Metaplanet upsized its international share offering from 180 million to 385 million shares, raising approximately $1.4 billion to fund additional Bitcoin (BTC) purchases.
The company announced on Sept. 9 that it had increased the offering by 205 million shares in response to strong investor demand, pricing the shares at 553 yen ($3.75) each with a 9.93% discount from the reference price of 614 yen ($4.16).
The enlarged offering will increase Metaplanet’s total outstanding shares from 755.9 million to 1.14 billion shares. President Simon Gerovich confirmed the finalization on social media.
Metaplanet plans to allocate 183.7 billion yen ($1.25 billion) for Bitcoin purchases and 20.4 billion yen ($138.7 million) for its Bitcoin income generation business between September and December.
The funding supports Metaplanet’s plan to acquire 210,000 Bitcoin by 2027, representing approximately 1% of Bitcoin’s total supply.
Metaplanet currently holds 20,136 Bitcoin valued at over $2.24 billion, making it Asia’s largest corporate Bitcoin holder and the sixth-largest globally, surpassing Riot Platforms.
The company acquired 1,145 BTC in September for approximately $127.2 million.
Transitioning into a new business model
Metaplanet adopted Bitcoin as its primary treasury reserve asset to hedge against these risks while pursuing long-term capital appreciation.
The company disclosed its transition to Bitcoin treasury management in May 2024 as part of its “Strategic Treasury Transformation and Bitcoin Adoption” policy.
Metaplanet’s Bitcoin income generation business recorded 1.904 million yen (nearly $13 million) in sales revenue during the second quarter of the fiscal year 2025. The result represents the company’s efforts to generate yield from its Bitcoin holdings beyond simple appreciation.
The share offering structure includes underwriter purchase rights for up to 375 million shares, with an additional 180 million shares available through overallotment options. Final settlement and delivery are scheduled between Sept. 16 and 17.
The company’s aggressive Bitcoin accumulation strategy positions it among a growing number of corporations adopting BTC as a treasury asset, following the path established by Strategy and other institutional adopters in the cryptocurrency space.