Metaplanet Unveils $5.3B Strategic Warrant Program to Secure 1% of Bitcoin’s Total Supply by 2027
In a historic move signaling Japan’s growing alignment with digital asset strategy, Tokyo-listed Metaplanet has announced plans to raise ¥850 billion (~$5.3 billion) through a landmark stock warrant issuance—the largest of its kind in the country. The goal: to transform the firm into one of the world’s largest institutional holders of Bitcoin.
Dubbed the “555 Million Plan,” the program aims to issue 555 million stock acquisition rights over the next two years. If fully exercised, the capital injection would allow Metaplanet to acquire up to 210,000 BTC by 2027—equivalent to nearly 1% of Bitcoin’s fixed supply, and more than five times the current holdings of its previous $600 million “21 Million Plan.”
Strategic Treasury Reallocation: From Yen to Bitcoin
Metaplanet’s strategy reflects a growing concern over the structural weaknesses of Japan’s monetary system: persistent deflation, long-standing negative interest rates, and a weakening yen. Bitcoin, the firm argues, offers a superior long-term reserve asset.
Approximately 96% of the funds raised will be allocated directly toward Bitcoin purchases. The remainder will support bond redemptions and yield-generating strategies such as options selling. The firm intends to convert this capital into BTC incrementally, depending on market conditions.
Financial Engineering with Investor Protection
The plan’s warrant structure introduces a “moving strike” pricing model—a first for Japan—where the exercise price adjusts with the market. To minimize dilution concerns, warrants must be exercised at or above the current market price. Additional shareholder safeguards include a minimum exercise floor and the ability to pause conversions during unfavorable conditions.
The primary buyer of the issuance will be EVO FUND, a Cayman-based institutional backer that has supported Metaplanet’s Bitcoin strategy since early 2024.
Market Response: Steady Amid Scale
Despite the size of the offering, markets responded with relative calm. Shares closed down just 1.6%, suggesting investors remain confident in Metaplanet’s thesis. The firm’s stock is up over 275% YTD, and its shift toward a Bitcoin-centric model continues to attract attention from crypto-aligned institutions globally.
If Metaplanet follows through on its roadmap, it would become one of the top five largest Bitcoin-holding entities globally—surpassing many corporate treasuries and even some sovereign portfolios.
