metaplanet

Japan’s leading Bitcoin treasury firm Metaplanet has announced another major purchase, acquiring 1,009 BTC for 16.48 billion yen ($112 million). The company now holds a total of 20,000 BTC, less than three months after surpassing the 10,000 BTC mark.
Sixth Largest Public Bitcoin Treasury
According to Bitcointreasuries.net, the new purchase makes Metaplanet the sixth-largest public Bitcoin treasury company, likely surpassing Riot Platforms. The company has revised its year-end goal from 10,000 BTC to 30,000 BTC, highlighting its aggressive accumulation strategy.
Strategic Funding Plans
Metaplanet revealed plans to raise 130 billion yen ($880 million) through an international share offering, with most of the proceeds allocated to Bitcoin purchases over the next two months. CEO Simon Gerovich also mentioned the possibility of borrowing against Bitcoin reserves to acquire cash-generating businesses.
Market Reaction
Despite the announcement, Metaplanet’s Tokyo-listed stock dropped 2.62% on Monday, as reported by Yahoo Finance. Meanwhile, U.S.-listed shares closed last Friday at $6.11, up 0.83%, according to The Block’s MTPLF price page.
The Road Ahead
Metaplanet’s commitment to Bitcoin positions it as a major player in corporate adoption of digital assets. Should the company achieve its 30,000 BTC target by year-end, it may rise further in global rankings of Bitcoin treasuries.
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A Strategic Pivot in Turbulent Times
Metaplanet, Japan’s trailblazing Bitcoin treasury company, is at a critical juncture. Once a budget hotel operator, the Tokyo-listed firm has transformed into a global leader in corporate Bitcoin adoption, holding 18,991 BTC valued at approximately $2.1 billion as of August 2025. However, a 54% stock price decline since mid-June has disrupted its capital-raising “flywheel” mechanism, forcing the company to pursue aggressive new financing strategies. With plans to raise 130.3 billion yen ($880 million) through an overseas public stock offering and up to 555 billion yen ($3.7 billion) via preferred shares, Metaplanet is doubling down on its Bitcoin-first vision. This article explores the company’s bold moves, the challenges it faces, and the implications for institutional Bitcoin adoption in Japan.
The Fall of the Flywheel: A Financing Crisis
Metaplanet’s meteoric rise in 2024, with its stock soaring over 5,000% after adopting Bitcoin as a core treasury asset, positioned it as “Asia’s MicroStrategy.” The company’s “flywheel” strategy relied on rising share prices to unlock funding through stock acquisition rights, primarily via MS warrants issued to its key investor, Evo Fund. These funds fueled rapid Bitcoin accumulation, propelling Metaplanet to the seventh-largest public Bitcoin holder globally. However, the recent 54% stock price drop has rendered these warrants unattractive, squeezing liquidity and slowing Bitcoin purchases. The suspension of Evo’s warrant exercises from September 3 to 30 underscores the urgency of finding alternative capital sources.
This downturn contrasts sharply with Bitcoin’s modest 2% gain over the same period, highlighting a disconnect between Metaplanet’s equity valuation and its underlying Bitcoin holdings. The company’s market capitalization, once surpassing giants like Tokyo Metro, now trades at a premium to its net asset value (NAV), creating arbitrage opportunities for hedge funds. Some investors are shorting Metaplanet while going long on Bitcoin or proxies like MicroStrategy, betting on a compression of this premium.
Ambitious Financing Plans: Overseas Shares and Preferred Stock
To stabilize its financial position and sustain its Bitcoin acquisition strategy, Metaplanet has unveiled two major fundraising initiatives. The first is a 130.3 billion yen ($880 million) overseas public stock offering, involving the issuance of up to 555 million new shares. This move, announced on August 27, 2025, aims to broaden the company’s investor base by targeting institutional investors in global markets, with U.S. sales restricted to Qualified Institutional Buyers under Rule 144A. Approximately 123.8 billion yen ($835 million) of the proceeds will fund Bitcoin purchases between September and October 2025, while 6.5 billion yen ($44 million) will scale its “Bitcoin Income Business,” which generates revenue through covered call options.
