Japanese investment firm Metaplanet is ramping up its bold pivot into digital assets with a record-breaking $5.4 billion equity raise—exclusively dedicated to acquiring more Bitcoin. The firm plans to issue 555 million new shares, representing approximately 92.4% of its current outstanding equity, via a moving strike warrant mechanism—Japan’s version of a flexible, market-linked equity facility.
This structure enables Metaplanet to gradually release shares over time, minimizing immediate dilution while raising capital steadily over the next two years. The fundraising will be carried out in partnership with EVO FUND, with Evolution Japan Securities serving as arranger.
CEO Simon Gerovich confirmed the news on X, calling it “Asia’s largest-ever equity raise to buy Bitcoin—again.” The announcement underscores Metaplanet’s transformation into a full-scale Bitcoin treasury firm, drawing global attention as Japan’s answer to MicroStrategy.
Metaplanet Aims to Hold 1% of All Bitcoin
Dubbed the “555 Million Plan,” the latest fundraising campaign marks a dramatic escalation of Metaplanet’s Bitcoin accumulation strategy. The company now targets ownership of 210,000 BTC by the end of 2027—1% of Bitcoin’s total 21 million supply—placing it in the elite “Bitcoin 1% Club.”
This new initiative expands on Metaplanet’s earlier “210 Million Plan” and outlines a multi-year roadmap with revised BTC goals. The firm has tripled its 2025 target to 30,000 BTC (up from 10,000), quintupled its 2026 goal to 100,000 BTC (from 21,000), and aims to reach 210,000 BTC by 2027. It plans to achieve this via a diversified mix of financing tools, including moving strike warrants, convertible bonds, preferred shares, and traditional debt instruments.
“Bitcoin is repricing the global cost of capital… We’re not afraid of volatility—we harness it,” Metaplanet stated in its announcement.
The company, one of Japan’s most volatile publicly traded equities, emphasized that capital markets will remain core to its accumulation model.
Metaplanet’s pace has been aggressive. It currently holds 8,888 BTC, purchased at an average cost of $849 million and now worth around $920 million. This represents nearly 90% of its original 2025 target—achieved in just five months. A recent 1,088 BTC acquisition added further momentum to its streak.
Part of a Growing Bitcoin Treasury Movement
Metaplanet’s audacious Bitcoin strategy puts it at the forefront of a rapidly expanding movement in corporate treasury management. According to Gerry O’Shea, Head of Global Market Insights at Hashdex, 144 companies now hold Bitcoin on their balance sheets, including 114 publicly traded firms. Recent high-profile entrants include Trump Media, GameStop, K33, and Paris Saint-Germain—underscoring Bitcoin’s rising role in corporate finance.
Following the model pioneered by Strategy (formerly MicroStrategy), these companies treat Bitcoin not just as a hedge but as a strategic capital asset. Metaplanet takes this one step further, using a proprietary metric known as BTC Yield—which measures the change in the ratio between BTC holdings and fully diluted share count over time—as a way to quantify shareholder value derived from Bitcoin accumulation.
So far, the results have been staggering. Year-to-date, Metaplanet has achieved a 225.4% BTC Yield, growing from 1,762 BTC at the start of the year to 8,888 BTC. In its statement, the firm echoed Strategy’s long-term thesis: “We believe bitcoin-backed securities are the gateway bridging the legacy financial system with the emerging one.” With Bitcoin seen as a key catalyst in the dematerialization of traditional store-of-value assets—an estimated $300 trillion market—Metaplanet is betting big on the future of financial infrastructure.
Quick Facts
- Metaplanet aims to raise $5.4B to acquire more Bitcoin
- 555M new shares to be issued, representing 92.4% equity dilution
- New BTC target: 210,000 coins by 2027 (1% of total supply)
- YTD BTC Yield surged 225.4%, reaching 8,888 BTC holdings
- Joins global trend of public firms adopting Bitcoin treasury strategy
