Japan Specialist

Mark Chadwick

Equity Bottom-Up

<ul>
<li>Metaplanet launches international equity raise of up to 555m shares, potentially almost doubling share count, targeting approximately ¥130b in proceeds subject to pricing and demand.</li>
<li>Proceeds earmarked primarily for Bitcoin purchases, potentially adding 4,800–26,800 BTC to treasury holdings, accelerating NAV growth and reinforcing positioning as a Bitcoin balance sheet company.</li>
<li>Suspension of 20th–22nd series stock acquisition rights through September ensures offering stability and clears path for subsequent preferred share issuance capacity.</li>
</ul>


Metaplanet launches international equity raise of up to 555m shares, potentially almost doubling share count, targeting approximately ¥130b in proceeds subject to pricing and demand.
Proceeds earmarked primarily for Bitcoin purchases, potentially adding 4,800–26,800 BTC to treasury holdings, accelerating NAV growth and reinforcing positioning as a Bitcoin balance sheet company.
Suspension of 20th–22nd series stock acquisition rights through September ensures offering stability and clears path for subsequent preferred share issuance capacity.


Metaplanet Offering: 555m New Shares to Accelerate BTC Treasury Growth

APAC IPOs & Placements, Aequitas Research

Nicholas Tan

APAC IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/metaplanet-inc" target="_blank" data-smartkarma-citation="entities:2130:1" rel="noopener">Metaplanet (3350 JP)</a> is looking to raise around US$1bn from a primary placement.</li>
<li>The deal is a relatively small one, representing 4.4 days of the stock’s three month ADV, despite being 23.7% of total shares outstanding.</li>
<li>In this note, we will talk about the placement and run the deal through our ECM framework.</li>
</ul>



Metaplanet (3350 JP) is looking to raise around US$1bn from a primary placement.
The deal is a relatively small one, representing 4.4 days of the stock’s three month ADV, despite being 23.7% of total shares outstanding.
In this note, we will talk about the placement and run the deal through our ECM framework.


Metaplanet Placement: US$1bn Punt; Dependent on Bitcoin Performance

<ul>
<li>Metaplanet’s equity halved since June, slowing its bitcoin accumulation flywheel as mNAV collapsed from 8x to 2.1x, straining progress toward the 30,000 BTC target.</li>
<li>Despite headwinds, ¥154b raised via SAR and new perpetual preferred shares expand funding capacity, though near-term headroom of ¥80b remains modest relative to ambitions.</li>
<li>September’s EGM may prove pivotal; beyond share amendments, a potential U.S. listing via Metaplanet Treasury Corp could signal intent to access deeper capital markets.</li>
</ul>


Metaplanet’s equity halved since June, slowing its bitcoin accumulation flywheel as mNAV collapsed from 8x to 2.1x, straining progress toward the 30,000 BTC target.
Despite headwinds, ¥154b raised via SAR and new perpetual preferred shares expand funding capacity, though near-term headroom of ¥80b remains modest relative to ambitions.
September’s EGM may prove pivotal; beyond share amendments, a potential U.S. listing via Metaplanet Treasury Corp could signal intent to access deeper capital markets.


Metaplanet (3350) | The Slowing Flywheel: Can Metaplanet Sustain Its Bitcoin Ambition?

<ul>
<li>Metaplanet has raised over $500 million via stock acquisition rights, using proceeds to repay short-term bonds and expand its Bitcoin holdings.</li>
<li>Evo Fund, the main financier, has exercised 54 million shares and likely profited over $100 million through a share borrowing arrangement and market arbitrage.</li>
<li>A $5 billion capital injection into its U.S. subsidiary hints at potential U.S listing (?), with an EGM scheduled for September to clarify strategic direction.</li>
</ul>


Metaplanet has raised over $500 million via stock acquisition rights, using proceeds to repay short-term bonds and expand its Bitcoin holdings.
Evo Fund, the main financier, has exercised 54 million shares and likely profited over $100 million through a share borrowing arrangement and market arbitrage.
A $5 billion capital injection into its U.S. subsidiary hints at potential U.S listing (?), with an EGM scheduled for September to clarify strategic direction.


Metaplanet (3350) | From Tokyo to the U.S?

