Metaplanet Adds Fuel to Bitcoin Treasury With $1.44B Offer

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Metaplanet, the Japanese hospitality and real estate group that has reinvented itself as a Bitcoin treasury company, announced Tuesday it will issue 385 million new shares to fund further Bitcoin purchases and expand its digital asset business.

*Notice Regarding Determination of Issue Price and Other Matters* pic.twitter.com/DWM3r1oYCC
— Metaplanet Inc. (@Metaplanet_JP) September 9, 2025

The shares will be offered internationally at 553 yen ($3.75) each, representing a 9.9% discount to Tuesday’s closing price of 614 yen. The offering is expected to raise 212.9 billion yen ($1.44 billion), with settlement scheduled for Sept. 16 and share delivery to investors on Sept. 17, according to the company.

Equity Offering to Fund Bitcoin Purchases

Unlike past debt-based fundraising strategies, this move represents a pure equity issuance, meaning no coupon or bond repayment is attached. Instead, dilution risk increases for existing shareholders as new stock enters circulation.

Metaplanet said it will use proceeds to purchase additional Bitcoin between September and October 2025, reinforcing its strategy of using BTC as a hedge against yen depreciation. The company will also expand its Bitcoin income-generating businesses, which have so far relied on BTC options trading.

Rising Among the World’s Largest Bitcoin Holders

The offering builds on a series of large Bitcoin purchases that have placed Metaplanet among the world’s leading public BTC holders, with 20,137 BTC currently on its balance sheet.

Though still officially classified as a hotel operator, Metaplanet pivoted into digital assets in 2024, unveiling its Bitcoin treasury strategy as protection against Japan’s negative interest rates, inflationary pressures, and long-term debt challenges.

Since then, the firm has repeatedly raised capital to buy more BTC, often at the expense of shareholder dilution.

Stock Volatility as Investor Sentiment Wavers

Metaplanet’s Bitcoin-driven strategy has generated both enthusiasm and caution among investors. The company’s stock has surged over 150% in the past year on Bitcoin optimism, but shares have declined nearly 39% in the past month, even as Japan’s benchmark Nikkei Index rose 1.7%.

Metaplanet share price (Source: Yahoo Finance)

This mirrors broader volatility among Bitcoin treasury companies, where investor enthusiasm has often outpaced fundamentals.

Analysts warn that the narrowing premium gap — the spread between a company’s share price and its net asset value (NAV) — could trigger additional volatility across the sector.

Broader Trend: Bitcoin Treasuries Expand Globally

Despite recent challenges, the corporate adoption of Bitcoin remains strong. Public companies now collectively hold over 1 million BTC, and some treasuries have begun expanding into Ethereum (ETH), Solana (SOL), and other altcoins.

For Metaplanet, the $1.44 billion share sale underscores its commitment to doubling down on Bitcoin as a reserve asset — even if it means further dilution for shareholders.

Author

Steven Walgenbach

Steven's passion for cryptocurrency and blockchain technology began in 2014, inspiring him to immerse himself in the field. He notably secured a top 5 world ranking in robotics. While he initially pursued a computer science degree at the University of Texas at Arlington, he chose to pause his studies after two semesters to take a more hands-on approach in advancing cryptocurrency technology. During this period, he actively worked on multiple patents related to cryptocurrency and blockchain. Additionally, Steven has explored various areas of the financial sector, including banking and financial markets, developing prototypes such as fully autonomous trading bots and intuitive interfaces that streamline blockchain integration, among other innovations.

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