Metaplanet’s Aggressive Bitcoin Strategy
Japanese investment company Metaplanet has announced plans to raise 180.3 billion yen ($1.2 billion) through an overseas share issuance, with a significant portion of the funds earmarked for fresh Bitcoin purchases. This move is part of the company’s aggressive pivot into digital assets, aiming to cement its position as one of the world’s largest corporate holders of Bitcoin.
The company intends to issue up to 555 million new shares, which could expand its total outstanding stock from 722 million to approximately 1.27 billion shares. The offering price will be determined between September 9 and September 11 through a bookbuilding process, with payments scheduled to settle shortly after. The share issuance will take place exclusively in overseas markets, with sales in the United States limited to qualified institutional buyers under Rule 144A of the U.S. Securities Act.
Bitcoin Treasury Expansion
According to Metaplanet, the bulk of the proceeds, around 123.8 billion yen ($837 million), will be allocated to Bitcoin purchases between September and October 2025. Another 6.5 billion yen ($45 million) will be directed toward its Bitcoin Income Generation business, where the company earns revenue by selling options against its holdings. In the second quarter, this segment contributed 1.9 billion yen in sales revenue, helping Metaplanet post 816 million yen in operating profit on 1.2 billion yen in revenue.
The latest funding plan comes after a series of rapid acquisitions that have lifted Metaplanet’s Bitcoin reserves to 18,991 BTC, valued at more than $2.14 billion. On August 18, the firm added 775 BTC worth $775 million, followed by another 103 BTC purchase on August 25 for 1.7 billion yen ($11.8 million). These buys pushed its total stash up from 18,113 BTC in the previous quarter, extending a steady accumulation drive that began in April 2024 when the company rebranded itself as a “Bitcoin treasury company.”
Metaplanet’s Ambitious Targets
CEO Simon Gerovich, a former Goldman Sachs derivatives trader, has overseen the company’s dramatic transformation from a hotel management business into Asia’s most prominent corporate Bitcoin holder. Under his leadership, Metaplanet has pursued what it calls the “555 Million Plan,” a long-term target of amassing 210,000 BTC by 2027, equal to about 1% of the cryptocurrency’s fixed supply.
Metaplanet’s strategy mirrors that of U.S. software firm Strategy, which pioneered the use of Bitcoin as a treasury reserve. Like its American counterpart, the Japanese firm funds acquisitions through capital market raises, including share issuances and bond programs. Earlier this year, it redeemed 3 billion yen ($20.4 million) of its 19th Series Ordinary Bonds to optimize liabilities while continuing to scale its Bitcoin holdings.
Japan’s Crypto-Friendly Policies
Japan’s push for clearer regulation is fueling a wave of corporate crypto adoption. The Financial Services Agency plans to classify digital assets as financial products under the Financial Instruments and Exchange Act by 2026, while proposed tax reforms could cut capital gains on crypto to a flat 20% from rates as high as 55%. Finance Minister Katsunobu Kato reinforced this direction at the WebX2025 forum in Tokyo, highlighting digital assets’ potential in diversified portfolios.
Amid the policy shift, Tokyo-listed firms are ramping up Bitcoin holdings. Five companies, including Metaplanet, disclosed new allocations this week, adding 156.79 BTC to their reserves. Energy firm Remixpoint led with 41.5 BTC ($4.6M), bringing its total to 1,273 BTC, ranking among the top 40 global corporate holders. Fashion retailer ANAP Holdings lifted its balance to 1,017 BTC, while Agile Media Network added 0.59 BTC. Def Consulting also confirmed a new treasury program.
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