Metaplanet Inc., a prominent Bitcoin treasury company in Japan, has recently unveiled its ambitious “555 Million Plan” aimed at acquiring over 210,000 BTC by the end of 2027. This strategy represents a significant increase from the company’s previous “21 Million Plan,” which targeted 21,000 BTC by 2026. The decision to expand the acquisition target was driven by the rapid progress of securing 8,888 BTC by June 2.
To fund this extensive growth plan, Metaplanet has initiated Asia’s largest Bitcoin-focused equity raise, seeking to raise approximately ¥770.9 billion (equivalent to $5.4 billion) through the issuance of 555 million shares via moving strike warrants. This unique structure, priced at a premium to market value, was made possible by the company’s high share liquidity and volatility.
During the Annual General Meeting in March, shareholders approved an increase in authorized shares from 161 million to 1.61 billion, following a 10-for-1 stock split effective April 1, 2025. With approximately 296 million authorized shares remaining, the issuance of 555 million new shares will bring the company’s fully diluted shares outstanding to around 759 million.
Metaplanet has demonstrated strong Bitcoin yield performance in 2025, with quarterly BTC yields ranging from 41.7% to 309.8% in previous quarters. The year-to-date BTC yield for 2025 stands at an impressive 225.4%, nearing the full-year target of 232%.
In addition to the equity raise, Metaplanet announced the issuance of the 20th to 22nd Series of Stock Acquisition Rights through a third-party allotment to EVO FUND, potentially adding 555 million new shares. The exercise price is set at JPY 1,388, with adjustments based on stock prices and some series including a premium. The exercise period runs from June 24, 2025, to June 23, 2027, with expected proceeds of approximately JPY 767.4 billion, further supporting the company’s Bitcoin accumulation efforts.
CEO Simon Gerovich expressed gratitude to shareholders for their support, stating, “Metaplanet is accelerating into the future – powered by Bitcoin.” The company’s commitment to expanding its Bitcoin holdings and achieving its ambitious targets reflects its dedication to driving innovation and growth in the digital asset space.