Tokyo-based investment firm Metaplanet has completed its largest capital raise to date, securing billions of yen through stock acquisition rights and bond issuance. The firm, which has aggressively pursued Bitcoin accumulation, aims to leverage the fresh capital to expand its cryptocurrency reserves as part of its “Bitcoin-first” strategy.
Metaplanet recently completed its 13th and 14th stock acquisition rights exercises, raising 12.96 billion yen. After redeeming 2 billion yen in ordinary bonds, the firm secured 10.96 billion yen in funds to purchase additional Bitcoin. CEO Simon Gerovich emphasized that the company remains committed to accelerating Bitcoin acquisitions.
“This would be one of the largest raises in Metaplanet’s history,” Gerovich said, noting that the capital equates to approximately $73 million. With Bitcoin trading at around $79,900, the firm could acquire roughly 869 BTC with the proceeds.
The firm’s stock acquisition rights offerings allow investors to obtain shares at a predetermined price and timeframe, often at a discount. Metaplanet has consistently used these offerings to raise capital for Bitcoin purchases, positioning itself as a leading corporate holder of the cryptocurrency.
Expanding Bitcoin Reserves Amid Market Volatility
Following the capital raise, Metaplanet immediately acquired 156 BTC at an average price of $85,890 per token, bringing its total Bitcoin holdings to 2,391 BTC. The firm’s acquisition strategy follows a pattern of rapid Bitcoin accumulation, often seizing opportunities when prices dip below key psychological levels.
Bitcoin recently fell below $90,000 and then $80,000, testing market sentiment. However, firms like Metaplanet and Michael Saylor’s Strategy (formerly MicroStrategy) view such volatility as an opportunity to accumulate more of the asset. Metaplanet has stated its intent to reach 10,000 BTC by the end of the year, a goal that would significantly increase its standing among corporate Bitcoin holders.
In its latest disclosure, Metaplanet announced the issuance of 2 billion yen in 0% ordinary bonds to further finance its Bitcoin acquisitions. The bond issuance is expected to generate approximately $13.3 million, which at current prices could net the firm another 153 BTC.
Major Investors and Market Influence
The firm’s rapid Bitcoin expansion has not gone unnoticed. American investment giant Capital Group, which manages over $2.3 trillion in assets, recently acquired a 5% stake in Metaplanet. Capital Group is also the second-largest shareholder in MicroStrategy, highlighting its focus on companies with aggressive Bitcoin strategies.
Metaplanet’s stock has responded favorably to its Bitcoin-first approach. Since pivoting to cryptocurrency investments in April 2024, the firm’s stock has surged 3,575%, pushing its market capitalization up by a factor of 100. The stock recently hit an all-time high of 4,950 yen, demonstrating continued investor enthusiasm.
Michael Saylor, who pioneered the corporate Bitcoin treasury strategy, has praised Metaplanet’s trajectory. He shared a graph on X (formerly Twitter) illustrating the stock’s exponential rise, further cementing the firm’s reputation as a major player in Bitcoin investment.
Bold Projections for 2026
Looking beyond 2025, Metaplanet has set an even more ambitious goal: accumulating 21,000 BTC by the end of 2026. This would represent 0.1% of Bitcoin’s total supply. The firm’s latest disclosure revealed the purchase of 269.43 BTC for 4 billion yen ($26.3 million) at an average price of $97,811 per coin. With this acquisition, Metaplanet has become the 14th-largest corporate holder of Bitcoin.
The firm also plans to implement a 10-for-1 stock split on April 1, 2025, aimed at improving market liquidity and making shares more accessible to investors. The move follows Metaplanet’s inclusion in the BLOCK Index, a globally recognized benchmark for leading blockchain-related companies.
Metaplanet’s aggressive Bitcoin strategy is taking place amid growing institutional interest in the asset. More than 80 global companies now hold Bitcoin in their corporate treasuries, a sign that digital assets are increasingly viewed as viable stores of value. However, Japan’s regulatory environment remains a challenge. While the country legitimized Bitcoin as a legal payment method in 2017, restrictive regulations have slowed the growth of its crypto sector compared to Western markets.
Despite these hurdles, Metaplanet’s partnership with SBI Group, one of Japan’s largest financial institutions, has enabled it to navigate regulatory challenges effectively. SBI provides the firm with custody services, tax-efficient solutions, and opportunities to use Bitcoin as collateral for financing. These initiatives align with Metaplanet’s strategy of leveraging long-term debt and equity issuances to continually increase its Bitcoin holdings.
New Financial Strategies and Market Expansion
In addition to direct Bitcoin purchases, Metaplanet has explored alternative financial instruments to grow its reserves. The firm recently raised 116 billion yen ($745 million) through stock acquisition rights, marking the largest capital raise in Asian equity markets history dedicated to Bitcoin purchases. If Bitcoin prices hold above $100,000, the firm’s target of a $1 billion Bitcoin portfolio by 2025 could become a reality.
The company has also entered the U.S. over-the-counter (OTC) market, listing its shares under the ticker MTPLF on OTCQX. The move is intended to expand global investor access and enhance trading liquidity. CEO Simon Gerovich stated that Metaplanet is committed to making its stock “the premier vehicle for investors seeking exposure to Bitcoin’s growth.”
With a solid track record of aggressive acquisitions and strategic capital raises, Metaplanet is positioned as a dominant force in the Bitcoin investment space. As it continues to expand its holdings, the firm is likely to influence both corporate Bitcoin adoption and institutional investment strategies moving forward.
