Metaplanet Inc. has finalized its international offering at 385 million shares, up from an initial 180 million, raising $1.4 billion (~¥205 billion) to accelerate its shift into Bitcoin. The Tokyo-listed firm confirmed Tuesday that underwriters applied for 385 million shares, well above the underwritten base, which will now be issued as new equity.
The funds will be deployed primarily to expand Metaplanet’s Bitcoin reserves, with ¥183.7 billion earmarked for BTC purchases over the next two months. This offering is a direct extension of Metaplanet’s ongoing strategy to decouple its treasury from the yen’s persistent decline, real negative interest rates, and Japan’s mounting sovereign debt.
The company first unveiled its pivot in a May 2024 announcement titled “Strategic Treasury Transformation and Bitcoin Adoption.”
“We believe we can isolate our treasury from the yen’s decline, eliminate inflation risk, and achieve sustained enhancement of corporate value,” the company stated in its release.
As of September 1, Metaplanet holds 20,000 BTC valued at approximately ¥322 billion, making it the largest Bitcoin-holding public firm in Asia and second globally after Strategy.
Beyond storage: BTC is working capital
Metaplanet isn’t just holding Bitcoin, it’s putting it to work. The company pulled in ¥1.9 billion last quarter by trading BTC options and now plans to inject another ¥20.4 billion from the fresh raise into this income-generating strategy. The goal: turn its crypto treasury into a profit center by year-end.
While some crypto treasuries are scaling back, Metaplanet is going all in, tripling down on Bitcoin exposure while markets debate whether the Saylor-style playbook is sustainable.
This isn’t a defensive hedge; it’s an offensive capital rotation. With one of the largest BTC buys on record incoming, Metaplanet is no longer just a digital asset holder. It’s building the model others will soon be forced to benchmark against.
Also Read: Strategy injects $217M into bitcoin as 2025 gains hit 25.8%
