The capital was secured by issuing new shares at a 2% premium. The offering also includes fixed-strike warrants priced at a 10% premium, which could generate up to an additional $276 million if exercised. In total, the structure could provide the company with up to $531 million in new capital.
Metaplanet CEO Simon Gerovic said the funding strengthens the firm’s ability to expand its Bitcoin reserves.
“Metaplanet has raised roughly $255 million from global institutional investors via a placement of new shares priced at a 2% premium, paired with fixed-strike warrants at a 10% premium that monetize our equity volatility for up to $276 million in additional capital upon exercise. This provides up to $531 million in additional firepower on our march toward 210,000 BTC,” Gerovic stated.
The company currently holds 35,102 BTC, valued at approximately $2.6 billion, placing it among the largest corporate Bitcoin holders globally.
To put that figure in perspective, the corporate Bitcoin treasury landscape is now concentrated in a handful of names. One company alone holds more BTC than BlackRock’s entire spot ETF, and just two firms now control 815K BTC and 5M ETH combined. Metaplanet’s 35,102 BTC puts it well behind that lead, but the gap is what the new capital is designed to close.
Looking ahead, Metaplanet plans to significantly increase its Bitcoin reserves. Management aims to hold 100,000 BTC by 2026 and expand its holdings to 210,000 BTC by 2027 as part of its long-term treasury strategy.
The 210,000 BTC target is the number worth pausing on. At current prices that is roughly $14 billion in Bitcoin exposure for a single Japanese-listed company. Strategy under Michael Saylor has spent five years building the playbook that Metaplanet is now compressing into roughly 24 months. The premium-priced share issuance and the warrant structure are the same financial engineering tools, applied at a smaller starting base but a more aggressive timeline.
The 2% share premium is also worth noting. Selling new equity above market typically signals strong institutional demand for exposure to the underlying treasury, which in this case is Bitcoin. Investors are paying up for a wrapper that gets them BTC concentration through a regulated Japanese listing. Whether the warrants get exercised will tell the next part of the story. If BTC keeps climbing, the $276 million tranche prints automatically. If it stalls, Metaplanet runs out the clock on its more ambitious targets.
