TLDR
- Metaplanet issues 385 million shares at $3.75 each to raise $1.44 billion for Bitcoin purchases
- Share price offers 9.9% discount to current market value, creating dilution for existing shareholders
- Funds will purchase Bitcoin in September-October and expand options trading operations
- Company holds 20,136 Bitcoin, ranking as sixth-largest public Bitcoin treasury firm
- Stock dropped 39% recently despite 150% gains over past year
Metaplanet, a Japanese hospitality company turned Bitcoin treasury firm, announced a major fundraising effort Tuesday. The Tokyo-listed company will issue 385 million new shares to international investors at a discounted price.
The shares are priced at 553 yen ($3.75) each, representing a 9.9% discount to Tuesday’s closing price. This international offering will raise approximately 212.9 billion yen ($1.44 billion) for the company.
Payment is scheduled for September 16, with share delivery on September 17. The company originally planned to issue only 180 million shares before expanding the offering size.
Metaplanet will use the majority of proceeds to purchase Bitcoin between September and October. The company views Bitcoin as a hedge against Japanese yen weakness and inflation.
The remaining funds will expand Metaplanet’s Bitcoin income-generating business. This operation trades Bitcoin options and generated 1.904 billion yen in Q2 2025 revenue.
Bitcoin Holdings Reach Major Milestone
Metaplanet has aggressively accumulated Bitcoin throughout 2024 as part of its treasury strategy. The company currently holds 20,136 Bitcoin worth approximately $2.3 billion at current prices.
This position makes Metaplanet the sixth-largest publicly traded Bitcoin treasury company globally. It ranks behind MicroStrategy, Marathon Digital, and other major corporate Bitcoin holders.
On Monday, the firm purchased an additional $15 million in Bitcoin. These regular purchases demonstrate the company’s commitment to building its digital asset position.
The company pivoted from traditional hospitality and real estate operations to focus on Bitcoin. This transformation began in 2024 as management sought alternatives to Japan’s challenging economic environment.
Stock Performance Shows Mixed Results
Metaplanet’s Bitcoin strategy has produced mixed results for shareholders. While shares gained over 150% in the past year, recent performance has disappointed investors.
The stock fell nearly 39% in the past month alone. This decline occurred while Japan’s Nikkei Index gained 1.7% over the same period.
The latest share offering creates dilution risk for existing shareholders. New shares increase the total share count, potentially reducing ownership percentages for current investors.
Despite recent weakness, some investors remain optimistic about Bitcoin treasury strategies. Public companies now collectively hold over 1 million Bitcoin across their balance sheets.
Company Cites Economic Conditions
Metaplanet justifies its Bitcoin strategy by pointing to Japan’s economic challenges. The company cites elevated national debt, negative real interest rates, and ongoing yen depreciation.
These conditions make traditional yen-denominated assets less attractive for treasury management. Bitcoin serves as an alternative store of value and inflation hedge.
The international nature of this offering suggests strong global demand for Bitcoin treasury exposure. Foreign investors can gain indirect Bitcoin exposure through Metaplanet shares.
Payment and delivery dates are set for mid-September, allowing the company to execute Bitcoin purchases quickly. The timing aligns with potential market opportunities in the cryptocurrency space.
