Metaplanet raises funds to fulfill 2027 Bitcoin goal
Japanese Bitcoin treasury company Metaplanet, whose shares are listed on the Tokyo stock exchange (3350/TYO), has taken an important step towards its goal of holding 210,000 BTC by 2027.
‘Asia’s largest-ever equity raise’
The firm’s CEO, Simon Gerovich, took to the X social media platform on June 6 to outline details of what he termed “Asia’s largest-ever equity raise.” Gerovich stated that Metaplanet had raised 770.9 billion yen ($5.4 billion) by means of moving strike warrants, implicating 555 million shares. Moving strike warrants are a type of equity warrant through which the strike price changes over time.
Gerovich claimed that the warrants were issued at a premium to the market due to Metaplanet’s “high volatility and deep liquidity.” The Metaplanet CEO stated that the firm is targeting 100,000 BTC by the end of 2026 and 210,000 by the end of 2027.
On June 2, the firm announced that it had acquired its latest tranche of Bitcoin, adding another 1,088 BTC to its corporate treasury. The company paid an average Bitcoin unit price of 15,519,019 yen ($107,000).
Metaplanet has adopted the treasury playbook first pioneered by Michael Saylor’s Strategy (formerly MicroStrategy), acquiring the leading crypto asset through a combination of equity issuance, debt financing and opportunistic buying.
Russell Okung, a former professional American football player and well-known Bitcoin proponent, took to X on June 6 to highlight that Saylor “lit the match” through Strategy in the United States.
Okung stated:
“Metaplanet just launched the rocket in Asia. When capital moves, narratives follow.”
He added that “Metaplanet didn’t just buy Bitcoin. They’re directing global attention toward Japan.”
Both Metaplanet and Strategy have appealed to investors who are otherwise not in a position to gain exposure to Bitcoin directly, either as a result of regulatory issues or concerns with regard to the custody of the digital asset.
Corporate treasuries adopting Bitcoin
In addition to these companies who have led first with a Bitcoin treasury as their primary attraction, other corporates have added Bitcoin to their corporate treasuries while maintaining their focus on other business activities.
Announcements have come thick and fast over the course of recent weeks, particularly in the Asian region. A number of Nasdaq-listed companies, including Hong Kong-based Reitar Holdings, Indonesian fintech firm DigiAsia, Malaysia-based Treasure Global and South Korea-based K Wave Media, have all announced the addition of Bitcoin to their corporate treasuries.
Metaplanet’s new funding round will put it on track to achieve the goal of obtaining 210,000 BTC by 2027, equating to approximately 1% of the entire Bitcoin supply. The Japanese firm’s shares have risen in price by over 275% since the beginning of this year.
According to BitcoinTreasuries.net, Strategy remains the largest corporate treasury holder of Bitcoin with 582,000 BTC. It’s followed by MARA Holdings, Twenty One, Riot Platforms, Galaxy Digital Holdings and CleanSpark. Tesla, Hut 8 Mining Corp and Coinbase Global also feature prior to Metaplanet which comes in tenth place.
