MicroStrategy Much? Metaplanet to Raise $746M to Acquire More Bitcoin

Japanese investment firm Metaplanet is steadily following in the footsteps of the business intelligence giant MicroStrategy, which is also the largest corporate bitcoin (BTC) holder. 

Metaplanet plans to raise 116.65 billion Japanese Yen (over $746 million) to acquire more bitcoins between 2025 and 2026. This announcement comes as the venture capital entity unveils its Bitcoin Plan for 2025-2026, reflecting a commitment to fostering BTC adoption in Japan and globally.

Asia’s Largest Capital Raise For BTC

In line with Metaplanet’s Bitcoin Plan, the company intends to acquire 10,000 BTC by the end of 2025 and 21,000 BTC by the end of 2026, solidifying its position as one of the largest corporate Bitcoin holders across all global markets.

To raise the funds needed for the BTC purchases, Metaplanet has entered into a Stock Acquisition Rights Purchase Agreement with the hedge fund manager EVO Fund. This agreement will enable the issuance of the 13th to 17th series of stock acquisition rights through a third-party allotment. 

Metaplanet named this strategy the “21 Million Plan,” as it comprises issuing 21 million shares through moving strike warrants. The development also marks Asia’s largest-ever equity capital raise for Bitcoin.

Metaplanet’s Bitcoin Journey So Far

Since Metaplanet adopted Bitcoin as a treasury asset in April 2024, the company has acquired 1,761 BTC at an average purchase price of 11.85 million Japanese yen ($76,212) per coin. The holdings are currently worth 27.7 billion Japanese yen (more than $178 million), reflecting over $43 million in unrealized gains.

In the last quarter of 2024, Metaplanet witnessed a record 309.82% BTC yield, following a 41.7% BTC yield in the previous quarter. The firm has maintained its treasury-first strategy and deployed 100% of the capital raised through stock rights issues and debt into Bitcoin acquisitions. The 21 Million Plan is geared towards further expanding its Bitcoin treasury.

“We don’t measure performance in fiat currencies like the yen or the dollar—our benchmark is Bitcoin itself. Our mission is to maximize Bitcoin per share for our shareholders. Bitcoin is not just an asset; it’s the exit strategy. We’re here to accumulate and lead, not sell,” commented Dylan LeClair, Director of Bitcoin Strategy at Metaplanet.

Meanwhile, Metaplanet aims to achieve a 35% BTC yield per quarter throughout 2025.