Bitcoin buyer Metaplanet jumps on $5.4bn fundraising plan

Metaplanet’s plan to raise about $5.4 billion to add to a Bitcoin stockpile that’s already worth close to $1 billion saw the company’s shares jump on Monday.

Metaplanet on Friday announced a stock acquisition rights program that it claimed is the largest in Japanese capital markets history, according to a post on X. The firm, a hotelier-turned-Bitcoin-buyer, expects to accumulate 210 000 Bitcoin by the end of 2027, many times the 8,888 it currently holds. Its shares — which have proven highly volatile since it pivoted into crypto in early 2024 — rose as much as 22% on Monday morning in Tokyo, according to data compiled by Bloomberg.

Metaplanet is one of a growing cadre of listed entities around the world that emulate Michael Saylor’s Strategy, the software maker that has amassed more than $60 billion of the original digital asset. Such companies typically finance their purchases by selling equity and convertible notes to stock market investors.

In April, a special purpose acquisition company affiliated with Cantor Fitzgerald LP teamed up with Tether Holdings SA and SoftBank Group to form a Bitcoin accumulator named Twenty One Capital, launching with nearly $4 billion of Bitcoin. More recently Trump Media & Technology Group Corp, President Donald Trump’s loss-making social media company that runs Truth Social, said it raised $2.32 billion to create a Bitcoin treasury.

“Metaplanet and the rest of these companies are providing a new and material incremental source of buying demand for crypto coins and tokens and, for the time being, seem to be finding significant investor demand for their capital raises,” said Richard Galvin, co-founder of hedge fund DACM.

In its Friday announcement, Metaplanet revised an earlier plan that had set a target of purchasing 21 000 Bitcoin by the end of 2026 — a mark it revised up to 100 000. If achieved, the 210 000 target by the end of 2027 would see the company absorbing roughly 1% of all Bitcoin in circulation.

© 2025 Bloomberg

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