Metaplanet Raises $1.4 Billion Through Share Offering to Buy More Bitcoin

TLDR

• Metaplanet will issue 385 million new shares at $3.75 each to raise $1.44 billion for Bitcoin purchases
• The share price represents a 9.9% discount, creating dilution risk for existing shareholders
• Company plans to buy Bitcoin between September-October and expand its options trading business
• Metaplanet currently holds over 20,000 Bitcoin, making it the sixth-largest public Bitcoin treasury company
• Stock has fallen 39% in the past month despite surging 150% over the past year

Japanese hospitality and real estate company Metaplanet announced Tuesday it will issue 385 million new shares to expand its Bitcoin holdings. The Tokyo-listed firm has transformed itself into a Bitcoin treasury company over the past year.

The shares will be sold through an international offering at 553 yen ($3.75) each. This raises an estimated 212.9 billion yen ($1.44 billion) for the company.

The issue price represents a 9.9% discount to Metaplanet’s Tuesday closing price of 614 yen. This discount aims to attract international investors to the offering.

Payment is scheduled for September 16 when underwriters and investors transfer funds. Share delivery follows on September 17 when new stocks are credited to investor accounts.

The company originally planned to issue only 180 million shares before upsizing the offering. The board of directors approved the expanded international stock sale in late August.

Metaplanet will use the proceeds to purchase Bitcoin between September and October. The company views Bitcoin as a hedge against Japanese yen depreciation.

Bitcoin Treasury Strategy

The firm will also expand its Bitcoin income-generating business using the raised funds. This business currently relies on trading Bitcoin options for revenue.

Metaplanet reported 1.904 billion yen in sales revenue from options trading in Q2 2025. The company plans to allocate $138,000 of the proceeds to expand this operation.

The company has been building its Bitcoin position throughout 2024. As of September 1, it holds over 20,000 Bitcoin on its balance sheet.

This makes Metaplanet the sixth-largest publicly traded Bitcoin treasury company. It ranks behind companies like MicroStrategy, Marathon Digital, and others.

On Monday, the firm disclosed purchasing an additional $15 million in Bitcoin. This brought total holdings to 20,136 BTC worth approximately $2.3 billion at current prices.

Stock Performance Challenges

Despite its Bitcoin strategy, Metaplanet’s stock performance has been mixed recently. Shares have fallen nearly 39% in the past month alone.

This decline occurred while Japan’s benchmark Nikkei Index gained 1.7% over the same period. The underperformance raises questions about investor sentiment toward Bitcoin treasury strategies.

However, the stock has surged more than 150% over the past year. This initial enthusiasm was driven by investor excitement about the company’s Bitcoin pivot.

The latest share offering represents an equity issuance rather than a bond. This means existing shareholders face dilution risk as ownership percentages decrease with new share creation.

Metaplanet cited Japan’s economic conditions as justification for its Bitcoin strategy. The company points to elevated national debt, negative real interest rates, and ongoing yen depreciation as key factors driving its treasury transformation.

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