The second initiative, subject to shareholder approval on September 1, 2025, involves issuing up to 555 million preferred shares—a rare instrument in Japan. This could raise up to 555 billion yen ($3.7 billion), offering up to 6% annual dividends and initially capped at 25% of Metaplanet’s Bitcoin holdings. CEO Simon Gerovich describes these shares as a “defensive mechanism” to infuse capital without diluting common shareholders if the stock price falls further. The preferred shares, with Class A offering fixed payments and Class B convertible to common stock, are designed to appeal to yield-hungry Japanese investors in a low-interest-rate environment.
Japan’s Macro Backdrop: A Catalyst for Bitcoin Adoption
Metaplanet’s aggressive Bitcoin strategy is deeply rooted in Japan’s macroeconomic challenges. With a national debt-to-GDP ratio of 260%, inflation at 4.2%, and a yen at a 24-year low, traditional assets like Japanese government bonds (JGBs) offer little protection. The Bank of Japan’s bond market interventions and negative real yields have pushed investors toward alternatives like Bitcoin, seen as a hedge against currency debasement and inflation. Metaplanet’s treasury, now holding 18,991 BTC, is a strategic bet on Bitcoin’s scarcity and long-term appreciation potential.
Japan’s 2025 regulatory reforms further bolster this shift. The reclassification of crypto as a financial product under the Financial Instruments and Exchange Act, coupled with a reduced capital gains tax of 20% (down from 55%), has attracted institutional interest. Metaplanet’s inclusion in the FTSE Japan and All-World Indices in September 2025 enhances its visibility, drawing passive inflows from global funds. These developments position the company as a pioneer in Japan’s growing institutional Bitcoin adoption, with its “21 Million Plan” and “555 Million Plan” targeting 210,000 BTC by 2027—1% of Bitcoin’s total supply.
Risks and Criticisms: Volatility and Dilution Concerns
Despite its bold vision, Metaplanet faces significant risks. The stock’s 445% year-to-date surge masks extreme volatility, with a 52-week range of $1.51 to $16.00 and a 33% drop in the past month. Critics argue that the company’s heavy Bitcoin exposure ties its fate to the cryptocurrency’s price swings, with a 30–50% BTC drawdown potentially triggering sharp equity sell-offs. The proposed share issuances, increasing outstanding stock from 722 million to 1.27 billion, raise dilution concerns among investors.
Moreover, Metaplanet’s NAV premium—trading at over 400% of its Bitcoin holdings’ value—has drawn skepticism. Hedge funds are exploiting this gap through arbitrage strategies, shorting Metaplanet while buying Bitcoin or MicroStrategy stock. The anticipated approval of Bitcoin ETFs in Japan by mid-2026 and potential tax reforms could further compress this premium, reducing the appeal of Metaplanet as a Bitcoin proxy.
A Bellwether for Corporate Bitcoin Adoption
Metaplanet’s financing moves are a high-stakes gamble to maintain its position as Asia’s leading Bitcoin treasury company. The success of its overseas share offering and preferred stock issuance will determine its ability to scale its 18,991 BTC holdings toward its 210,000 BTC goal. As Japan navigates economic uncertainty, Metaplanet’s strategy could inspire other corporations to adopt Bitcoin as a treasury asset, reshaping corporate finance in fiat-weak economies.
For investors, Metaplanet offers a unique opportunity to gain Bitcoin exposure through a publicly traded stock, supported by stable cash flows from its legacy hotel business. However, the risks of volatility, dilution, and regulatory shifts demand careful monitoring. As the shareholder vote looms and the share offering pricing nears, Metaplanet’s journey will serve as a critical case study for the intersection of traditional finance and cryptocurrency in Japan.
A Bold Vision in Uncertain Times
Metaplanet’s pivot to a Bitcoin-centric treasury has positioned it at the forefront of a global trend, but its recent stock decline and financing challenges highlight the complexities of this strategy. By raising up to $4.6 billion through innovative instruments, the company is betting on Bitcoin’s long-term value to navigate Japan’s economic headwinds. Whether this bold move solidifies Metaplanet’s status as a pioneer or exposes it to the crypto market’s volatility remains to be seen. For now, all eyes are on Tokyo as Metaplanet charts the future of corporate Bitcoin adoption.