Metaplanet to Raise $745 Million in Bid to Reach 10,000 BTC Goal

Japanese self-proclaimed ‘Bitcoin Treasury Company’ Metaplanet has revealed plans to raise ¥116 Billion (approximately $745.8 million) to fund additional Bitcoin purchases.

In a Jan. 28 X post, Metaplanet announced it would issue 21 million shares using 0% discount moving strike warrants, with most of the proceeds used to buy additional Bitcoin. Interestingly, these warrants give holders the right to buy Metaplanet shares at the market price, making them more palatable for existing shareholders.

If fully executed, this would be the largest capital raise in Asian equity markets history for a Bitcoin purchase.

The move is part of a plan to increase the company's Bitcoin holdings to 10,000 BTC by the end of the year, as CEO Simon Gerovich announced in a Jan. 6 X post. The company currently owns around 1,761 BTC.

Metaplanet has long adopted a “Bitcoin-first, Bitcoin-only” approach. This approach involves utilizing long-term debt and periodic equity issuances as financial tools to continuously increase Bitcoin holdings instead of holding a weakening fiat currency.

“Moving forward, as a Bitcoin treasury company, the company will continue to play a pioneering role in the Bitcoin space in Japan. The company aims to raise funds in yen whenever possible and convert them into Bitcoin to preserve asset value, thereby increasing its Bitcoin holdings,” Metaplanet said in a press release.