Quick Breakdown:
- Metaplanet issued 27.5M new shares, raising about $175M from warrant exercises between Aug 14–26.
- The company redeemed $35M of its 19th series bonds early, funded by proceeds from equity issuance.
- Funds are directed toward Bitcoin accumulation and debt reduction, boosting Metaplanet’s BTC treasury.
Metaplanet Inc., often called “Japan’s MicroStrategy,” has expanded its Bitcoin financing strategy through a large exercise of stock acquisition rights and early bond redemptions, reinforcing its long-term bet on BTC.
$175M Raised Through Share Issuance
Between August 14 and August 26, 2025, investors exercised 275,000 of Metaplanet’s 20th series stock acquisition rights, equal to 14.9% of the total 1.85 million issued to EVO FUND. The transaction resulted in 27.5 million new shares, lifting Metaplanet’s total outstanding shares to 739.7 million.
The exercised warrants were priced between $6.20 and $5.35 per share. As of August 26, 460,000 rights remain unexercised, representing another potential 46 million shares.
The company has consistently highlighted that proceeds from equity-linked financing are being funneled into Bitcoin purchases, cementing its position as one of Japan’s most aggressive corporate Bitcoin adopters.
*Notice Regarding the Large Exercise of the 20th Series of Stock Acquisition Rights, and the Partial Early Redemption of JPY 5.25 billion of the 19th Series of Ordinary Bonds* pic.twitter.com/eosF02sex8
— Metaplanet Inc. (@Metaplanet_JP) August 27, 2025
$35M in Bonds Redeemed Early
Alongside the equity issuance, Metaplanet redeemed $35 million of its 19th series ordinary bonds ahead of schedule. The bonds, originally issued in June for a total of $190 million to EVO FUND, have now seen multiple early repayments: $39 million on July 7, $44 million on July 15, $20 million on August 20, and the latest $35 million on August 26.
The redemptions were funded directly from proceeds of the warrant exercises, underscoring how the company is cycling capital into both debt reduction and Bitcoin accumulation.
With this dual-track strategy, Metaplanet is strengthening its balance sheet while building one of the largest Bitcoin treasuries in Asia, further aligning itself with global players using BTC as a reserve asset.
Meanwhile, the organization strengthened its Bitcoin treasury strategy with the acquisition of an additional 103 BTC, valued at ¥1.736 billion. The purchase was made at an average price of ¥16.85 million per Bitcoin, raising the company’s total holdings to 18,991 BTC. The Tokyo-listed firm had been aggressively positioning Bitcoin as a core treasury asset since it formally adopted the strategy.
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