TLDR
- Metaplanet plans to raise „130.3 billion ($880 million) through international share sale to overseas investors for Bitcoin purchases
- Company will issue up to 555 million new shares, subject to shareholder approval on September 1
- 27.5 million shares were issued through warrant exercises between August 14-26, bringing total shares to 739.7 million
- Company redeemed „5.25 billion of bonds early and suspended warrant exercises from September 3-30
- Majority of funds („123.8 billion) will go toward Bitcoin acquisitions, with „6.5 billion for Bitcoin income generation business
Metaplanet shares rose 5.7% on Wednesday after the Tokyo-based company announced plans for a major international share offering. The move represents the latest step in the firm’s aggressive Bitcoin accumulation strategy.
The company will issue up to 555 million new shares through an overseas offering. The proposal requires shareholder approval at an extraordinary general meeting scheduled for September 1.
If approved, Metaplanet’s outstanding shares would jump from 722 million to approximately 1.27 billion shares. The international offering expects to raise around „130.3 billion, equivalent to roughly $880 million.
The company plans to use the majority of proceeds for Bitcoin purchases. Specifically, „123.8 billion will go toward acquiring Bitcoin between September and October 2025.
The remaining „6.5 billion will fund Metaplanet’s “Bitcoin Income Business.” This operation generates returns by selling covered call options and expanding put option activity on the company’s Bitcoin holdings.
Recent Capital Actions
Metaplanet provided updates on several recent financial moves. Between August 14 and August 26, investors exercised 275,000 stock acquisition rights from the company’s 20th Series.
These warrant exercises resulted in 27.5 million new shares being issued. The exercise prices ranged from 966 yen to 834 yen per share.
The new equity brought Metaplanet’s total shares outstanding to 739.7 million as of August 26. The company simultaneously redeemed „5.25 billion of its 19th Series Ordinary Bonds early.
This bond redemption adds to previous redemptions completed in July and August. The moves reduce the company’s liabilities ahead of the bonds’ scheduled December maturity.
Warrant Exercise Suspension
Metaplanet announced it will temporarily suspend warrant exercises starting September 3. The suspension will run through September 30 and affects three series of stock acquisition rights.
The 20th Series has 360,000 unexercised units remaining. Both the 21st and 22nd Series each have 1.85 million unexercised units.
The company noted it retains flexibility to resume or adjust the suspension if market conditions change. This gives Metaplanet control over the timing of additional share issuances.
Strategic Focus on Bitcoin
The share sale aims to expand Metaplanet’s Bitcoin net asset value, which serves as the foundation for its preferred shares. The company wants to maximize Bitcoin per share and overall yield for investors.
Metaplanet currently ranks as the seventh-largest corporate Bitcoin holder globally. The company holds 18,991 Bitcoin valued at approximately $2.1 billion according to Bitcoin Treasuries data.
The firm first adopted its Bitcoin accumulation strategy in April 2024. This approach has transformed the company into a regional counterpart to US-based MicroStrategy.
The international offering targets overseas markets exclusively. US sales will be limited to Qualified Institutional Buyers under Rule 144A of the Securities Act of 1933.
Global Investor Outreach
The overseas focus aims to broaden Metaplanet’s investor base beyond Japan. The company wants to attract long-term institutional capital and improve liquidity in global markets.
By targeting international investors, Metaplanet hopes to strengthen ties with global institutional players. This strategy could provide more stable, long-term funding for continued Bitcoin acquisitions.
The Bitcoin Income Business already shows profitability according to company statements. The additional „6.5 billion investment expects to scale these operations through December 2025.
The offering represents Metaplanet’s commitment to a treasury-first business model centered on Bitcoin. The company combines aggressive accumulation with income-generating strategies to create ongoing cash flow from its Bitcoin holdings.
