TLDR
- Metaplanet is raising $1.44 billion through a 385 million share offering priced at $3.75 per share
- The company plans to use approximately $1.2 billion to purchase additional Bitcoin
- Metaplanet currently holds 20,137 BTC, making it the sixth-largest public Bitcoin holder
- The share offering represents a 9.9% discount to Metaplanet’s Tuesday closing price
- Despite a 150% surge over the past year, Metaplanet’s stock has fallen nearly 39% in the past month
Metaplanet, the Japanese hospitality and real estate group that transformed into a Bitcoin treasury company, announced plans to issue 385 million new shares to expand its Bitcoin holdings. The international offering will raise an estimated $1.44 billion, with shares priced at 553 yen ($3.75) each – a 9.9% discount to the company’s Tuesday closing price.
The Tokyo-listed company currently holds over 20,000 Bitcoins on its balance sheet since beginning purchases in 2024. This makes Metaplanet the sixth-largest publicly traded Bitcoin treasury company behind Strategy, Mara, XXI, Bitcoin Standard Treasury Company, and Bullish.
The payment date for the share offering is set for September 16, when underwriters and investors will transfer funds to the company. The delivery date follows on September 17, when the new shares will be credited to investors.
Metaplanet plans to use the majority of the proceeds – approximately $1.2 billion – to purchase additional Bitcoin between September and October. The remainder will go toward expanding the company’s Bitcoin income-generating business, which has relied on trading BTC options.
*Notice Regarding Determination of Issue Price and Other Matters* pic.twitter.com/DWM3r1oYCC
— Metaplanet Inc. (@Metaplanet_JP) September 9, 2025
Bitcoin Treasury Strategy
Metaplanet unveiled its Bitcoin treasury strategy in 2024 as a hedge against inflation, negative interest rates, and the long-term effects of Japan’s national debt. Since then, it has repeatedly raised capital to acquire BTC at the cost of further shareholder dilution.
The company’s strategy stems from what it describes as “severe economic conditions in Japan” characterized by elevated levels of national debt, prolonged real negative interest rates, and ongoing depreciation of the yen. In response, Metaplanet has transitioned its treasury management policy to adopt BTC as its primary reserve asset.
On Monday, the firm disclosed it purchased an additional $15 million in Bitcoin, bringing its total holdings to 20,136 BTC. The company also generates revenue by trading Bitcoin options, reportedly earning 1,904 million yen in sales revenue from this business in the second quarter of 2025.
Market Performance
Metaplanet’s stock has seen volatile performance recently. While shares have surged more than 150% over the past year due to enthusiasm for its Bitcoin strategy, in the past month, shares traded in Japan have fallen nearly 39%. This decline comes even as Japan’s benchmark Nikkei Index gained 1.7% over the same period.
MTPLF closed down 2.8% to $4.49, with a market capitalization of $3.6 billion, according to price data.
The company’s Bitcoin strategy has begun to encounter headwinds, with what some analysts call the “flywheel” effect losing momentum. This slowdown has pushed Metaplanet to seek fresh funding sources, particularly from global markets, explaining its latest share issuance.
Analysts warn that narrowing premiums could become a key source of volatility for Bitcoin treasury companies. The premium gap refers to the difference between a Bitcoin treasury firm’s share price and its net asset value – a spread that has recently compressed.
The move represents an equity offering, not a bond issuance, meaning there is no coupon rate. Instead, new stock is being sold, increasing dilution risk for existing shareholders.
Though Metaplanet remains officially classified as a hotel operator, it has been pivoting toward digital assets for more than a year. The strategy continues to gain traction, with dozens of companies pivoting toward digital asset treasury models.
Public companies now hold more than 1 million BTC collectively, and some treasuries have begun expanding into other cryptocurrencies like Ethereum and Solana.
The company’s board of directors approved the new international offering of stock in late August, with the firm initially planning to issue only 180 million new shares before upsizing the round.
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Source: https://blockonomi.com/metaplanet-announces-1-44-billion-share-offering-to-purchase-bitcoin/