Metaplanet continues to emulate MicroStrategy with planned $62M Bitcoin expansion

Tokyo-listed investment firm Metaplanet plans to raise 9.5 billion yen (approximately $62 million) to strengthen its Bitcoin portfolio.

In a Nov. 28 statement, the company revealed that the funds will be raised through its 12th Series Moving Strike Stock Acquisition Rights. These rights will be allocated to EVO FUND via third-party allotment between Dec. 17, 2024, and June 16, 2025.

Following the announcement, Metaplanet’s stock surged by 6.5%, extending a year-long rally that has positioned it as one of Japan’s most prominent publicly traded companies.

Emulating MicroStrategy

Metaplanet’s CEO Simon Gerovich highlighted that the company’s financing approach mirrors that employed by MicroStrategy, a leading corporate Bitcoin holder.

According to him, the “at-the-market” model allows the firm to raise funds to expand its Bitcoin holdings while ensuring shareholders benefit from a higher Bitcoin-per-share ratio. Gerovich emphasized that this approach enables the company to accelerate its Bitcoin acquisition rate without significantly diluting shareholder value.

He added:

“By raising capital in this way, we can grow our Bitcoin holdings at a faster rate than the increase in outstanding shares, providing a clear net benefit to our shareholders.”

Since transitioning to a Bitcoin-focused treasury in May, Metaplanet has added 1,142 BTC to its portfolio, spending $75.3 million. With Bitcoin’s value rising, this investment has grown by over 44%, pushing its worth to $108.5 million.

According to Bitcoin Treasuries data, the holdings have positioned Metaplanet as one of Asia’s largest corporate Bitcoin holders and 18th globally among publicly traded companies.

Addition to ETFs

According to a Nov. 27 statement, Metaplanet’s growing prominence has also led to its inclusion in the Amplify Transformational Data Sharing ETF (BLOK).

The fund actively identifies key players in the blockchain space and tracks 53 leading blockchain-focused companies, featuring notable names such as MicroStrategy, Robinhood, Nvidia, and SBI Holdings. BLOK manages over $930 million in assets.

Gerovich stated:

“This inclusion highlights growing recognition of our leadership as Japan’s leading Bitcoin Treasury Company. BLOK holds a 4.4% stake in Metaplanet.”

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