Metaplanet to Raise $1.38B for Bitcoin Purchases

Metaplanet Inc., a Tokyo-listed investment company, announced plans to raise more than $1.38 billion (204.1 billion yen) through an overseas share offering.

The firm intends to use most funds to expand its Bitcoin holdings, highlighting its continued shift toward digital assets as a treasury strategy.

Share Offering and Capital Structure

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The board approved the issuance of 385 million new shares at $3.75 (553 yen) per share. This sale will increase the company’s outstanding shares from 755.9 million to 1.14 billion, and it expects net proceeds of $1.38 billion.

The payment date is September 16, and delivery will follow on September 17. By choosing an international placement, Metaplanet seeks to broaden its investor base and reduce reliance on domestic capital.

Of the proceeds, $1.24 billion will go toward Bitcoin purchases in September and October 2025. The company has said that building Bitcoin reserves shields its balance sheet from yen depreciation and inflation risks.

As of September 1, 2025, Metaplanet held 20,000 BTC, worth about $2.06 billion. Executives argue that Bitcoin provides long-term value growth while protecting assets from negative real interest rates in Japan.

Expanding Bitcoin Income Business

The firm will also allocate $138 million to its Bitcoin income business, mainly through options trading. This unit reported sales of $8.34 million in the second quarter of fiscal 2025. With the new capital, Metaplanet aims to achieve full-year profitability in the segment by December.

These moves strengthen the company’s position as Japan’s largest corporate Bitcoin holder. Moreover, they mirror strategies of several US-listed companies that use Bitcoin as a reserve asset.

On the other hand, crypto treasury firms show signs of strain as mNAV drops and share prices weaken. While still active, their reliance on equity highlights risks that could slow the once-unstoppable strategy.