Metaplanet plots $837m BTC buy amid treasury expansion

Tokyo-listed Metaplanet has launched an international share offering aimed at raising the equivalent of $837 million to sharply expand its Bitcoin treasury, the company announced on August 27. The plan calls for issuing up to 555 million new shares, with nearly all proceeds earmarked for Bitcoin purchases scheduled between September and October, pending shareholder approval at an extraordinary meeting on September 1.

If approved, the issuance would mark the largest enlargement of Metaplanet’s BTC holdings since it repositioned itself last year as a Bitcoin-first treasury company. The firm already holds 18,991 BTC, making it the largest corporate Bitcoin holder in Asia, and says the new purchases are a strategic hedge against Japan’s mounting national debt, prolonged real negative interest rates, and persistent yen depreciation.

The proposed share issuance would significantly dilute the company’s equity, potentially increasing total shares outstanding from 722 million to nearly 1.28 billion. The structure of the offering includes a firm commitment underwriting of 180 million shares by financial institutions, with the remainder planned for placement through the international offering.

Metaplanet’s move reflects a broader trend of corporates using Bitcoin as an alternative reserve asset amid macroeconomic uncertainty. By converting capital market proceeds into BTC, the firm is signaling a shift away from traditional safe havens and domestic currency exposure toward crypto assets as an inflation and currency-weakness hedge.

Key Data Points

• Shareholder vote: Extraordinary meeting on September 1
• Execution window: Bitcoin purchases planned in September and October
• Equity impact: Potential dilution from ~722 million to ~1.28 billion total shares outstanding
• Underwriting: Firm commitment for 180 million shares by financial institutions
• Market significance: Could influence institutional appetite for Bitcoin across Asia and affect BTC supply dynamics

Key milestones to watch are the shareholder vote on September 1 and the execution window for purchases in September and October. The success of the offering—and market reaction to a large corporate accumulation—will be monitored closely by investors tracking corporate treasury strategies, BTC supply dynamics, and the evolving intersection of public markets and crypto treasury management.