Tokyo-listed Metaplanet has announced plans to accumulate 21,000 Bitcoin (BTC) by the end of 2026, marking one of the largest corporate Bitcoin acquisitions in Asia.
The initiative, dubbed the “21 Million Plan,” involves the issuance of 21 million shares via moving strike warrants to raise approximately 116.65 billion yen ($740 million). The company aims to accumulate 10,000 BTC by the end of 2025 and 21,000 BTC by 2026, positioning itself as one of the world’s largest corporate holders of Bitcoin.
A Bold Treasury Strategy
Metaplanet currently holds over $180 million in assets and has adopted a Bitcoin-first treasury approach. Unlike traditional companies that measure performance in fiat currencies, Director of Bitcoin Strategy Dylan LeClair emphasized that Metaplanet evaluates its success through BTC Yield—the return measured in Bitcoin rather than fiat.
“Bitcoin is not just an asset; it’s the exit strategy,” LeClair stated. “We’re here to accumulate and lead, not sell.”
The 21 Million Plan also aims to protect shareholder value by setting the warrant exercise price at 100% of the previous day’s closing price, preventing dilution often seen in traditional capital raises.
Surging BTC Yields and Market Confidence
Metaplanet reported an impressive 309.82% BTC Yield in Q4 2024, following a 41.7% BTC Yield in Q3, reinforcing confidence in its Bitcoin acquisition strategy. The company has set a target of 35% BTC Yield per quarter moving forward.
Investor confidence in the plan was reflected in the stock market, as Metaplanet shares closed 5% higher on Wednesday.
The bold Bitcoin accumulation strategy underscores the growing trend of corporations embracing Bitcoin as a treasury reserve asset, particularly in Asia. If successful, Metaplanet could join the ranks of MicroStrategy and other major corporate Bitcoin holders in reshaping institutional adoption of digital assets.
