Metaplanet Cracks Top Five Bitcoin Treasuries After $632M Buy

Core Insights - Metaplanet aims to raise approximately $4.6 billion to acquire a total of 210,000 BTC by the end of 2027, with recent approvals for various capital raises [1][10][34] - The firm has experienced significant stock price volatility, with a 32% decline over the past month and a 60% drop from its all-time high in June 2025 [2][3][6] - Despite recent declines, Metaplanet's stock has shown resilience, rising over 16% in the past 24 hours, indicating renewed investor confidence [5][15] Capital Raising Initiatives - Metaplanet plans to issue approximately $880 million in new shares to international investors, alongside a dual-class preferred stock offering aimed at raising $3.7 billion, primarily for Bitcoin purchases [2][10] - The firm is increasing its authorized shares to 2.7 billion to facilitate further capital raising efforts [2] - A significant portion of the proceeds from these offerings, around $1.2 billion, will be allocated to purchasing more Bitcoin, with an additional $200 million earmarked for its BTC options business [5][6] Bitcoin Acquisition Strategy - Metaplanet has successfully acquired a total of 20,136 BTC, valued at approximately $2.25 billion, with an unrealized profit of $190 million [4][7] - The firm has made several large purchases recently, including 1,009 BTC for $111.97 million, marking its largest acquisition since pivoting to a Bitcoin-first strategy [8][20] - Metaplanet's average purchase price for Bitcoin has varied, with recent acquisitions averaging around $111,666 per BTC [4][12] Market Position and Performance - Metaplanet is currently the sixth-largest corporate holder of Bitcoin globally, steadily closing in on competitors like Bullish, which holds 24,000 BTC [3][7] - The firm's stock has shown remarkable growth since its pivot to Bitcoin, with a staggering increase of 1,840% over the past year [28] - Despite recent price corrections, Metaplanet's stock remains a top performer, up 151% year-to-date [15][23] Future Goals and Expansion - Metaplanet has set ambitious targets, aiming for 100,000 BTC by the end of 2026 and 210,000 BTC by the end of 2027 [9][34] - The firm is also planning to establish a U.S. subsidiary to further its Bitcoin acquisition strategy and expand its market presence [32][48] - CEO Simon Gerovich has emphasized the firm's commitment to long-term value creation, focusing on building a robust Bitcoin treasury [50][51]