Metaplanet Raises $517 Million to Boost Bitcoin Investment

Metaplanet's Strategy

Metaplanet, dubbed the “MicroStrategy of Asia,” has been shifting its business model from a traditional investment firm to one focused on building a Bitcoin reserve since April 2024. As of June 23, 2025, the company holds 11,111 BTC, worth approximately $1.12 billion, at an average purchase price of approximately $95,869 per Bitcoin. The recent $517 million fundraising is part of the “555 Million Plan,” a large-scale equity offering that aims to raise $5.4 billion to purchase an additional 210,000 BTC by 2027, equivalent to 1% of the fixed Bitcoin supply (21 million BTC).

This strategy is driven by the belief that Bitcoin is a strategic asset, acting as a hedge against the devaluation of the Japanese yen and macroeconomic risks, especially in the context of Japan's high public debt. CEO Simon Gerovich has emphasized that Metaplanet is not focused on short-term price fluctuations but rather on building long-term value through Bitcoin accumulation.

Capital mobilization structure

The $517 million raise was made through the EVO Fund, Metaplanet’s primary financial partner, through the exercise of 540,000 stock options, resulting in the issuance of 54 million new shares. This is just the first step in a program to issue 555 million shares, equivalent to 92% of the company’s total outstanding shares. This represents an aggressive financial strategy, leveraging equity instruments to finance the purchase of Bitcoin without increasing debt or significantly diluting existing shareholder value.

Metaplanet has used a range of innovative financing instruments, including zero-coupon bonds and moving strikes, to mitigate negative market impact and optimize its cost of capital. For example, the company completed the early redemption and repayment of series 16, 17, and 18 of bonds totaling $281 million, using funds from stock options exercised by the EVO Fund. This approach demonstrates financial prudence, allowing Metaplanet to maintain a healthy balance sheet while accelerating its Bitcoin accumulation strategy.

The effectiveness of this strategy is reflected in the “BTC Yield” index, a unique metric from Metaplanet that represents the percentage growth of Bitcoin holdings relative to fully diluted shares. As of now, the index has reached 306.7% in 2025, demonstrating the potential for significant shareholder value creation through the expansion of the Bitcoin portfolio.

Risks and challenges

While Metaplanet’s strategy has delivered significant returns, with its stock price up 391% in 2025 and over 1,600% over the past year, it is not without risks. Bitcoin’s price volatility, liquidity challenges, regulatory scrutiny, and security risks are all factors that need to be carefully managed. Furthermore, Metaplanet’s current valuation implies a Bitcoin price ranging from $596,000 to $759,000 per coin, suggesting that investors are paying a high premium for Bitcoin exposure through the company’s stock, which could be risky if the market corrects sharply.

Disclaimer: The information presented in this article is the author's personal opinion on the cryptocurrency field. It is not intended to be financial or investment advice. Any investment decision should be based on careful consideration of your personal portfolio and risk tolerance. The views expressed in the article do not represent the official position of the platform. We recommend that readers conduct their own research and consult with a professional before making any investment decisions.

Compiled and analyzed by HCCVenture

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