Metaplanet Bets Big on Bitcoin with $5.4B Equity Raise—Wall Street Rolls Its Eyes

Another day, another corporate treasury diving headfirst into crypto. This time it's Metaplanet—yes, that Metaplanet—making a $5.4 billion play for Bitcoin dominance. Because nothing says 'innovation' like following MicroStrategy's playbook.

Why now? The company claims this moonshot will 'future-proof' its balance sheet. Translation: They missed the last bull run and are FOMO-buying at what might be the top. Classic.

Wall Street analysts are already sharpening their pencils—not to endorse the move, but to draft the inevitable 'I told you so' reports when volatility hits. Meanwhile, Bitcoin maximalists are cheering. Who needs fundamentals when you've got hopium?

One thing's certain: If this gamble pays off, expect a flood of copycats. If it crashes? Well, there's always the 'long-term adoption' narrative to fall back on.

• Metaplanet raised $5.4 billion through issuing 555 million new shares to aggressively expand its Bitcoin holdings.
• The firm aims to accumulate 210,000 BTC by the end of 2027, using moving strike warrants, convertible bonds, and other financial tools.
• Its Bitcoin-focused strategy has driven the stock price up 1,390% over the past year, making it Japan’s top-traded stock.

Metaplanet, a Japanese investment firm turned bitcoin treasury powerhouse, has announced a historic $5.4 billion equity raise aimed at aggressively expanding its bitcoin holdings. In what is now the largest-ever equity raise in Asia dedicated to cryptocurrency acquisition, the firm is setting a new standard for institutional Bitcoin adoption.

*Metaplanet Issues 555 Million Shares of Moving-Strike Warrants, Expected Proceeds: ~$5.4b to Buy Additional $BTC; Largest Stock Acquisition Rights Issuance in Japan Capital Markets History & 1st Moving Strike Warrant Ever Issued Above Market* pic.twitter.com/ZgwiRE3GmU

The ambitious move, called the “555 Million Plan,” involves the issuance of 555 million new shares, representing 92.4% of Metaplanet’s total outstanding shares through a mechanism known as moving strike warrants, Japan’s version of at-the-market equity offerings. This structure allows the firm to gradually sell equity over the next two years, minimizing market disruption while maximizing capital inflow. The plan will be led by EVO FUND, with Evolution Japan Securities serving as the official arranger.

Metaplanet’s CEO, Simon Gerovich, shared the announcement on X (formerly Twitter), stating, “Thrilled to announce Asia’s largest-ever equity raise to buy Bitcoin again! This time: $5.4 billion to accelerate our bitcoin strategy.”

Thrilled to announce Asia’s largest-ever equity raise to buy bitcoin — again! 🚀 This time: $5.4 billion to accelerate our Bitcoin strategy. Our new target: 210,000 BTC by 2027.

Details here: https://t.co/ahL27o9QBg pic.twitter.com/njYybVq1uu

This initiative marks a significant escalation from Metaplanet’s previous “210 Million Plan” and lays the foundation for the company’s bold new targets: 30,000 BTC by the end of 2025, 100,000 BTC by the end of 2026, and an eye-watering 210,000 BTC by the end of 2027. Achieving this final milestone WOULD place Metaplanet among the elite “1% Club” entities holding at least 1% of Bitcoin’s 21 million maximum supply.

To meet these targets, the company will use a variety of financial tools including moving strike warrants, convertible bonds, preferred shares, and traditional bonds. The firm describes this as part of its “high-conviction, equity-driven capital markets strategy.”

Metaplanet Embraces Market Volatility

“Bitcoin is repricing the global cost of capital,” the firm said in an official statement. “Through our 555 Million Plan, we are doubling down on bitcoin accumulation. As the most volatile listed equity in Japan, we are not scared of turbulence we harness it.”

The numbers speak for themselves. Since adopting its bitcoin treasury strategy in early 2024, Metaplanet has already acquired 8,888 BTC worth approximately $920 million as of June 2025 achieving 89% of its 10,000 BTC goal by 2025 within just five months. The company’s total purchase cost was around $849 million, resulting in a paper gain of roughly $71 million.

*Metaplanet Acquires Additional 1,088 $BTC, Total Holdings Reach 8,888 BTC* pic.twitter.com/X2clAIKNbR

Metaplanet is now the 7th largest corporate bitcoin holder globally, surpassing numerous traditional institutions and placing it in direct competition with giants like MicroStrategy and Tether-backed entities.

In an innovative twist, Metaplanet measures its success not just in traditional financial terms but through a proprietary metric called BTC Yield. This key performance indicator tracks the ratio of bitcoin holdings to fully diluted shares over time, reflecting the efficiency of its BTC acquisition per share. Year-to-date, Metaplanet has posted a staggering 225.4% BTC Yield, having grown its bitcoin holdings from 1,762 BTC to 8,888 BTC.

Metaplanet Stock Soars 1,390% on Bitcoin Strategy

The company has also positioned itself ideologically alongside MicroStrategy (MSTR), noting, “We share Strategy’s belief that bitcoin-backed securities FORM the bridge between the old financial world and the new. Bitcoin is dematerializing $300 trillion of 20th-century analog store-of-value assets.”

Metaplanet’s Bitcoin-first strategy has delivered extraordinary returns to shareholders. The stock has gained 258% year-to-date and 1,390% over the past year, making it Japan’s number-one stock by trading volume and turnover, and the second-best-performing stock in the country in 2025. It also outperforms its closest competitor by a factor of ten since launching its bitcoin-focused strategy.

Despite a modest 1.6% dip on the day of the announcement, investor confidence remains strong as Metaplanet redefines what it means to be a publicly traded Bitcoin company.

Metaplanet joins 144 companies, including TRUMP Media and GameStop, in holding Bitcoin as a reserve asset. Its growing BTC strategy signals a shift toward Bitcoin-backed corporate finance.

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