Metaplanet, a Japanese hospitality and real estate group that has pivoted to a Bitcoin treasury strategy, recently announced a significant share offering aimed at bolstering its Bitcoin reserves. The company plans to issue 385 million new shares to fund the purchase of additional Bitcoin and expand its Bitcoin-related business ventures.

The shares are being offered internationally, outside of Japan, at a price of 553 yen ($3.75) each, with the goal of raising approximately 212.9 billion yen ($1.44 billion). This issue price represents a 9.9% discount compared to Metaplanet's closing price of 614 yen on the same Tuesday. The payment date is scheduled for September 16, 2025, during which underwriters and investors will transfer the funds to the company, followed by the delivery date on September 17, when the new shares will be credited to investors.

Metaplanet intends to allocate ¥183.7 billion out of the ¥204.1 billion net proceeds towards increasing its Bitcoin holdings. The remaining ¥20.4 billion will be used to support its Bitcoin income generation business, which currently relies on trading BTC options. This move aligns with Metaplanet's strategy to establish Bitcoin as its primary reserve asset, setting it apart from traditional financial firms. The company's focus on Bitcoin is intended to hedge against the depreciation of the Japanese yen.

The capital raise could enable Metaplanet to acquire approximately 12,590 additional Bitcoins. At the current Bitcoin price of $111,200 per unit, this would increase Metaplanet's total Bitcoin holdings from 20,136 BTC to approximately 32,726 BTC, representing a more than 60% increase.

Metaplanet's stock has experienced considerable volatility. While it has surged over 150% in the past year due to the enthusiasm surrounding its Bitcoin strategy, it has also recently faced a downturn. In the past month, shares traded in Japan have fallen nearly 39%, even as Japan's benchmark Nikkei Index gained 1.7%. Following the announcement of the capital raise, Metaplanet's stock saw a 10% drop.

The company has been actively increasing its Bitcoin holdings, reaching 20,136 BTC valued at around $2.2 billion. Metaplanet has been implementing its Bitcoin treasury strategy since 2024 as a hedge against inflation, negative interest rates, and the long-term effects of Japan's national debt. This latest offering further solidifies Metaplanet's position as a "Bitcoin-first" institution.

With the completion of this $1.4 billion Bitcoin purchase, Metaplanet is poised to become one of the largest publicly traded entities holding BTC.