Key Takeaways:
- Metaplanet plans to issue 555 million new shares in an international offering expected to raise approximately $880 million (JPY 130.3 billion), with $845 million allocated for direct Bitcoin purchases.
- The company’s total outstanding shares will nearly double, increasing to 1.277 billion, pending a shareholder vote to expand authorized capital on September 1.
- Between August 14 and 26, Metaplanet exercised 275,000 stock acquisition rights, converting them into 27.5 million new shares at prices ranging from ¥834 to ¥972.
- Metaplanet has temporarily suspended conversion rights linked to over 406 million potential shares under its 20th, 21st, and 22nd series from September 3 to 30.
Metaplanet Inc. has made a series of high-stakes financial decisions this week, converting 27.5 million shares through stock acquisition rights, temporarily freezing rights linked to over 406 million potential shares, and launching an international equity offering of 555 million new shares.
The offering aims to raise approximately $880 million (JPY 130.3 billion), with around $845 million (JPY 123.8 billion) allocated for Bitcoin purchases as the company expands its Bitcoin treasury strategy.
The share issuance would nearly double Metaplanet’s outstanding stock, raising its total to 1.277 billion shares, which exceeds the company’s current authorized share capital, prompting a shareholder vote on September 1 to approve the necessary amendments.
Massive International Offering to Fuel Bitcoin Expansion
In its most aggressive move yet, Metaplanet unveiled a new plan to raise JPY 130.3 billion, or approximately $880 million, through an overseas-only international offering. Of this amount, around JPY 123.8 billion will go toward purchasing Bitcoin, with an additional JPY 6.5 billion allocated to Bitcoin-related income generation initiatives.
The company aims to issue 555 million new shares, bringing its total outstanding shares to 1.277 billion, pending shareholder approval at the upcoming September 1 extraordinary general meeting to expand authorized share capital.
While the offering introduces significant dilution risk for existing shareholders, Metaplanet is betting that long-term value will be driven by an expanding Bitcoin treasury and the strategic shift toward digital asset-backed reserves.
The offering will take place between September 9 and 11, with settlement scheduled as early as September 16.
Stock Acquisition Rights Exercise & Temporary Suspension
In addition to its new shares announcement, Metaplanet also provided key updates regarding its stock acquisition rights program and a temporary suspension of conversions linked to institutional allocations.
According to the company, between August 14 and August 26, 2025, Metaplanet executed 275,000 units of its 20th series of stock acquisition rights. This resulted in the issuance of 27.5 million new shares at exercise prices ranging between ¥834 and ¥972. Following these transactions, the company’s total number of issued shares has risen to 712,214,340.
However, just as these conversions accelerated, Metaplanet announced a temporary suspension of the remaining unexercised rights under the 20th, 21st, and 22nd series. The freeze will take effect from September 3 to September 30, 2025, halting the conversion of more than 406 million shares during that period.
The suspension appears linked to a purchase agreement with EVO FUND, which grants Metaplanet the flexibility to pause or resume exercises depending on internal capital strategy or prevailing market conditions.
What This Means for the Company and Investors
Metaplanet is doubling down on Bitcoin, betting that long-term gains will outweigh the short-term dilution from issuing hundreds of millions of new shares.
Investors should expect increased volatility but also greater exposure to Bitcoin, which remains appealing in Japan’s crypto-friendly market.
If Bitcoin rises, Metaplanet’s valuation could scale rapidly. But if it stalls, dilution could weigh on shareholder value.
This is a high risk-high reward play that reflects strategies seen in United States crypto treasury firms such as MicroStrategy.
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