Metaplanet launches 385 million new shares: $1.44 billion for Bitcoin, with potential dilution fo...

In the recent official statement, Metaplanet announces the issuance of 385 million new shares, placed at 553 yen each, to raise 212.9 billion yen (approximately 1.44 billion dollars, conversion based on official rates from Bloomberg). The news was also reported by international outlets such as Reuters, confirming the operation communicated by the company. The operation, aimed at bolstering a treasury in Bitcoin, will result in significant potential dilution for current shareholders. In this context, the market choice aims to strengthen the financial profile linked to BTC.

According to the data collected by our editorial team and cross-referenced with official statements and market reports, Metaplanet held over 20,000 BTC as of September 8, 2025, a level that represents a significant portion of its treasury. Industry analysts note that a capital increase of this size (212.9 billion ¥) is among the largest operations explicitly aimed at cryptocurrency accumulation in the Japanese market of 2025, with clear implications for the capital structure.

The key numbers, right away

New shares: 385,000,000

Placement price: 553 ¥ per share

Discount on close: 9.9%

Expected collection: 212.9 billion ¥ (≈ 1.44 billion $)

Timelines: payment and delivery expected for an indicative operational window in mid-September 2025, with updates expected shortly

Target investors: international placement outside of Japan

Term sheet of the operation (summary)

| Structure | Capital increase through international placement, as announced | | ———————– | ———————————————————————————————————————————- | | Number of new shares | 385,000,000 | | Price per share | 553 ¥ (with a 9.9% discount on the closing price) | | Gross proceeds | 212.9 billion ¥ (≈ 1.44 billion $) | | Schedule | Payment and delivery: indicative window in mid-September 2025, with official communications expected in conjunction with the closing |

Why Metaplanet Cashes in BTC

The company has stated its intention to use the proceeds to make additional purchases of Bitcoin and to develop income-generating activities based on BTC, aimed at hedging the yen exchange rate risk and strengthening the treasury with an asset considered scarce. The purchases are expected to begin between September and October, depending on the closing of the placement and market conditions. That said, the operational timing remains tied to the execution of the offer and the liquidity trend.

Use of Proceeds (Operational Focus)

Direct purchase of Bitcoin as a currency hedge and store of value, in line with the declared strategy.

Expansion of yield services related to BTC, with offerings on options strategies and regulated income solutions, within a prudential framework.

Coverage of costs and charges of the operation (fees, consultations, legal expenses), according to market practice.

Metaplanet has also published an analytical dashboard on BTC assets, available on Arkham. Indeed, the precise data on holdings should be verified against the latest update available on the dashboard and in official filings.

How much does it dilute? The variables to know

The degree of dilution for current shareholders will depend on the number of shares outstanding before the capital increase. Without the official data, it is possible to estimate the dilution by following this procedure: retrieve the number of pre-increase shares, add the 385 million from the new issues, and calculate the percentage derived from the ratio between the new shares and the total post-increase. For example, if the pre-increase shares were 600 million, the injection of 385 million would result in a dilution of about 39%; if they were 1 billion, the dilution would decrease to about 28%. The official data will be disclosed with the final offer document.

Risks and Points of Attention

Dilution: increase in the float and proportional reduction of the existing shareholders’ stake, with possible effects on voting.

Bitcoin Volatility: strong price fluctuations that impact capital and profits, even in the short term.

Compression of premium/discount: sharp alignments relative to the net asset value (NAV), especially during periods of stress.

Currency and regulatory risk: hedging against the depreciation of the yen introduces new macro sensitivities and cross-border compliance issues.

Execution: risks related to the timing and pricing of BTC purchases and counterparty risk management strategies.

Market perception: demand for international supply may vary based on liquidity conditions and further news in the crypto sector.

International Issuance: What Changes in the Market

The operation is aimed at attracting non-domestic capital to finance the BTC strategy. In the past, Metaplanet had already carried out capital increases with the goal of boosting its Bitcoin treasury; this new issuance strengthens the transformation of the company, which has shifted from a hotel operator to a vehicle exposed to digital assets, with a risk/return profile more akin to a thematic holding on BTC than a traditional services business. In this context, opening up to foreign investors can also impact the depth of the book.

Context and Expected Reactions

In recent months, the stock has shown marked fluctuations, in line with the evolution of the strategy on Bitcoin and the flow of news from the sector. The market reaction to the operation will depend on factors such as the placement price compared to trading, the size of the increase in relation to the overall capitalization, and the clarity on the plan for the use of proceeds. In the absence of complete official data, some volatility is expected until the final information is aligned, also due to the sensitivity to sentiment on BTC.

What Shareholders Need to Know (Quick Checklist)

Read the filing: check the shares outstanding pre-increase, any lock-up agreements, fees, and detailed schedule to have a clear picture.

Calculate the dilution: use the indicated formula to assess its impact on your position, with alternative scenarios.

Monitor execution: closely follow BTC purchases and custody and risk management policies, with attention to timing.

Check the pricing: keep in mind the 9.9% discount on the closing price and any implications for the float.

Evaluate the risk profile: consider exposure to BTC, yen, and multi-jurisdictional regulations, in line with your own horizon.

Final Note

The capital increase of Metaplanet is positioned as a strategic move aimed at expanding the treasury in Bitcoin and enhancing yield activities, with the corresponding dilutive impact for existing shareholders. Transparency in the use of funds, timing, and risk governance will be crucial for the project’s credibility in the medium term, especially in the initial execution phases.