Metaplanet Raises $1.45 Billion in Share Offering to Expand Bitcoin Holdings

Tokyo-listed Metaplanet Inc. has completed a major share offering worth approximately $1.45 billion (¥205.4 billion), with the majority of proceeds earmarked for Bitcoin purchases as the company continues its pivot toward cryptocurrency as a treasury asset.

The capital raise marks one of the largest Bitcoin-focused fundraising efforts by a Japanese public company, reflecting growing institutional interest in cryptocurrency as a treasury asset amid macroeconomic uncertainties in Japan.

The company issued 385 million new shares at ¥533.39 per share, according to a regulatory filing today. The offering represents a 9.93% discount to the September 9 reference price of ¥614 per share. Payment is scheduled for September 16, with share delivery the following day.

Of the net proceeds totaling ¥204.1 billion, Metaplanet will allocate ¥183.7 billion to Bitcoin purchases between September and October 2025. An additional ¥20.4 billion will fund the company's Bitcoin income generation business through December 2025.

The share issuance increases Metaplanet's total outstanding shares from approximately 756 million to 1.14 billion shares.

Metaplanet cited Japan's challenging economic environment as justification for its Bitcoin strategy, pointing to "elevated levels of national debt, prolonged real negative interest rates, and an ongoing depreciation of the yen." The company first announced its treasury transformation strategy in May 2024, positioning Bitcoin as a hedge against yen depreciation and inflation risk.

As of September 1, Metaplanet held 20,000 Bitcoin valued at approximately ¥322 billion, the company said. The planned purchases would significantly expand this position.

The company has also been generating revenue through Bitcoin options trading as part of its treasury operations. This business recorded ¥1.9 billion in sales during the second quarter of fiscal 2025, according to interim financial results released in August. Metaplanet aims to achieve full-year operating profitability through these activities.