Metaplanet mapped a 555 million-share path toward 210,000 bitcoin

Metaplanet Inc. set out a much larger Bitcoin treasury strategy on June 6, 2025, pairing a target of more than 210,000 BTC by the end of 2027 with stock-acquisition rights capable of creating as many as 555 million shares. The Tokyo Stock Exchange Standard-listed company said its board had approved the 20th through 22nd series of rights for third-party allotment to EVO FUND.

The announcement mattered because it moved the corporate Bitcoin-treasury model beyond a series of purchases and into a large, multi-year capital-markets program. Metaplanet was not announcing that it had raised all the money or acquired the target Bitcoin. It was creating a conditional financing mechanism whose output would depend on warrant exercises, its share price, trading liquidity and Bitcoin-market conditions.

The financing Metaplanet approved

The company's June 6 disclosure put estimated exercise proceeds at ¥770.3 billion, calculated using an initial exercise price of ¥1,388 per share. The rights covered up to 555 million potential shares, equal to 92.4% of the 600,714,340 shares the company said were outstanding on June 2, 2025. That percentage describes potential new shares relative to the then-current share count; it is not a forecast that every right would be exercised.

The disclosed schedule called for payment for the rights on June 23, 2025, followed by an exercise period from June 24, 2025 through June 23, 2027. Exercise prices were designed to reset every three trading days using the average closing price over the three immediately preceding trading days. The 20th series used 100% of that reference price, while the 21st and 22nd series applied 101% and 102%, respectively. The company disclosed a ¥777 floor and retained a suspension mechanism.

Those terms made the headline financing amount inherently conditional. The ¥770.3 billion figure was an estimate at the initial exercise price, not cash already received. If the market price weakened, exercises slowed or the company suspended them, the timing and proceeds could differ materially.

A tenfold increase in the 2026 goal

Metaplanet said it held 8,888 BTC as of June 2, 2025. It reported a total acquisition cost of ¥122.2 billion and an average acquisition cost of ¥13,756,658 per BTC. The revised plan raised its year-end 2025 goal from 10,000 BTC to 30,000 BTC and its year-end 2026 goal from 21,000 BTC to 100,000 BTC. It then added a target of more than 210,000 BTC by the end of 2027.

Coinburn's arithmetic based on the disclosed holdings shows the scale: moving from 8,888 BTC to 210,000 BTC would require at least 201,112 additional BTC. The 210,000 target equals 1% of Bitcoin's 21 million maximum supply, but that comparison is to the protocol's ultimate cap, not the circulating supply on June 6, 2025.

The company framed the plan as an acceleration after its earlier stock-acquisition-rights program was fully exercised. Its presentation also described “BTC Yield,” a company-defined measure of the percentage change in Bitcoin holdings per fully diluted share. That metric was not revenue, profit, cash flow or an investment return, and the new share authorization introduced substantial dilution risk even as management argued that issuing above the reference price could increase Bitcoin per share.

Why the structure mattered

The plan linked two volatile assets: Metaplanet's equity and Bitcoin. A strong equity valuation and deep trading volume could allow warrant exercises to fund more Bitcoin purchases. The reverse was also true: weaker conditions could reduce financing capacity, while shareholders would absorb a larger share count if the rights were exercised.

As of June 6, 2025, the verified event was therefore a board-approved financing framework and a set of management targets—not a completed ¥770.3 billion raise and not ownership of 210,000 BTC. Its significance lay in the size of the proposed bridge between Japan's public-equity market and corporate Bitcoin accumulation, along with the unusually visible execution and dilution risks that accompanied it.