Metaplanet to Raise $5.4B for 210,000 BTC; Strategy Upsizes $1B STRD Preferred Stock Offering

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Updated Jun 7, 2025, 09:05 AM

Japanese public company Metaplanet has announced plans to raise approximately $5.4 billion (¥770.9 billion) through the issuance of 555 million moving-strike warrants, marking the largest stock acquisition rights issuance in Japan's capital markets history. The proceeds will be used to acquire additional Bitcoin, with a target of holding 210,000 BTC—about 1% of Bitcoin's total supply—by 2027. Metaplanet currently holds 8,888 BTC, valued at around $934 million. Metaplanet's stock was recently trading up by 24% on Friday and has risen more than 600% over the past year.

The moving-strike warrants are priced above market value, a first in Japan, and the equity raise is considered the largest of its kind in Asia. Metaplanet has shifted its core business to become a Bitcoin treasury, following a strategy similar to that of Strategy (formerly MicroStrategy), the largest corporate holder of Bitcoin.

Separately, Strategy, led by Michael Saylor, has upsized its Stride Perpetual Preferred Stock ($STRD) offering from $250 million to $1 billion. The company priced its initial public offering at $85 per share, issuing 11,764,700 shares, and expects net proceeds of approximately $979.7 million. The funds will primarily be used for further Bitcoin acquisitions and general corporate purposes.

Strategy's $1 billion preferred stock raise is the largest in the company's history. The STRD stock carries a 10% annual dividend, payable quarterly if declared by the board, and is non-cumulative. The offering is scheduled to settle on June 10, 2025.

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