Metaplanet Finalizes $1.45B Share Sale to Fund Bitcoin Purchases, Holdings Hit $2.25B

Core Insights - Metaplanet Inc has completed a $1.45 billion international share offering to fund significant Bitcoin purchases, issuing 385 million shares at ¥553 each, with settlement set for September 16 [1] - The company plans to allocate ¥183.7 billion ($1.24 billion) directly to Bitcoin acquisitions between September and October 2025, increasing its Bitcoin holdings to 20,136 BTC valued at approximately $2.25 billion, making it the sixth-largest corporate Bitcoin holder globally [1] Company Developments - Recent acquisitions by Metaplanet include 136 Bitcoin for $15.2 million and 1,009 Bitcoin for $112 million [2] - Nakamoto Holdings has committed $30 million to participate in Metaplanet's global equity offering, marking its largest investment in an Asian Bitcoin-focused public company [3] - KindlyMD's subsidiary stock surged 77.2% on Nasdaq following the announcement of Metaplanet's offering, despite recent monthly declines [3] Industry Trends - Sora Ventures has launched a dedicated $1 billion Bitcoin treasury fund, backed by $200 million in regional commitments, aiming for rapid accumulation within six months [4] - QMMM Holdings reported a 1,736% stock gain after announcing $100 million crypto treasury plans targeting Bitcoin, Ethereum, and Solana [4] - Japan is leading corporate Bitcoin adoption, with multiple Tokyo-listed firms announcing treasury strategies, supported by government policy changes that may reduce capital gains tax rates from 55% to 20% [5] Financial Strategy and Challenges - Metaplanet's financing strategy involves "moving strike warrants" issued to Evo Fund, designed to create a capital generation flywheel for Bitcoin purchases [6] - The model has shown signs of strain, with shares declining 54% since mid-June, while Bitcoin gained only 2% during the same period [6] - Accumulation rates have slowed from 160% growth through June to less than 50% since, with Bitcoin premium compression threatening the sustainability of the strategy [7] - The company's market capitalization multiple versus Bitcoin holdings has narrowed from eight times reserves in June to approximately two times currently, raising concerns about further premium compression limiting accumulation capacity [7] - CEO Simon Gerovich described preferred share issuances as a "defensive mechanism" to protect common shareholders from dilution during price convergence [8]