Metaplanet to Raise $5.4 Billion via Japan's First 555 Million Moving-Strike Warrants to Buy 210,000 Bitcoin

Metaplanet, a Japan-based company, has announced a major equity financing initiative to increase its Bitcoin holdings. The company plans to raise approximately ¥770.9 billion (about $5.4 billion) through the issuance of 555 million moving-strike warrants, the largest stock acquisition rights issuance in Japan's capital markets history and the first such warrants issued in the country.

Metaplanet intends to use 95% of the proceeds from this financing to purchase additional Bitcoin. The company's updated strategy targets holding over 210,000 BTC by the end of 2027, up from its previous goal of 21,000 BTC, and aims for 100,000 BTC by the end of 2025. As of June 6, 2025, Metaplanet holds 8,888 BTC with an average acquisition price of approximately ¥13.76 million per Bitcoin.

The moving-strike warrants will be issued at a premium to market price, with an initial exercise price of ¥1,388, which is 1.83% above the previous day's closing price. The minimum exercise price is set at ¥777. The warrants feature unique adjustment mechanisms, and Tokyo Stock Exchange rules will limit monthly exercise quantities to 10% of outstanding shares. EVO FUND, a Cayman Islands entity, will underwrite the issuance.

This initiative follows Metaplanet's earlier '21 Million Plan,' which successfully raised approximately ¥93.3 billion and saw the company's stock price rise by 88%.

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