<ul>
<li>Metaplanet aims to raise ¥745B via a 555M share issuance to expand its Bitcoin holdings, targeting 100,000 BTC by end-2026.</li>
<li>The raise implies significant dilution, but rising share prices and strong NISA retail demand could make the capital goal achievable within 12–18 months.</li>
<li>Early investors benefit structurally from raises above NAV, as Metaplanet evolves into a long-term institutional vehicle for Bitcoin exposure and monetary debasement hedging.</li>
</ul>


Metaplanet aims to raise ¥745B via a 555M share issuance to expand its Bitcoin holdings, targeting 100,000 BTC by end-2026.
The raise implies significant dilution, but rising share prices and strong NISA retail demand could make the capital goal achievable within 12–18 months.
Early investors benefit structurally from raises above NAV, as Metaplanet evolves into a long-term institutional vehicle for Bitcoin exposure and monetary debasement hedging.


Metaplanet (3350) | Metaplanet’s Treasury Ambition Grows

Japan

Metaplanet Inc. operates as a Bitcoin treasury company. The Company strategically acquires and manages Bitcoin as a core corporate asset, leveraging capital markets to enhance shareholder value. Metaplanet also manages a hotel in Tokyo and holds the exclusive license for Bitcoin magazine in Japan.

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Metaplanet (3350 JP)

Metaplanet Offering: 555m New Shares to Accelerate BTC Treasury Growth

Metaplanet plans to raise up to 555m shares to fund Bitcoin purchases, potentially doubling share count and accelerating NAV growth.

Mark Chadwick

Metaplanet Placement: US$1bn Punt; Dependent on Bitcoin Performance

Metaplanet is looking to raise around US$1bn from a primary placement to purchase bitcoin. In this note, we will talk about the placement and run...

Nicholas Tan

Metaplanet (3350) | The Slowing Flywheel: Can Metaplanet Sustain Its Bitcoin Ambition?

Metaplanet's equity dropped, slowing bitcoin accumulation, but new funding sources could help reach 30,000 BTC target. U.S. listing may signal...

Mark Chadwick

Metaplanet (3350) | From Tokyo to the U.S?

Metaplanet raises $500 million through stock acquisition rights, repays bonds, expands Bitcoin holdings. EGM in September to clarify strategic...

Mark Chadwick

Metaplanet (3350) | Metaplanet’s Treasury Ambition Grows

Metaplanet plans to raise ¥745B through a share issuance to increase Bitcoin holdings, aiming for 100,000 BTC by 2026. Early investors could...

Mark Chadwick

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Metaplanet Offering: 555m New Shares to Accelerate BTC Treasury Growth

​Metaplanet plans to raise up to 555m shares to fund Bitcoin purchases, potentially doubling share count and accelerating NAV growth.

Mark Chadwick

Metaplanet Placement: US$1bn Punt; Dependent on Bitcoin Performance

Metaplanet is looking to raise around US$1bn from a primary placement to purchase bitcoin. In this note, we will talk about the placement and run...

Nicholas Tan

Metaplanet (3350) | The Slowing Flywheel: Can Metaplanet Sustain Its Bitcoin Ambition?

​Metaplanet's equity dropped, slowing bitcoin accumulation, but new funding sources could help reach 30,000 BTC target. U.S. listing may signal...

Mark Chadwick

Metaplanet (3350) | From Tokyo to the U.S?

​Metaplanet raises $500 million through stock acquisition rights, repays bonds, expands Bitcoin holdings. EGM in September to clarify strategic...

Mark Chadwick

Metaplanet (3350) | Metaplanet’s Treasury Ambition Grows

​Metaplanet plans to raise ¥745B through a share issuance to increase Bitcoin holdings, aiming for 100,000 BTC by 2026. Early investors could...

Mark Chadwick

Metaplanet plans to raise up to 555m shares to fund Bitcoin purchases, potentially doubling share count and accelerating NAV growth.

Metaplanet's equity dropped, slowing bitcoin accumulation, but new funding sources could help reach 30,000 BTC target. U.S. listing may signal...

Metaplanet raises $500 million through stock acquisition rights, repays bonds, expands Bitcoin holdings. EGM in September to clarify strategic...

Metaplanet plans to raise ¥745B through a share issuance to increase Bitcoin holdings, aiming for 100,000 BTC by 2026. Early investors could...