Crypto Reporter
Shalini Nagarajan
Crypto Reporter
Shalini Nagarajan
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Metaplanet, a publicly traded Japanese investment firm listed on the Tokyo Stock Exchange, has deepened its bet on Bitcoin with the purchase of an additional 518 BTC, lifting its total holdings to 18,113 BTC ($2.1b).
The company, which pivoted from hotel management to digital assets under CEO Simon Gerovich in 2024, has emerged as one of Asia’s most aggressive corporate Bitcoin accumulators.
Gerovich, a former Goldman Sachs derivatives trader, has steered the firm toward a bold treasury strategy modeled after MicroStrategy’s playbook. Metaplanet’s “555 Million Plan” aims to amass 210,000 BTC, around 1% of the total Bitcoin supply, by the end of 2027.
This is a substantial upgrade from its earlier “21 Million Plan,” which targeted 21,000 BTC by 2026.
Metaplanet Taps Innovative Financing Tools to Fuel Bitcoin Push
To finance this expansion, the company has relied on unconventional funding methods such as zero-interest bonds, moving-strike warrants and perpetual preferred stock issuances.
The latest acquisition followed an Aug. 1 filing for a shelf registration to raise up to 555b yen (about $3.74b) through perpetual preferred shares.
In the same proposal, Metaplanet sought to increase its authorized share count to 2.72b and introduce two classes of perpetual preferred shares, each with distinct risk and conversion features. The move, the company said, is designed to align financing flexibility with investor preferences.
Metaplanet’s earlier fundraising efforts have also been substantial. It issued 270.36b yen (about $1.82b) in zero-interest convertible bonds and secured 9.09b yen (about $61.25m) through moving-strike warrants. The firm additionally raised 12.75b yen (about $85.91m) by issuing perpetual preferred shares to strategic investors.
The company has also executed smaller tactical financings, such as a 14.93m yen (about $100,600) share issuance and a 17.54m yen (about $118,200) preferred stock sale. These, while modest in size, have contributed to maintaining its steady buying pace.
Metaplanet’s strategy is predicated on the belief that Bitcoin will continue to appreciate over the long term, serving both as a store of value and a hedge against currency depreciation. The company’s aggressive acquisition schedule has already made it the largest corporate Bitcoin holder in Asia.
Plan Puts Firm Among World’s Largest Institutional Bitcoin Buyers
Analysts note that the scale of the plan puts Metaplanet in the same league as the biggest institutional Bitcoin buyers worldwide. This signals a growing mainstream acceptance of Bitcoin as a corporate treasury asset. However, the size of its financing program also raises concerns. The concentration in a single, volatile asset carries risk, especially if market conditions shift.
Gerovich has maintained that the approach is calculated. He says each financing instrument is designed to optimize shareholder value while advancing the BTC target. Further, the firm continues to see strong investor appetite for its preferred shares and convertible bonds. This, he believes, is evidence of market confidence in its vision.
If Metaplanet meets its 210,000 BTC goal by 2027, it will reshape its balance sheet and cement its position as one of the most influential corporate players in the cryptocurrency sector.
