Tokyo-Based Firm Aims to Become Asia’s Leading Corporate Bitcoin Holder
Key Takeaways
- Metaplanet’s $745M raise marks Asia’s largest Bitcoin-focused equity issuance.
- Targets: 10,000 BTC by 2025, 21,000 BTC by 2026.
- BTC Yield (309.82% in Q4 2024) is the core performance metric.
- Strategic safeguards protect against dilution and volatility.
Metaplanet Inc. (TSE: 3350), a Tokyo Stock Exchange-listed company, has unveiled an aggressive two-year plan to expand its Bitcoin treasury to 21,000 BTC by the end of 2026, backed by a ¥116.65 billion ($745 million) capital raise—the largest Bitcoin-focused equity fundraising in Asian history. The move solidifies its position as a frontrunner in corporate Bitcoin adoption, drawing comparisons to MicroStrategy’s landmark treasury strategy.
The $745M Capital Raise: A Bitcoin-First Strategy
Metaplanet’s capital raise involves issuing 21 million shares through “0% discount moving strike warrants,” a structure designed to minimize shareholder dilution. Unlike traditional warrants, which often price shares at a discount, Metaplanet’s exercise price is pegged to 100% of the previous day’s closing share price, ensuring alignment with shareholder value.
The funds will be allocated exclusively to Bitcoin purchases, with ¥111.3 billion ($712 million) directed toward BTC acquisitions and ¥5 billion ($32 million) reserved for Bitcoin treasury operations, including put-option sales that generated over ¥500 million ($3.2 million) in 2024.
“Our benchmark isn’t fiat currencies like the yen or dollar—it’s Bitcoin itself. We’re here to accumulate and lead, not sell,” said Dylan LeClair, Metaplanet’s Director of Bitcoin Strategy.
From 1,761 BTC to 21,000: A Bold Roadmap
Metaplanet currently holds 1,761 BTC (valued at ¥27.7 billion/$173 million as of December 31, 2024), acquired at an average price of ¥11.85 million ($75,900) per Bitcoin. Its two-phase targets include:
- 10,000 BTC by end-2025 (+467% growth from current holdings).
- 21,000 BTC by end-2026, positioning it among the top global corporate BTC holders.
The company’s confidence stems from its 309.82% BTC yield in Q4 2024—a dramatic increase from 41.7% in Q3—driven by strategic acquisitions and Bitcoin’s price appreciation. For 2025, Metaplanet aims to sustain a 35% quarterly BTC yield, prioritizing Bitcoin-per-share growth over fiat-denominated metrics.
Why Bitcoin? Hedging Against Yen Depreciation
Metaplanet’s Bitcoin-centric strategy is a direct response to Japan’s macroeconomic challenges, including negative real interest rates, soaring government debt, and a weakening yen, which has lost ~30% against the USD since 2022. By converting yen reserves into Bitcoin, the company aims to preserve long-term shareholder value and hedge against inflation.
“Bitcoin is not just an asset; it’s the exit strategy,” LeClair emphasized, reflecting a broader corporate philosophy that views Bitcoin as a superior store of value.
Asia’s Answer to MicroStrategy
Metaplanet’s approach mirrors MicroStrategy’s playbook, which holds 471,107 BTC (~$30.4 billion) as of January 2025. Both firms prioritize Bitcoin as a primary treasury reserve, leverage capital markets for acquisitions, and measure success in BTC terms rather than fiat.
However, Metaplanet differentiates itself through investor safeguards, including:
- Daily exercise price adjustments tied to market value (floor: ¥2,555).
- A suspension clause to halt warrant exercises during volatility.
- Monthly share exercise limits (10% of listed shares) to prevent rapid dilution.
Market Reaction and Future Outlook
Metaplanet’s shares rose 3% following the announcement, extending its year-to-date gain to 16%. Since adopting the Bitcoin Standard in April 2024, its market capitalization has surged 7,000%, and shareholder count surpassed 50,000.
CEO Simon Gerovich underscored the company’s vision: “We aim to lead Japan’s Bitcoin renaissance and emerge as a global leader in treasury innovation”.
For more details, visit Metaplanet’s investor portal or read CoinDesk’s analysis here.
Disclaimer: This article synthesizes information from publicly available sources. Cryptocurrency investments carry high risk; readers should conduct independent research.
