Metaplanet approves $1.2 billion share sale for Bitcoin purchases

The company will issue up to 555 million new shares according to a Wednesday filing. Total outstanding shares could rise from 722 million to about 1.27 billion shares.

The share price will be set between September 9-11 with settlement following shortly after. The offering targets institutional investors through overseas placements.

Metaplanet currently holds 18,991 Bitcoin tokens valued at about $2.1 billion. The company plans to use most of the new capital to buy additional Bitcoin.

About $440 million will fund the company’s “Bitcoin Income Business” program. The program generates revenue by selling covered call options on the company’s Bitcoin holdings.

CEO Simon Gerovich said on X that the company announced the international share offering. “Due to legal restrictions, we cannot comment on the offering beyond what is in the release while the offering is ongoing,” Gerovich wrote.

The offering is not registered under the U.S. Securities Act of 1933. No public offer is planned in the United States.

Metaplanet cited protection against a weak yen and inflation as reasons for the Bitcoin allocation. The company also mentioned corporate value enhancement in its filing.

The board previously announced the “21 Million Plan” and “555 Million Plan” with a goal of holding more than 210,000 Bitcoin by 2027. This would represent over 1 percent of Bitcoin’s total supply cap.

FTSE Russell upgraded Metaplanet from small-cap to mid-cap status in its September 2025 review. The company earned inclusion in the FTSE Japan Index.

The company has added to its Bitcoin reserves throughout 2025 through equity issuances and stock acquisition rights. Metaplanet frames Bitcoin holdings and options income as key parts of its balance sheet policy.