Japan’s Metaplanet aims to raise $1.44 billion to expand Bitcoin holdings and income business amid dilution risk.
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Metaplanet, the Japanese hospitality and real estate group turned Bitcoin treasury company, said Tuesday it will issue 385 million new shares to expand its Bitcoin holdings and related businesses.
The shares will be sold through an international offering outside Japan at 553 yen ($3.75) each, raising an estimated 212.9 billion yen ($1.44 billion), the company . The issue price represents a 9.9% discount to Metaplanet’s Tuesday closing price of 614 yen.
The payment date is set for Sept. 16, when underwriters and investors will transfer funds to the company. The delivery date follows on Sept. 17, when the new shares will be credited to investors.
The move represents an equity offering, not a bond issuance — meaning there is no coupon rate. Instead, new stock is being sold, increasing dilution risk for existing shareholders.
Metaplanet said proceeds will be used to purchase additional Bitcoin () between September and October as a hedge against further depreciation of the Japanese yen, and to expand the company’s Bitcoin income-generating business, which has so far relied on trading BTC options.
The move follows of that have into the ranks of the world’s largest public BTC holders, with 20,137 BTC on its balance sheet, according to industry .
Though Metaplanet remains officially as a hotel operator, it has been pivoting toward digital assets for more than a year. The company unveiled its Bitcoin treasury strategy in 2024 as a hedge against inflation, negative interest rates and the long-term effects of Japan’s national debt. Since then, it has repeatedly raised capital to acquire BTC — at the cost of further shareholder dilution.
Metaplanet’s stock has surged more than 150% over the past year due to enthusiasm for its Bitcoin strategy. However, in the past month, shares traded in Japan have fallen nearly 39%, even as Japan’s benchmark Nikkei Index gained 1.7% over the same period.
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After an initial surge of enthusiasm, Metaplanet’s Bitcoin strategy has begun to encounter headwinds, with the much-touted “flywheel” effect losing momentum, according to . That slowdown has pushed the company to seek fresh funding sources, particularly from global markets, which explains its latest share issuance.
Analysts warn that narrowing premiums could become a key source of volatility for Bitcoin treasury companies. The premium gap refers to the difference between a Bitcoin treasury firm’s share price and its net asset value (NAV) — a spread that has recently compressed, according to .
Nevertheless, the strategy continues to gain traction, with dozens of companies pivoting toward digital asset treasury models.
Public companies now hold more than 1 million BTC collectively, and into Ether (), Solana () and other altcoins.
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