Metaplanet to Raise $5.3B, Japan’s Largest Stock Warrant Deal, to Grow Bitcoin Stash

Metaplanet, the Tokyo-listed firm now positioning itself as a bitcoin BTC-focused treasury company, has launched a $5.3 billion plan to buy more BTC by issuing 555 million shares through stock acquisition rights.

The deal, Metaplanet says, is the largest-ever issuance of stock warrants in Japan and the first time moving strike warrants, where the exercise price adjusts with the market, have been sold at or above current share prices in the country.

The offering is part of what the company calls its “555 Million Plan,” a follow-up to its earlier “21 Million Plan,” which raised $600 million earlier this year and helped Metaplanet amass nearly 9,000 BTC.

The new round aims to raise enough funds to boost its holdings to over 210,000 BTC by 2027, roughly 1% of the total bitcoin supply.

Metaplanet is allocating nearly 96% of the capital raised to buying bitcoin directly, with smaller amounts earmarked for bond redemptions and income-generating strategies like selling put options.

The company sees BTC as a hedge against Japan’s prolonged negative interest rates and weakening yen.

To reduce dilution and protect shareholders, the issuance comes with a minimum exercise price and gives the company the right to temporarily suspend conversions. Shares will be sold to EVO FUND, a Cayman-based fund that has backed Metaplanet’s earlier financing deals.

Metaplanet’s shares have risen more than 275% so far this year as the firm follows through with its BTC accumulation plan. They closed down 1.6% in Friday’s trading session.