Metaplanet Expands Share Offering to Fund Bitcoin Acquisition

By: Eliza Bennet

Metaplanet, a prominent player in Japan's hospitality and real estate sectors, has announced a significant expansion of its share offering aimed at bolstering its Bitcoin acquisition strategy. The company has increased its international share offering from 180 million to 385 million shares, a move that is expected to generate approximately $1.44 billion. This expansion follows a strong demand from investors, with shares priced at 553 yen ($3.75) each, reflecting a 9.9% discount from the closing market price of 614 yen. The funds raised will primarily be allocated to acquiring more Bitcoin and supporting related business ventures.

This strategic move is part of Metaplanet's broader goal of acquiring a substantial amount of Bitcoin by 2027, targeting 210,000 BTC, which would represent about 1% of the total Bitcoin supply. Currently, Metaplanet holds over 20,136 Bitcoin, valued at around $2.24 billion. This makes them the largest corporate Bitcoin holder in Asia and positions them as the sixth-largest holder globally, surpassing notable companies like Riot Platforms. In September alone, the company acquired 1,145 Bitcoin, amounting to approximately $127.2 million.

Metaplanet also reveals a new dimension to its business model by emphasizing the adoption of Bitcoin as its primary treasury reserve asset. This initiative is part of its "Strategic Treasury Transformation and Bitcoin Adoption" policy, which aims to hedge against financial uncertainties and promote long-term capital growth. Additionally, its Bitcoin income generation business has reported significant revenue, marking Metaplanet's evolution beyond mere Bitcoin appreciation to yield generation from its digital assets.

The expanded share offering includes underwriter purchase rights for an additional 375 million shares, with an overallotment option for 180 million more. Final settlement is expected between September 16 and 17, marking a pivotal step in Metaplanet's aggressive Bitcoin accumulation strategy. This approach mirrors the adoption strategies of other prominent corporations embracing Bitcoin as a cornerstone of their treasury management frameworks.