Metaplanet Doubles Down on Bitcoin Bet: Launches US Arm in $250M Power Play
Tokyo’s crypto-crowd darling Metaplanet is going transatlantic—and they’re bringing their Bitcoin obsession with them. The firm just filed paperwork to plant its flag in Delaware (because of course they did) and is hunting for a quarter-billion dollars to turbocharge their BTC strategy.
Why This Matters: After Japan’s regulatory frost chilled domestic crypto growth, Metaplanet’s US pivot screams ’capital flight’ dressed as expansion. Their Bitcoin treasury strategy—already mimicking MicroStrategy’s playbook—now gets a Wall Street adjacent address.
The Fine Print: That $250M ask? Likely convertible notes or equity, because nothing says ’conviction’ like dilution. Watch for the SEC’s eyebrow raise when they realize this isn’t just another SPAC shell game.
Bottom Line: When traditional finance meets crypto true believers, the result is either genius or a very expensive cautionary tale. Metaplanet’s betting it’s the former—Wall Street’s compliance drones are already reaching for the antacids.
Accumulation strategy
The Japanese firm began its accumulation strategy in April last year with just 97.8 BTC, consistently growing its stash. This month alone, the company has acquired over 1,650 BTC valued at roughly $156 million.
That was funded by what Metaplanet described as "Asia’s largest-ever" capital raise of $745 million, structured around zero-discount moving strike warrants.
Similar to options in equity derivatives, strike warrants offer investors the right but not the obligation to purchase a company’s shares at a strike price that shifts over time.
Metaplanet tracks its Bitcoin accumulation efficiency using a metric called "BTC Yield," which compares its Bitcoin holdings to its outstanding shares.
That measure hit 95.6% in the first quarter of this year, following a dramatic rise from 42% to 310% by the end of last year, indicating the company had been acquiring Bitcoin at a pace exceeding its share issuance.
Data from Bitcoin Treasuries shows Metaplanet now holds 5,000 BTC on its books, worth about $473 million, ranking 11th among entities holding Bitcoin.
Edited by Sebastian Sinclair
