Metaplanet Seeks $1.38B Boost to Cement Bitcoin Treasury Dominance

Metaplanet Inc., Japan’s most aggressive corporate Bitcoin adopter, has unveiled plans for a $1.38 billion (204.1 billion yen) capital raise via an overseas share offering, underscoring its long-term bet on digital assets.

The company’s board approved the issuance of 385 million new shares at $3.75 (553 yen) apiece, lifting its outstanding shares from 755.9 million to 1.14 billion. Net proceeds from the sale are slated for September 16, with settlement the following day. Metaplanet chose an international placement to tap global demand and reduce dependence on Japanese capital markets.

Of the funds, $1.24 billion will be funneled into Bitcoin purchases across September and October 2025. Executives said the strategy is designed to shield the balance sheet from yen depreciation and negative real interest rates while positioning Bitcoin as a growth asset. As of September 1, Metaplanet already held 20,000 BTC, worth approximately $2.06 billion.

The firm will also channel $138 million into its Bitcoin income business, primarily through derivatives and options trading. That unit posted $8.34 million in sales during Q2 fiscal 2025, with management now forecasting full-year profitability by December.

This move further solidifies Metaplanet’s role as Japan’s largest corporate Bitcoin holder, drawing comparisons to US-listed firms that use Bitcoin as a reserve asset. However, the approach is not without risk: other crypto treasury companies have struggled amid falling market-adjusted net asset values (mNAV) and sliding share prices.

For now, Metaplanet is doubling down, betting that global investors will back its mission to turn Bitcoin into a cornerstone of corporate finance.