy appears to be adapting. Last week, the firm announced plans to raise approximately 130.3 billion yen ($880 million) through a public share offering in overseas markets. Furthermore, shareholders are set to vote on approving the issuance of up to 555 million preferred shares, which could potentially raise as much as 555 billion yen ($3.7 billion).

Metaplanet continues its dual strategy of aggressive Bitcoin accumulation while navigating significant financial pressures related to its stock performance. The firm’s ability to execute its large-scale fundraising initiatives will be crucial for its ongoing expansion and financial stability.