TLDR
Metaplanet Inc, a Tokyo-listed company, plans to acquire 10,000 bitcoin by 2025 and 21,000 bitcoin by 2026
The company is launching the “21 Million Plan” to raise 116.65 billion yen (approximately $740 million)
The plan involves issuing 21 million shares through moving strike warrants
Metaplanet achieved a 309.82% BTC Yield in Q4 2024, following a 41.7% yield in Q3
The company’s shares rose 5% following the announcement
Tokyo-listed company Metaplanet Inc has announced plans to build one of the world’s largest corporate bitcoin holdings. The company revealed on Tuesday its intention to acquire 10,000 bitcoin by the end of 2025, followed by an additional 11,000 bitcoin by the end of 2026.
The company’s strategy, dubbed the “21 Million Plan,” will raise funds through the issuance of 21 million shares using moving strike warrants. This approach is expected to generate approximately 116.65 billion yen, equivalent to $740 million at current exchange rates.
Metaplanet currently holds over $180 million worth of assets, according to recent data. The company’s ambitious plan represents one of Asia’s largest equity capital raises specifically designed for bitcoin acquisition.
The moving strike warrant structure chosen by Metaplanet includes specific protections for current shareholders. The exercise price will be set at 100% of the previous day’s closing price, a measure designed to prevent the dilution typically associated with traditional warrant offerings.
The company’s recent performance shows strong momentum in its bitcoin strategy. In the fourth quarter of 2024, Metaplanet achieved a 309.82% BTC Yield, a substantial increase from the 41.7% yield recorded in the third quarter of the same year.
Dylan LeClair, who serves as Director of Bitcoin Strategy at Metaplanet, emphasized the company’s focus on bitcoin-denominated returns rather than traditional currency measurements.
“BTC Yield is the foundation of our strategy and the ultimate measure of our success,” LeClair stated in the announcement.
The company’s approach marks a departure from typical corporate treasury management strategies. Rather than viewing bitcoin as a simple asset for trading, Metaplanet positions it as a long-term holding strategy.
This perspective was further reinforced by LeClair’s additional comments:
“We don’t measure performance in fiat currencies like the yen or the dollar—our benchmark is Bitcoin itself.”
The name of the initiative, the “21 Million Plan,” appears to reference bitcoin’s maximum supply cap of 21 million coins, showing alignment with bitcoin’s fundamental characteristics.
Market response to the announcement has been positive, with Metaplanet’s shares closing 5% higher on Wednesday following the news.
The company’s stated goal is to maximize bitcoin holdings per share for its shareholders, indicating a strong commitment to this strategy over the long term.
LeClair made the company’s position clear, stating, “Bitcoin is not just an asset; it’s the exit strategy. We’re here to accumulate and lead, not sell.”
The funding mechanism through moving strike warrants represents an innovative approach to raising capital for bitcoin acquisition in the corporate sector.
Metaplanet’s strategy aligns with a growing trend of companies looking to hold bitcoin as part of their treasury operations, though the scale of their planned acquisition stands out.
The company has structured its warrant offering to align with market prices, showing attention to existing shareholder interests while pursuing its bitcoin acquisition strategy.
The latest data shows Metaplanet’s total planned investment would make it one of the largest corporate holders of bitcoin globally once the acquisition plan is complete.
