Metaplanet Inc., a Tokyo-listed investment firm, has announced plans to raise more than $1.38 billion (204.1 billion yen) through an overseas share offering.
The company plans to use the majority of the funds to expand its Bitcoin holdings, underscoring its continued shift toward digital assets as a treasury strategy.
Equity Offering and Capital Structure
The board of directors approved the issuance of 385 million new shares at $3.75 (553 yen) each. The sale will increase the company's outstanding shares from 755.9 million to 1.14 billion, and is expected to raise $1.38 billion.
Settlement date is September 16 and delivery will take place on September 17. By opting for an international offering, Metaplanet seeks to expand its investor base and reduce its reliance on domestic Capital .
Of the proceeds, $1.24 billion will be used to buy Bitcoin in September and October 2025. The company said building up its Bitcoin reserves helps protect its balance sheet from yen depreciation and inflation risks.
As of September 1, 2025, Metaplanet holds 20,000 BTC , worth approximately $2.06 billion. Executives believe that Bitcoin offers long-term value growth while protecting assets from negative real interest rates in Japan .
Expand your Bitcoin income business
The company will also allocate $138 million to its Bitcoin revenue business , primarily through options trading. The unit reported $8.34 million in revenue in the second quarter of fiscal 2025. With the new Capital , Metaplanet aims to achieve full-year profitability in the segment by December.
These moves solidify the company’s position as Japan’s largest Bitcoin holder. Moreover, they mirror the strategy of several US-listed companies using Bitcoin as a reserve asset.
Cryptocurrency treasury firms, on the other hand, are showing signs of stress as mNAVs fall and share prices weaken. While still operational, their reliance on Capital highlights risks that could slow down a once-unstoppable strategy.
