Metaplanet, a Japanese Bitcoin treasury company, has announced its intention to raise over JPY 130 billion (approximately $880 million) through an international share sale, with a significant portion of the proceeds allocated for new Bitcoin acquisitions.
On August 27, the company revealed that its board had approved the issuance of up to 555 million new shares. If approved by shareholders at the upcoming meeting on September 1, Metaplanet’s outstanding stock would increase from 722 million to approximately 1.27 billion shares.
The share offering will be exclusively conducted in overseas markets, with sales in the US limited to Qualified Institutional Buyers under Rule 144A of the Securities Act of 1933.
The primary objective behind this move is to expand the investor base beyond Japan, attract long-term institutional capital, and enhance liquidity in global markets.
Metaplanet plans to utilize around JPY 123.8 billion (about $835 million) from the proceeds to purchase Bitcoin between September and October 2025. The company aims to enhance its Bitcoin net asset value (BTC NAV), which forms the basis for its preferred shares, while maximizing BTC per share and overall yield.
As of now, Metaplanet is the seventh-largest corporate holder of Bitcoin, possessing 18,991 BTC valued at around $2.1 billion, according to Bitcoin Treasuries data.
Since adopting its accumulation strategy in April 2024, the Tokyo-listed company has emerged as a regional counterpart to US-based companies like Strategy (formerly MicroStrategy).
In addition to direct Bitcoin purchases, Metaplanet will allocate JPY 6.5 billion (equivalent to $44 million) to its “Bitcoin Income Business,” which generates returns by selling covered call options and expanding put option activity on its holdings. This program is already profitable, and the company expects the infusion to scale its operations through December 2025.
By combining aggressive accumulation with income-generating strategies, Metaplanet is positioning Bitcoin not only as a reserve asset but also as a source of ongoing cash flow. This strategic approach underscores the company’s commitment to establishing a treasury-first model, strengthening relationships with global institutional investors, and establishing a more resilient financial foundation for long-term growth.