Metaplanet Launches $5.3B Warrant Deal—Japan’s Largest—Aimed at Growing Bitcoin Treasury

Metaplanet Unveils Bold $5.3B Plan to Become One of Bitcoin’s Largest Public Holders

Japanese investment firm Metaplanet is making an audacious bet on Bitcoin’s future—one that could reshape Asia’s corporate treasury landscape.

In a move that merges financial engineering with digital asset conviction, Metaplanet has announced an ¥850 billion (~$5.3 billion) stock warrant issuance, the largest of its kind in Japanese history. The proceeds will be used to aggressively expand its Bitcoin holdings—potentially up to 210,000 BTC by 2027, or around 1% of the total supply.

From Traditional Firm to Digital Reserve Powerhouse

Once a relatively unknown public company, Metaplanet has rapidly transformed itself into Japan’s most Bitcoin-forward corporate entity. The firm’s previous “21 Million Plan” helped it accumulate roughly 9,000 BTC earlier this year, catapulting its profile in the digital asset world. Now, the new “555 Million Plan” aims to scale that vision exponentially.

If successful, Metaplanet would join the ranks of the world’s largest institutional Bitcoin holders—rivaling MicroStrategy and even nation-state treasuries in BTC exposure.

Financial Innovation Meets Bitcoin Maximalism

The warrant issuance is structured with safeguards rarely seen in Japanese equity markets. Metaplanet is using moving-strike warrants, which adjust with market prices, ensuring that new shares are issued at or above the current market rate. This helps protect existing shareholders from excessive dilution—often a concern with large-scale issuances.

Other shareholder protections include a minimum conversion price and the ability to temporarily suspend conversions during adverse market conditions. Cayman Islands-based EVO FUND will serve as the primary buyer, continuing its role from the earlier funding rounds.

Bitcoin as a Strategic Hedge Against Yen Risk

Metaplanet’s core thesis is simple: Japan’s aging economy, negative interest rates, and depreciating yen present long-term monetary risks. Bitcoin, in their view, offers a durable hedge—an incorruptible store of value outside the legacy financial system.

In filings, the company noted that over 96% of the raised capital will be directed toward Bitcoin acquisition, with the rest used for bond buybacks and option-selling strategies to support yield.

Markets Signal Cautious Optimism

Despite the dilution risk inherent in issuing 555 million new shares, the market’s reaction has been relatively muted. Metaplanet stock dipped just 1.6% on the day of the announcement and remains up 275% year-to-date, reflecting investor enthusiasm for Bitcoin-aligned equities.

As the firm gears up to become a major institutional force in Bitcoin, Metaplanet is signaling a broader shift: corporations in Japan—and perhaps beyond—are starting to treat Bitcoin not as a speculative asset, but as a strategic reserve currency.