Metaplanet has made one of the boldest corporate treasury moves in Japan. The Tokyo-listed firm has launched a $1.45 billion share sale to fund its aggressive Bitcoin purchases, solidifying its strategy of treating the cryptocurrency as its primary reserve asset.
Share sale fuels Bitcoin accumulation
The international offering, priced at ¥553 ($3.73) per share, issues 385 million shares. The sale raises ¥212.9 billion ($1.45 billion), with net proceeds of ¥204.1 billion ($1.39 billion).
Almost all funds are directed to Bitcoin, with ¥183.7 billion ($1.25 billion) allocated for purchases. Another ¥20.4 billion ($139 million) is set aside for income-generating operations tied to Bitcoin holdings, according to a notice determining the issue price.
This decision follows a shareholder vote on September 1, authorizing the issuance of up to 550 million new shares. Metaplanet expanded the sale from its original plan of 180 million shares to 385 million after demand surged.
The shares were priced nearly 10% below market value. Settlement is expected in mid-September, with possible additional allotments to follow.
Metaplanet’s move comes after a turbulent summer. Its stock had fallen 54% since mid-June, forcing management to secure new financing.
The finalized terms now shift the company from shareholder authorization to execution, marking a critical pivot toward stabilizing its balance sheet while deepening its Bitcoin strategy.
Bitcoin-first balance sheet strategy
Metaplanet currently holds 20,136 BTC valued at about $2.25 billion. Its latest purchase of 136 Bitcoin earlier this week reinforced its position as the sixth-largest public corporate holder of the asset.
The company now ranks ahead of Tesla, Coinbase, and Trump Media & Technology Group, while trailing Strategy, Marathon, and Twenty One.
By September alone, Metaplanet added 1,145 BTC worth $127 million. It aims to expand far beyond that. President Simon Gerovich has stated the firm wants to control 210,000 BTC, or about 1% of the total supply, by 2027.
The company explained its rationale in a notice accompanying the issue price determination.
It cited Japan’s rising national debt, prolonged negative real interest rates, and yen depreciation as reasons to hold Bitcoin as a strategic reserve.
The firm began stacking BTC in April last year and has since shifted to a Bitcoin-first balance sheet.
Metaplanet has also started generating yield from its holdings. In the second quarter of fiscal 2025, it recorded nearly $13 million in Bitcoin-driven revenue.
The ¥20.4 billion allocation from the share sale will support this income-generation business.
Dan Dadybayo, research and strategy lead at Unstoppable Wallet, that corporate Bitcoin treasuries are “shifting from experiment to mainstream balance-sheet strategy.” He noted that with new accounting rules and ETF adoption, public companies could hold more than 1 million BTC by year-end.