Metaplanet, the Tokyo-listed company that has made bitcoin accumulation a core corporate strategy, is moving forward with a major international equity raise. In connection with that offering, KindlyMD’s bitcoin treasury subsidiary, Nakamoto Holdings, said it intends to invest up to $30 million in the Japanese firm. According to the announcement, the commitment represents KindlyMD’s largest single investment so far and its first investment in an Asian public company pursuing a corporate bitcoin accumulation model.
International share sale targets new bitcoin purchases
Metaplanet’s board approved the international offering on Aug. 27. The company plans to issue 385 million new shares at an issue price of JPY 553 per share, with a paid-in amount of JPY 533.39 per share. That implies an aggregate issue price of roughly JPY 212.905 billion and total paid-in proceeds of about JPY 205.355 billion. The company said the pricing reflected a 9.93% discount to the Sept. 9 reference price.
Once the new shares are issued, Metaplanet’s total shares outstanding are expected to increase from 755,974,340 to 1,140,974,340. Nakamoto Holdings said it expects funding to occur on Sept. 16, with issuance and delivery of Metaplanet common stock scheduled for Sept. 17. The central use of proceeds, according to both companies, is to continue expanding Metaplanet’s bitcoin treasury.
Most of the proceeds are earmarked for BTC accumulation
Metaplanet said estimated net proceeds of around JPY 204.123 billion will be split between direct bitcoin purchases and a bitcoin-related income strategy. Of that total, approximately JPY 183.711 billion is set to be used for bitcoin purchases during September and October 2025. Another roughly JPY 20.412 billion is expected to be allocated through December 2025 to the company’s Bitcoin Income Generation Business, which is principally focused on options trading.
The scale of those numbers underscores how central bitcoin has become to Metaplanet’s treasury planning. Rather than treating BTC as a side allocation, the company has framed the asset as a primary reserve strategy designed to protect corporate value and support long-term appreciation. That positioning has increasingly placed Metaplanet among the most closely watched public-market bitcoin treasury companies in Asia.
Metaplanet already holds 20,000 bitcoin
As of Sept. 1, Metaplanet reported holdings of 20,000 bitcoin, with an approximate market value of JPY 322.0 billion. The company also disclosed that its options-related activity generated JPY 1.904 billion in sales revenue in Q2 FY2025. Management said it is aiming to achieve full-year operating profitability.
Those figures suggest the company is not only growing its balance-sheet exposure to bitcoin but also building supporting businesses around that treasury approach. In Metaplanet’s case, the options segment appears to be part of a broader effort to monetize bitcoin-related financial activity while preserving a long-term accumulation strategy.
Nakamoto Holdings calls the move a strategic milestone
KindlyMD described the planned investment as a major step in its own bitcoin treasury agenda. The company recently completed an August merger with Nakamoto Holdings, creating a public bitcoin treasury strategy alongside its legacy healthcare operations. The proposed investment in Metaplanet extends that strategy internationally and gives KindlyMD exposure to one of Japan’s most aggressive listed bitcoin accumulators.
David Bailey, KindlyMD’s chairman and chief executive officer, said Metaplanet has established itself as a leader in Japan’s bitcoin market through its commitment to financial innovation and the global adoption of bitcoin. He added that the investment fits a broader vision that places bitcoin at the center of institutional finance. KindlyMD also characterized the move as part of a wider effort to expand bitcoin-linked net asset value through the offering.
Capital structure expands beyond common equity
Metaplanet also highlighted steps it has taken to diversify its funding toolkit. On Sept. 1, shareholders authorized two classes of perpetual preferred shares. The company said the initiative forms part of an effort to pioneer what it describes as Japan’s bitcoin-backed fixed-income market. Combined with common equity issuance, those instruments are intended to help optimize long-term bitcoin accumulation while maintaining a scalable capital structure.
The addition of preferred-share authorization suggests Metaplanet is thinking beyond one-off stock sales and toward a more flexible financing framework. That may be particularly important for a company attempting to expand bitcoin reserves at scale while balancing shareholder dilution, treasury objectives, and market conditions.
Macro backdrop in Japan remains central to the thesis
In explaining the rationale for the offering, Metaplanet pointed to Japan’s broader macroeconomic backdrop, including elevated public debt, prolonged real negative interest rates, and a weaker yen. The company reiterated that, following a policy shift in May 2024, it designated bitcoin as its primary reserve asset to hedge currency risk and pursue long-term upside.
From Metaplanet’s perspective, the fundraising is not just about buying more bitcoin for its own sake. The company has framed the raise as a treasury defense mechanism against yen depreciation and as a tool to enhance corporate value over time. In that sense, the transaction reflects a view increasingly shared by some public companies: that bitcoin can serve both as a strategic reserve asset and as a balance-sheet hedge in periods of monetary or currency instability.
Growing attention on public-company bitcoin treasury strategies
The deal also adds to the growing global trend of listed companies using equity markets to fund bitcoin acquisition strategies. While the model has drawn significant attention in the United States, Metaplanet has emerged as one of the clearest examples of the approach in Japan. With Nakamoto Holdings now stepping in as an investor, the transaction also highlights a cross-border convergence in how public companies and bitcoin-focused corporate entities are structuring capital around BTC.
Metaplanet trades on the Tokyo Stock Exchange Standard market under code 3350 and also trades over the counter as MTPLF. If the transaction closes as planned, the company will further expand its capital base and likely deepen its profile as one of Asia’s most prominent corporate bitcoin treasury vehicles.
For investors, the key questions will center on execution: how efficiently Metaplanet deploys the new capital into bitcoin, whether its income-generation business can support profitability, and how the company manages the trade-off between dilution and balance-sheet growth. For now, the message from both firms is clear—bitcoin remains at the center of their capital allocation strategy, and this offering is designed to accelerate that path.