Metaplanet, a Tokyo-based investment firm, has filed to raise up to 555 billion yen ($3.7 billion) through a share sale to fund its bitcoin treasury. The filing, made public on Friday, will take effect on August 9, 2025 and stay valid until August 8, 2027. The company can issue shares in parts over that time if market conditions allow.
The amount Metaplanet is seeking to raise is about 75% of its current market value of 729.45 billion yen. The company said the filing is part of a wider goal to acquire 210,000 Bitcoin by 2027. But it also noted that there is no confirmed plan to issue the shares yet, and it remains uncertain whether the offering will happen at all.
Before anything can go ahead, shareholders must first vote on whether to increase the number of authorized shares from 1.61 billion to 2.723 billion.
This proposal is expected to be voted on at an Extraordinary General Meeting scheduled for September 1, 2025. If it passes, Metaplanet will create two new types of preferred shares, called Class A and Class B. Each class could be issued for up to 277.5 billion yen. These shares would come with dividend rights of up to 6%, and the money raised would go towards buying more bitcoin.
Expanding Bitcoin Treasury
Metaplanet already holds a large amount of Bitcoin. As of Friday, it owned 17,132 BTC. Its most recent purchase was 780 BTC, made on July 28. At today’s market price of around $114,396 per Bitcoin, the company’s total Bitcoin holdings are worth roughly $1.95 billion.
Even though the shelf registration gives Metaplanet the option to raise a large sum, there are still hurdles. The stock sale depends on favourable market conditions, and issuing new shares could dilute the value of existing shares. The September vote will also play a key role in deciding whether the plan moves forward.
Metaplanet’s move comes as more companies are showing long-term interest in bitcoin. If the plan succeeds, it could put the company among the biggest corporate holders of the asset.
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