Metaplanet Launches Record $5.3B Warrant Offering to Expand Bitcoin Holdings Toward 1% of Total Supply

Metaplanet, the Tokyo-listed firm positioning itself as “Asia’s MicroStrategy,” has announced a groundbreaking ¥850 billion (~$5.3 billion) stock warrant issuance—Japan’s largest ever—as part of an aggressive push to deepen its Bitcoin reserves.

Dubbed the “555 Million Plan,” the initiative will issue 555 million new shares via at-the-market stock acquisition rights. If fully executed, the capital raise would enable Metaplanet to accumulate up to 210,000 BTC by 2027, representing nearly 1% of Bitcoin’s fixed 21 million supply.

This marks a significant scale-up from the firm’s earlier “21 Million Plan,” which raised $600 million and funded its current holdings of nearly 9,000 BTC.

Strategic Allocation: 96% Targeted for BTC

According to company filings, approximately 96% of funds from the new issuance will go toward direct Bitcoin purchases, with the remainder allocated for corporate bonds and option-based yield strategies. The move reflects Metaplanet’s conviction in Bitcoin as a long-term treasury reserve asset and inflation hedge—particularly relevant amid Japan’s ultra-loose monetary policy and weakening yen.

Innovative Warrant Structure

The offering introduces a “moving strike” mechanism—unprecedented in Japanese capital markets—where the exercise price adjusts dynamically based on market conditions. To minimize shareholder dilution, the warrants are structured to be exercisable only at or above the current share price, with provisions for minimum floor pricing and temporary suspension rights in volatile conditions.

EVO FUND, a Cayman Islands-based investor that backed Metaplanet’s previous rounds, will serve as the primary underwriter of the issuance.

Market Sentiment: Confidence Amid Dilution

Despite the large-scale issuance and potential for dilution, Metaplanet shares closed Friday just 1.6% lower, a sign that investors may view the initiative as value-accretive over the long term. The stock is up over 275% year-to-date, reflecting growing enthusiasm for Bitcoin-aligned public equities in Asia.

With this move, Metaplanet is not only doubling down on Bitcoin—it’s attempting to become a sovereign-scale holder, reshaping its identity from a traditional Japanese firm into a digitally anchored asset allocator.