Metaplanet’s $884M Share Sale to Boost 20K BTC Treasury
Tokyo-listed Metaplanet has secured shareholder approval to launch a share sale of up to 555 million new shares in an international offering, aiming to raise approximately $884 million. Final pricing will be set through a book-building process from September 9–11, with settlement by mid-September and a 60-day lock-up for major shareholders. Nearly all proceeds will fund Bitcoin purchases, following a recent 1,009 BTC acquisition for $112 million.
The equity raise will expand Metaplanet’s Bitcoin treasury from around 19,000 BTC to over 20,000 BTC—valued at $2.1 billion—solidifying its position as Asia’s largest and the world’s sixth-largest corporate Bitcoin holder. Management plans to grow its Bitcoin treasury to 30,000 BTC by year-end, 100,000 BTC by 2026 and 210,000 BTC by 2027. Unlike peers relying on debt, Metaplanet uses share issuance and bond redemptions to fuel accumulation.
Executives cite Japan’s rising national debt, prolonged negative interest rates and yen depreciation as key drivers for increasing their Bitcoin treasury to preserve long-term value. The offering includes 180 million underwritten shares and a 375 million-share greenshoe option, targeting overseas investors and limiting U.S. participation to Qualified Institutional Buyers under Rule 144A.
Bullish
Metaplanet’s large-scale share sale to fund direct Bitcoin purchases signals strong institutional demand and removes supply from the open market, which typically supports price appreciation. In the short term, the book-building and planned acquisitions may create bullish momentum as traders anticipate increased corporate accumulation. Over the long term, a committed roadmap to 30K, 100K and 210K BTC by 2027 underpins sustained demand, reducing available supply and reinforcing a positive price trend for Bitcoin. The use of equity rather than debt minimizes liquidation risk, adding stability to their accumulation strategy.