The purchase, executed on June 2, follows a ¥50 billion ($330 million) bond issuance in May and coincides with a marked acceleration in the company’s capital markets activity targeting Bitcoin accumulation.
The new offering is structured as a third-party allotment across three warrant series, with pricing designed to adjust relative to market performance. Uniquely, the warrants are issued at a premium to market price, enabled by the company’s elevated trading liquidity and volatility.
The initial strike price of ¥1,388 per share represents a premium over recent closing prices. The company aims to complete the full raise over a projected six- to ten-month period.
As of June 2025, Metaplanet’s BTC holdings total 8,888 BTC, acquired at a cost basis of ¥122.2 billion and an average price of approximately $93,354 per coin. Per company materials, these holdings were funded entirely through non-dilutive debt and warrant-based equity mechanisms.
The BTC yield KPI, which rose to 225.4% year-to-date, reflects the firm’s central operating objective: continually growing Bitcoin per share through structured capital market operations. The company has also adjusted its year-end target yield to 600% and outlined a forward goal of 30,000 BTC by the end of 2025.
Metaplanet has disclosed revised long-term targets of acquiring 100,000 BTC by the end of 2026 and 210,000 BTC by 2027, equivalent to approximately 1% of the total Bitcoin supply. These figures represent a fivefold increase in ambition compared to guidance issued at the start of the year.
The latest offering emphasizes Metaplanet’s growing role in bridging traditional capital markets and digital assets in Japan, where regulatory constraints continue to limit retail investors’ access to spot Bitcoin.
By operating as a listed Bitcoin treasury vehicle, the firm provides equity-based exposure in a tax-advantaged wrapper, with NISA eligibility and institutional access within the TSE framework.
Metaplanet has emerged as Japan’s most liquid equity by trading volume and one of the country’s top performers year-to-date by market cap growth.
With warrant-based fundraising tools, real-time treasury operations, and yield-oriented metrics driving shareholder engagement, the company has created an increasingly financialized model of Bitcoin accumulation.
