Metaplanet Approves $884M Share Sale to Expand Bitcoin Treasury

The extraordinary general meeting in Shibuya wasn’t just about raising money. Investors also signed off on governance updates, including rules for virtual meetings and the creation of perpetual preferred shares designed to provide steady dividends while expanding the company’s financing flexibility. Together, these changes give Metaplanet both the capital and the corporate structure to keep scaling its Bitcoin-first strategy.

A Bitcoin Treasury Vision

Metaplanet already controls more than 20,000 BTC, worth over $2 billion at today’s prices. The company has openly modeled itself on MicroStrategy, the U.S. firm that pioneered using corporate balance sheets as a vehicle for Bitcoin accumulation. CEO Simon Gerovich told investors that the new share authorization will allow the firm to press ahead with its long-term plan regardless of short-term swings in its stock, which has fallen sharply since peaking in June.

Investors Back the Shift

What’s striking is the level of shareholder alignment. Even with the stock sliding more than 50% from summer highs, the vote passed, signaling that Metaplanet’s investor base sees digital assets — not hotels — as the company’s future. The $884 million potential raise follows a similar financing initiative earlier this year, showing management’s intent to keep the treasury strategy front and center.

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Bigger Picture

By approving this capital plan, investors have effectively endorsed Metaplanet’s transformation into a corporate Bitcoin vault. With fresh funding avenues now unlocked, the company is positioned to keep expanding its holdings at a pace few others can match in Japan.

The shift reflects a broader trend of corporates experimenting with Bitcoin as a reserve asset, but in Asia, Metaplanet stands almost alone in pushing this strategy to the extreme. If the capital raise succeeds, its Bitcoin stash could swell well beyond the current $2 billion, putting the firm in the same conversation as the most aggressive players in the global market.

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