In a significant development for corporate cryptocurrency adoption, Japanese investment firm Metaplanet has unveiled an ambitious $5.4 billion equity raise plan to accelerate its Bitcoin accumulation strategy. The company announced on Friday that it aims to join the exclusive “Bitcoin 1% club” by acquiring 210,000 BTC by the end of 2027, representing approximately 1% of Bitcoin’s total supply cap .
The Fundraising Strategy
Metaplanet’s plan involves issuing 555 million new shares through moving strike warrants—Japan’s version of an at-the-market equity facility—over the next two years . This massive share issuance represents 92.4% of the company’s total outstanding shares and will be sold incrementally to minimize market impact . EVO FUND has been designated as the allottee for this plan, with Evolution Japan Securities serving as the arranger .
CEO Simon Gerovich expressed his enthusiasm on social media, calling it “Asia’s largest-ever equity raise to buy bitcoin” . This new initiative, dubbed the “555 Million Plan,” follows Metaplanet’s previous “210 Million Plan” and significantly increases the company’s Bitcoin acquisition targets .
Ambitious Bitcoin Accumulation Targets
Metaplanet has established an aggressive timeline for its Bitcoin accumulation:
• 30,000 BTC by the end of 2025 (revised up from 10,000 BTC)
• 100,000 BTC by the end of 2026 (revised up from 21,000 BTC)
• 210,000 BTC by the end of 2027
The company is already making substantial progress toward these goals. As of June 2025, Metaplanet holds 8,888 BTC worth approximately $920 million, having recently purchased an additional 1,088 BTC . This represents nearly 89% of its initial 10,000 BTC target for 2025, achieved in just five months . The company’s current holdings were acquired for approximately $849 million, resulting in paper gains of around $71 million .
Corporate Bitcoin Adoption Trend
Metaplanet’s strategy reflects a growing trend of corporate Bitcoin adoption. The company now ranks seventh globally in corporate Bitcoin holdings . According to Gerry O’Shea, Head of Global Market Insights at Hashdex, 144 companies have adopted some form of Bitcoin treasury strategy, with 114 of them being publicly traded .
Recent additions to this trend include Trump Media, GameStop, K33, and Champions League winners Paris Saint-Germain, all of which have disclosed or advanced their Bitcoin treasury strategies . These companies are following the Bitcoin acquisition model pioneered by Strategy (formerly MicroStrategy), which currently holds over 580,000 BTC worth more than $61 billion .
Market Performance and Strategy
Metaplanet uses a key performance indicator called BTC Yield to assess its Bitcoin acquisition strategy’s effectiveness in driving shareholder value. This metric represents the percentage change in the ratio between Metaplanet’s Bitcoin holdings and its fully diluted shares outstanding . Year-to-date, the company has achieved a BTC Yield of 225.4%, with its Bitcoin holdings increasing from 1,762 BTC to 8,888 BTC during this period .
The company’s stock has performed exceptionally well, gaining 258% year-to-date and 1,390% over the past year . Metaplanet is now the number one stock in Japan by turnover and volume, the second-best performing stock in the country this year, and the best-performing by a 10x margin since embarking on its Bitcoin strategy .
The Corporate Cash Exodus
Metaplanet’s massive Bitcoin investment is part of a broader trend of corporations moving away from traditional cash holdings. Companies increasingly view large cash positions as liabilities rather than conservative strategies, as inflation erodes purchasing power while central bank policies often keep interest rates below inflation rates .
For Japanese firms like Metaplanet, this strategy is particularly appealing given Japan’s prolonged negative interest rate environment and the yen’s historical weakness against major currencies . The company believes that “Bitcoin is repricing the global cost of capital” and that “Bitcoin is in the process of dematerializing $300 trillion of 20th-century analog store-of-value assets”.
