Japanese Bitcoin treasury company Metaplanet has unveiled plans to raise over JPY 130 billion (equivalent to around $880 million) through an international share sale, with most of the proceeds earmarked for new Bitcoin purchases.
The firm disclosed on Aug. 27 that its board approved the issuance of up to 555 million new shares. If shareholders endorse the proposal at the Sept. 1 meeting, Metaplanet’s outstanding stock would rise from 722 million to about 1.27 billion shares.
The offering will be conducted exclusively in overseas markets, with US sales limited to Qualified Institutional Buyers under Rule 144A of the Securities Act of 1933.
The Japan-based firm said the move is designed to broaden the investor base beyond the Asian country by attracting long-term institutional capital and improving liquidity in global markets.
Bitcoin purchases
Metaplanet plans to use roughly JPY 123.8 billion (approximately $835 million) raised from the upcoming funds to acquire Bitcoin between September and October 2025.
The firm executives said the goal is to expand the company’s Bitcoin net asset value (BTC NAV), which serves as the foundation for its preferred shares, while maximizing BTC per share and overall yield.
The Tokyo-listed firm already ranks as the seventh-largest corporate Bitcoin holder, with 18,991 BTC valued at about $2.1 billion, according to Bitcoin Treasuries data.
Its accumulation strategy, first adopted in April 2024, has steadily transformed the company into a regional counterpart to US-based Strategy (formerly MicroStrategy).
Beyond direct purchases, Metaplanet will direct JPY 6.5 billion (equivalent to $44 million) into its “Bitcoin Income Business,” which generates returns by selling covered call options and expanding put option activity on its holdings.
The program is already profitable, and the company expects the infusion to scale operations through December 2025.
By combining aggressive accumulation with income-generating strategies, Metaplanet is betting on Bitcoin not only as a reserve asset but also as a source of ongoing cash flow.
This approach underlines the firm’s ambition to cement a treasury-first model, deepen ties with global institutional investors, and build a more resilient financial base for long-term growth.
