Executive Summary
The Story So Far
Why This Matters
Who Thinks What?
Japanese investment company Metaplanet has approved a plan to raise 130.3 billion yen ($880 million) through an overseas share issuance, with the vast majority—approximately $835 million—earmarked for additional Bitcoin purchases. This strategic move, which will see the issuance of up to 555 million new shares, aims to bolster the firm’s treasury reserves, mitigate inflation risks, and protect against the weak yen. The issue price is set to be determined between September 9-11, with payments expected to settle shortly thereafter.
Strategic Share Issuance and Fund Allocation
Metaplanet plans to issue up to 555 million new shares, a move that could increase its total outstanding stock from 722 million to approximately 1.27 billion shares. The capital raise is primarily directed towards strengthening the company’s Bitcoin holdings as a core treasury asset.
Of the $880 million raised, $835 million is specifically allocated for acquiring additional Bitcoin. The remaining $45 million will be invested into the firm’s “Bitcoin Income Business,” which generates revenue by selling covered call options on its existing BTC holdings.
Expanding Bitcoin Holdings and Income Strategies
This latest capital injection will significantly add to Metaplanet’s current treasury reserves, which stand at 18,991 BTC, valued at approximately $2.1 billion. The company’s strategy is designed to offer a hedge against Japan’s persistent weak yen and to provide a safeguard against inflationary pressures, ultimately enhancing corporate value.
The firm’s “Bitcoin Income Business” represents an active management approach to its digital asset portfolio. By utilizing covered call options, Metaplanet aims to generate additional revenue streams from its substantial Bitcoin reserves.
Long-Term Bitcoin Vision and Market Recognition
This share issuance is the latest step in Metaplanet’s aggressive, Bitcoin-centric strategy, which includes previously announced initiatives like the “21 Million Plan” and the “555 Million Plan.” The company has set an ambitious target of holding more than 210,000 BTC by 2027, which would represent over 1% of Bitcoin’s total supply.
The offering will be conducted through overseas placements, targeting institutional investors. Metaplanet’s growing prominence in the market has also been recognized by FTSE Russell, which upgraded the company from a small-cap to a mid-cap stock in its September 2025 Semi-Annual Review, earning it inclusion in the FTSE Japan Index alongside major global players.
Metaplanet’s substantial fundraising effort underscores its unwavering commitment to its Bitcoin-first treasury strategy, aiming to leverage the digital asset for long-term value creation, inflation protection, and yen weakness mitigation, while also establishing itself as a significant player in the global financial landscape.
