Metaplanet establishes US subsidiary and raises $1.4 billion to buy BTC

Metaplanet's Expansion Strategy

Metaplanet Inc., Japan’s pioneering Bitcoin fund manager, has completed a $1.4 billion international share offering, channeling capital into aggressive BTC accumulation and profitable projects. Announced to close on September 9, 2025, the upsized deal – from 180 million to 385 million shares – marks one of the largest crypto equity fundraisings in 2025, underscoring Tokyo’s shift to digital assets as a yen hedge.

With Bitcoin trading above $116,000, the move brings Metaplanet closer to its ambitious target of 210,000 BTC by 2027, while the launch of a US branch will add a global revenue stream. Between Ethereum’s validation queue woes and Polkadot’s scarcity reforms, Metaplanet’s strategy is a prime example of enterprise blockchain adoption.

The fundraising has attracted commitments from major companies, including Nakamoto Holdings (committing $30 million) and sovereign wealth funds, signaling institutional participation. CEO Simon Gerovich has hailed X as a step toward “becoming the world’s #2 BTC treasury company,” with the proceeds earmarked for BTC purchases (¥183.7 billion) and earnings operations (¥20.4 billion by December 2025).

Offering and allocation mechanism

The deal structure minimizes dilution while maximizing BTC exposure: Share issuance: 385 million new shares priced at 553 yen, a 20% discount to the recent transaction, sold through underwriters to international buyers outside Japan.

• Revenue breakdown: 89% ($1.24 billion) for spot BTC purchases in September-October, hedging against yen depreciation (down 15% YTD vs USD); 11% ($140 million) for options/derivatives trading, leveraging Q2 revenue of 1.9 billion yen.

• Treasury Overview: As of September 1, holdings reached 20,000 BTC (approx. 322 billion yen/$2.2 billion); recent purchases added 136 BTC ($15.2 million, at $111,196/BTC), representing a 487% YTD return.

• Income Arm: On September 17, Metaplanet launched Metaplanet Income Corp. in Miami with $15 million in initial capital, separating derivatives products from core treasury operations for ease of management.

This follows a strategy shift in May 2024, citing Japan's sovereign debt, negative interest rates and a weak yen. No online purchases were immediately reported, but over-the-counter exchanges such as Cumberland are being targeted for low-slippage execution.

Evaluation and Conclusion

Metaplanet’s $1.4 billion offering closes a triumphant chapter in corporate Bitcoin adoption, equipping the company to hoard sats amid a volatile yen and global mania. From 20,136 BTC to an ambitious 210,000, Metaplanet competes with SharpLink’s ETH strategy while pioneering yield through its US arm—a monumental step forward in the $4 trillion crypto space. With BTC stabilizing above $116,000, the sale is more than just capital; it’s confidence, fueling the rise of blockchain in Japan and the treasury revolution.

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