Metaplanet Unveils $5.3B Stock Warrant Plan to Acquire Over 210,000 BTC by 2027
Tokyo-listed Metaplanet has launched an ambitious ¥850 billion (~$5.3 billion) capital-raising initiative aimed at dramatically increasing its Bitcoin holdings, in what the company calls the largest-ever issuance of stock warrants in Japan.
The plan, dubbed the “555 Million Plan,” will issue 555 million new shares via stock acquisition rights, with proceeds largely directed toward expanding the firm’s Bitcoin treasury—potentially to over 210,000 BTC by 2027, or roughly 1% of total supply.
This follows Metaplanet’s earlier “21 Million Plan,” which raised $600 million and enabled the company to accumulate nearly 9,000 BTC earlier this year. The new issuance builds on that momentum, further positioning Metaplanet as Asia’s most aggressive public Bitcoin accumulator.
A Bold Bet on Bitcoin as a Monetary Hedge
Metaplanet views Bitcoin as a strategic hedge against Japan’s ongoing economic headwinds, including decades-long deflation, persistent negative interest rates, and a weakening yen. The firm intends to allocate approximately 96% of the capital raised from the offering directly to Bitcoin purchases.
A smaller portion of the funds will be used for bond redemptions and yield-generating strategies such as selling put options, according to the company.
A First in Japan’s Capital Markets
The warrant structure is a historic first for Japan: it uses “moving strike” warrants, where the exercise price adjusts with the market—unprecedented in the country’s equity markets. Uniquely, these warrants are being issued at or above the current share price, which helps protect existing shareholders from excessive dilution.
Additional shareholder protections include a minimum exercise price and the ability for Metaplanet to pause conversions if market conditions warrant it.
The shares will be sold to EVO FUND, a Cayman Islands-based backer that also supported the firm’s earlier funding rounds.
Market Reaction
Metaplanet stock has been one of Japan’s top-performing equities this year, rising more than 275% year-to-date on the back of its Bitcoin-centric strategy. Despite the dilution risk tied to the new warrant issuance, shares closed Friday down just 1.6%, signaling investor confidence in the long-term vision.
