Metaplanet Inc. (TSE: 3350), a Japanese investment firm turned Bitcoin treasury powerhouse, has announced a monumental ¥770.9 billion (~$5.4 billion) equity raise, marking the largest stock acquisition rights issuance in Japanese capital market history. The ambitious “555 Million Plan” aims to supercharge the company’s Bitcoin acquisition strategy, positioning Metaplanet to become one of the world’s top corporate Bitcoin holders by 2027.
The capital will be raised through the issuance of 555 million moving strike warrants, a first-of-its-kind in Japan, priced above market value, to be sold incrementally over the next two years. This innovative approach, arranged by Evolution Japan Securities with EVO FUND as the allottee, minimizes market impact while maximizing capital efficiency. The funds will primarily fuel Metaplanet’s aggressive Bitcoin accumulation, targeting 30,000 BTC by the end of 2025, 100,000 BTC by 2026, and an audacious 210,000 BTC by 2027—equivalent to 1% of Bitcoin’s total 21 million supply.
“Bitcoin is repricing the global cost of capital,”
Metaplanet CEO Simon Gerovich
“Our 555 Million Plan doubles down on a high-conviction, equity-driven strategy to accelerate our Bitcoin treasury, delivering long-term value to shareholders.”
Metaplanet’s pivot to a Bitcoin-centric treasury strategy began in April 2024, with its holdings growing from 98 BTC to 8,888 BTC as of June 4, 2025, valued at approximately $930 million. This rapid ascent has made Metaplanet Asia’s largest publicly traded Bitcoin holder and the ninth-largest globally, surpassing firms like Bitcoin Group and Semler Scientific. The company’s Bitcoin Yield, a key performance indicator measuring BTC per diluted share, has soared 225.4% year-to-date, reflecting its disciplined capital strategy.
Drawing inspiration from MicroStrategy’s playbook, Metaplanet has leveraged equity financing and zero-interest bonds to fund its Bitcoin purchases while maintaining a no-debt, no-discount model. This approach, combined with recurring income from BTC volatility strategies, has driven record-breaking financials, including ¥592 million in Q1 2025 operating income and a 170% BTC Yield. The company’s stock has surged over 4,000% since October 2024, reaching a record high of ¥4,270 in December 2024, with a market cap exceeding $1 billion.
“Metaplanet is not just accumulating Bitcoin; it’s building a system to maximize shareholder value through Bitcoin-native treasury operations,” said Dylan LeClair, a prominent crypto analyst, on X. The company’s global ambitions are further evidenced by its U.S. market debut on the OTCQX under the ticker MTPLF and the appointment of Eric Trump to its Strategic Board of Advisors.
With 144 companies worldwide now adopting Bitcoin treasuries, Metaplanet’s bold move signals a broader shift in corporate finance, particularly in Asia, where over 60% of large corporations are projected to integrate cryptocurrencies by 2025. As Bitcoin’s price continues to climb, analysts are optimistic about Metaplanet’s trajectory, with some forecasting its holdings could rival MicroStrategy’s 531,644 BTC in the coming years.
