Metaplanet upsizes share offering to $1.4B to aggressively acquire more Bitcoin

Core Insights - Metaplanet has increased its international share offering from 180 million to 385 million shares, raising approximately $1.4 billion to fund Bitcoin purchases [1][2] - The company plans to allocate 183.7 billion yen ($1.25 billion) for Bitcoin purchases and 20.4 billion yen ($138.7 million) for its Bitcoin income generation business between September and December [3] - Metaplanet aims to acquire 210,000 Bitcoin by 2027, which would represent about 1% of Bitcoin's total supply [3] Share Offering Details - The share offering was increased by 205 million shares due to strong investor demand, with shares priced at 553 yen ($3.75) each, reflecting a 9.93% discount from the reference price of 614 yen ($4.16) [2] - The enlarged offering will raise Metaplanet's total outstanding shares from 755.9 million to 1.14 billion shares [2] - The share offering structure includes underwriter purchase rights for up to 375 million shares, with an additional 180 million shares available through overallotment options [7] Bitcoin Acquisition Strategy - Metaplanet currently holds 20,136 Bitcoin valued at over $2.24 billion, making it Asia's largest corporate Bitcoin holder and the sixth-largest globally [3] - The company acquired 1,145 BTC in September for approximately $127.2 million [4] - Metaplanet's Bitcoin income generation business recorded sales revenue of 1.904 million yen (nearly $13 million) during the second quarter of the fiscal year 2025 [6] Business Model Transition - The company has adopted Bitcoin as its primary treasury reserve asset to hedge against risks while pursuing long-term capital appreciation [5] - Metaplanet disclosed its transition to Bitcoin treasury management in May 2024 as part of its "Strategic Treasury Transformation and Bitcoin Adoption" policy [5] - The aggressive Bitcoin accumulation strategy positions Metaplanet among a growing number of corporations adopting BTC as a treasury asset [7]