Metaplanet shareholders approve $884m Bitcoin treasury expansion

Japanese Bitcoin treasury firm Metaplanet is doubling down on its strategy. The company now has approval to raise additional funds to expand what is already Asia’s largest corporate Bitcoin stash.

Metaplanet has received shareholder approval to raise approximately $884 million through an international share offering. CEO Simon Gerovich announced on September 2 that the vote cleared the way for issuing up to 550 million new shares, with the bulk of proceeds earmarked for Bitcoin (BTC) purchases.

The approval comes at a critical moment for the company. Metaplanet has relied heavily on selling shares to finance its Bitcoin buying, a strategy that worked well when the stock was climbing. But after a 54% drop in share price since mid-June, raising funds has become more difficult. To keep its plan on track, the company needed shareholder backing to expand the pool of available shares.

Metaplanet argues that the effort is not just about market mechanics, but also about macro pressures. Japan’s weak yen, prolonged negative interest rates, and high national debt have left the corporate sector searching for alternatives. For the firm, Bitcoin has become that fallback, a reserve asset it believes offers stronger long-term value than traditional holdings.

Even with funding challenges, the company has continued to grow its stack. In its latest buy, Metaplanet acquired 1,009 BTC for about $112 million, pushing its total holdings to 20,000 BTC worth roughly $2.1 billion. This milestone makes it the largest corporate Bitcoin holder in Asia and places it among the top 6th globally.

With shareholder approval now secured and capital soon available, the Japanese BTC treasury company is better positioned to keep building. 

Metaplanet’s Bitcoin-first bid

For months, Metaplanet has been steadily adding to its Bitcoin holdings through a cycle of issuing new shares and using the proceeds for accumulation. This strategy has fueled growth without taking on debt, though the repeated fundraising has also weighed on its stock.

The company’s immediate focus is a year-end goal of 30,000 BTC, but it has made it clear this is just a step toward a much larger long-term ambition. Metaplanet aims to hold 100,000 BTC by 2026 and 210,000 BTC by 2027. 

If it succeeds, the Tokyo-based firm would control about 1% of all Bitcoin that will ever exist, cementing its place among the world’s largest corporate Bitcoin treasuries. Once the accumulation is complete, the company will leverage its holdings as collateral for various business purposes, as previously stated by CEO Gerovich.

“We need to accumulate as much bitcoin as we can to get to a point where we’ve reached escape velocity and it just makes it very difficult for others to catch up,” Gerovich said. “Then we have phase two when bitcoin, like securities or government bonds, can be deposited with banks and then they’ll provide very attractive financing against that asset.”

Metaplanet has carried out its pivot to a Bitcoin-first model with striking consistency. Rather than borrowing, the company has leaned on equity issuance and bond redemption to build its position. This sets it apart from peers like Strategy, which uses debt to finance its Bitcoin purchases.