Metaplanet’s $5.4B Bitcoin Bet Sends Stock Soaring 22%
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Metaplanet’s stock jumped 22% to ¥1,641 at the open on June 9, as investors reacted to the Japanese firm’s announcement of a ¥770.9 billion ($5.4 billion) Bitcoin buying spree.
To fund the move, the company will issue 555 million moving-strike warrants, a set of financial instruments with exercise prices that adjust above market levels.
If successful, Metaplanet will become the second-largest corporate Bitcoin holder, trailing only Michael Saylor’s Strategy.
Can Metaplanet Become Asia’s Answer to Saylor’s Strategy?
Metaplanet unveiled plans for Japan’s biggest Bitcoin-focused equity raise, surpassing its earlier ¥93 billion ($650 million) warrant issuance secured in just 60 trading days.
The new capital push will fuel an aggressive accumulation strategy, targeting 100,000 BTC by December 2026 and 210,000 BTC a year later, positioning the firm among Bitcoin’s elite corporate holders.
https://x.com/gerovich/status/1930890983425953887
The company will issue 555 million moving-strike warrants, a structure CEO Simon Gerovich says aligns exercise prices with market conditions while delaying shareholder dilution until capital is deployed into Bitcoin. Metaplanet already holds 8,888 BTC, including a 1,088-coin purchase on June 2, funded by a ¥50 billion bond.
Every Bitcoin acquired so far came from debt and warrant proceeds, at an average cost of $93,000 per coin. Not operational cash.
Furthermore, the firm’s “BTC yield” (Bitcoin per fully diluted share) has increased by 225% year-to-date, followed by a revised year-end target yield of 600% on the back of the new raise.
Corporate balance-sheet demand for Bitcoin is rising worldwide, as 61 publicly listed firms now control approximately 3.2% of all coins in circulation.
Metaplanet positions itself as Japan’s liquid proxy for spot Bitcoin exposure within the Tokyo Stock Exchange, offering both tax advantages and access for institutions still barred from holding the asset directly.
Strategy Sole ‘Bitcoin 1% Club’ Corporate Member, Who’s Joining Next?
Strategy remains the only corporate organization holding over 1% of Bitcoin’s total supply.
Just as Metaplanet is making strides to become Asia’s equivalent, a bellwether for mainstream corporate adoption of Bitcoin treasuries.
Paris-listed The Blockchain Group (ALTBG on Europe’s exchange) is following the same playbook in Europe.
It raised €63.3 million in eight-year convertible bonds, earmarking 95% of the proceeds to buy 590 BTC and lifting its total to 1,437 coins.
https://x.com/_ALTBG/status/1929786248945979753
Fulgur Ventures supplied €55.3 million, Moonlight Capital added €5 million, and bondholders can convert at €3.809 per share.
Like Metaplanet, this strategy has driven the share price skyward, with year-to-date gains of 766%.
Despite a revenue dip in 2024, management still targets 260,000 BTC by 2033, a 1% stake that would put the French firm shoulder-to-shoulder with Metaplanet in the corporate Bitcoin race.
