Metaplanet to acquire 21,000 Bitcoins worth $2 billion amid today’s stock surge

Metaplanet, Japan’s top Bitcoin treasury company, will acquire 21,000 Bitcoins worth about $2 billion by the end of 2026. The Tokyo-based company announced its 2025-2026 Bitcoin Plan today, doubling down on its status as a top corporate Bitcoin holder.

Metaplanet plans to buy 10,000 Bitcoins by the end of 2025 before expanding its holdings to 21,000 in 2026. CEO Simon Gerovich said this is part of their goal to build the world’s largest Bitcoin reserve as if Strategy (formerly MicroStrategy) doesn’t exist.

But Metaplanet is coming off a record year too, fueled by its switch to a “Bitcoin-first” strategy in April 2024. Like Strategy, Metaplanet abandoned traditional performance benchmarks and now measures its success by the growth of its Bitcoin holdings.

Metaplanet’s 21,000 BTC decision comes amid a surge in demand triggered by US President Donald Trump’s pro-crypto policies and the changes in Japan’s investment atmosphere. The price of Bitcoin itself hit a record high of $109,241 on January 20, as Trump took office.

A year of explosive growth

By December 31, 2024, Metaplanet held 1,761 Bitcoins, bought at an average price of ¥11.85 million per coin. Those holdings have already exploded in value, surpassing ¥27.7 billion ($206 million). The company’s Bitcoin strategy saw incredible gains last year, with a 309.82% Bitcoin yield in Q4 alone, compared to 41.7% in Q3.

Metaplanet’s market capitalization skyrocketed by 7,000% in 2024, and its stock trading volume jumped by 430 times in yen terms. Metaplanet’s shareholder base grew by 500% last year, now surpassing 50,000 investors. This puts the company among the top 15 publicly traded companies holding Bitcoin globally.

Much of Metaplanet’s stock performance is tied to Japan’s embrace of Bitcoin. Shares of the company have surged over 4,000% in the past 12 months, making it the biggest gainer on the Japanese stock market and one of the top-performing stocks globally.

The mechanics behind the 21,000-Bitcoin plan

The new plan, known as the “21 Million Plan,” will be financed through the issuance of 21 million shares via moving strike warrants. Metaplanet is targeting ¥116.65 billion ($870 million) in capital, and according to the official announcement, what’s unique about this strategy is the way it protects shareholders.

Traditional equity raises in Japan often dilute shareholder value by issuing shares at discounted prices, but Metaplanet claims its warrants will be tied to 100% of the previous day’s closing price, so they can make sure that new shares aren’t getting sold below market value.

Dylan LeClair, Metaplanet’s Director of Bitcoin Strategy, said the company’s focus is maximizing Bitcoin per share without disrupting the market. “We’ve designed this plan to protect our shareholders,” he said. “We have the flexibility to pause or resume share issuance depending on Bitcoin market conditions.”

Metaplanet CEO Gerovich admitted he drew inspiration from Strategy CEO Michael Saylor after hearing him on a podcast. Metaplanet was previously known as Red Planet Japan, and it was a hotel developer until the COVID-19 pandemic decimated the hospitality industry. Forced to close all but one of its hotels in early 2024, Metaplanet decided to adopt Bitcoin as its main business focus.

By pouring 100% of its capital from rights issues and debt into Bitcoin, the company generated massive shareholder returns. Investors like Capital Group—also a major backer of Strategy—jumped on board. But most of Metaplanet’s investors are retail traders, many of whom have limited experience with crypto assets.

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