Japan-based Metaplanet Inc. has received shareholder backing for an extensive overseas share sale intended to raise up to $884 million, marking a significant chapter in the company’s transformation from a hotel operator to a digital asset-focused entity. The approval was granted during a recent meeting in Tokyo, where shareholders endorsed three crucial resolutions: an increase in authorized shares, the introduction of virtual shareholder meetings, and the establishment of perpetual preferred shares.
As part of its strategic initiatives, Metaplanet has also disclosed the acquisition of an additional 1,009 Bitcoin, boosting its overall holdings to 20,000 coins, which are now valued at over $2.1 billion. This impressive accumulation positions Metaplanet as the sixth-largest corporate holder of Bitcoin worldwide, as reported by BitcoinTreasuries.net. The firm notably achieved a remarkable 468% yield in the second quarter of 2025, as its Bitcoin treasury reached 18,113 BTC.
Under the leadership of CEO Simon Gerovich, Metaplanet is aggressively pursuing further expansion in its Bitcoin portfolio, setting an ambitious goal of obtaining 210,000 BTC, which would represent roughly 1% of Bitcoin’s total supply by 2027. In the second quarter of 2025, the company reported substantial financial results, including ¥816 million in operating profit and total revenue of ¥1,239 million—largely fueled by ¥1,131 million in revenue from Bitcoin option underwriting.
The company has seen a remarkable surge in shareholder interest, with the number of shareholders increasing by over 1,000% within a year, reaching a total of 128,000. This growth has catapulted Metaplanet to the status of the best-performing stock among approximately 55,000 publicly listed companies in 2024.
However, the company is grappling with challenges stemming from a steep decline in its stock price, which has diminished by 54% since mid-June. This downturn has impacted the liquidity necessary for further Bitcoin acquisitions, as Metaplanet’s strategy heavily relies on maintaining a “Bitcoin premium,” defined as the difference between the firm’s market capitalization and the value of its Bitcoin assets. This premium has dramatically reduced from over eight times its Bitcoin reserves in June to around two times currently.
To navigate these difficulties, Metaplanet has proposed the issuance of up to 555 million preferred shares, potentially generating up to ¥555 billion ($3.8 billion). These preferred shares would come with dividends of as much as 6% and a cap at 25% of the value of the company’s Bitcoin holdings. Gerovich has characterized this initiative as a “defensive mechanism,” aimed at safeguarding common shareholders from dilution risks if the stock price converges with the value of its Bitcoin reserves.
Additionally, the company has suspended the exercise of warrants by Evo Fund through September to facilitate the implementation of its new financing strategy.
The broader trend among corporate entities holding Bitcoin has been gaining momentum, with over 170 companies incorporating Bitcoin into their balance sheets, collectively exceeding $111 billion globally. However, analysts have raised concerns about associated risks. They caution that, as stock values converge with Bitcoin’s net asset value, existing shareholders could be subjected to dilution. Matthew Sigel from VanEck has warned that aligning company valuations with Bitcoin holdings could undermine shareholder value going forward.
