- Metaplanet plans to raise $5.4B via stock rights issuance to fund Bitcoin purchases targeting 210,000 BTC by 2027.
- The stock issuance to EVO FUND could result in 555M new shares and raise 767.4B JPY if fully exercised at the lowest price.
- Metaplanet’s Bitcoin strategy boosts investor confidence as shares surged 12% on Germany’s DEX index after the announcement.
Metaplanet Inc. has launched a bold capital-raising initiative targeting $5.4 billion to expand its Bitcoin holdings. The Tokyo-based firm announced a large-scale issuance of stock acquisition rights on June 6, 2025. The company’s board approved the 20th, 21st, and 22nd Series of rights, signaling an aggressive strategy to scale its digital asset portfolio. The goal is to accumulate over 210,000 BTC by the end of 2027. This would represent 1% of Bitcoin’s total supply.
The issuance will take place through a third-party allotment to EVO FUND, managed by Michael Lerch and Richard Chisholm in the Cayman Islands. The total offering includes 5,550,000 rights units, each granting access to 100 common shares. Pricing varies across the three series—114 JPY, 99 JPY, and 89 JPY, respectively. The allotment date is fixed for June 23, 2025. The total issue value from this plan stands at 558.7 million JPY.
Structure and Impact of the Stock Issuance
Each right converts into 100 shares, potentially issuing up to 555 million new shares. The lower exercise price is currently set at 777 JPY per share. There’s no cap on the upper limit, adding more flexibility to the structure. Hence, if fully exercised, Metaplanet could raise approximately 767.4 billion JPY. This would provide ample capital to fuel its ongoing Bitcoin treasury accumulation.
Moreover, the stock issuance includes special adjustment and suspension clauses. These clauses offer both the company and the fund room to maneuver during execution. However, the scale of the offering raises dilution concerns. Existing shareholders could face value erosion depending on the actual exercise rate.
Metaplanet’s Strategic Shift Toward Bitcoin
Currently, Metaplanet holds 8,888 BTC and aims to reach 10,000 BTC by the end of 2025. CEO Simon Gerovich has pushed the target to 100,000 BTC by 2026 and 210,000 BTC by 2027. Consequently, this positions the company as a leading institutional Bitcoin holder in Asia. The stock rose 12% on Germany’s DEX index after the announcement.
