Tokyo-listed Metaplanet (TSE Standard: 3350) announced an international public offering of approximately 385 million new shares, aiming to raise around ¥213 billion (roughly $14.8 billion) to fund its ongoing bitcoin accumulation program. Concurrently, KindlyMD (Nasdaq: NAKA) disclosed that its bitcoin-focused subsidiary, Nakamoto Holdings, will invest up to $30 million in Metaplanet, marking the firm's largest single investment to date and its first in an Asian public company pursuing a corporate bitcoin treasury strategy.
Offering Details and Fund Allocation
Approved by Metaplanet’s board on August 27, the offering sets an issue price of JPY 553 per share, with a paid-in amount of JPY 533.39 per share. Total aggregate issue price reaches JPY 212,905,000,000, while total paid-in proceeds amount to JPY 205,355,150,000. The discount rate against the September 9 reference price stands at 9.93%. Following the issuance, outstanding shares will rise from 755,974,340 to 1,140,974,340. Net proceeds of approximately JPY 204,123 million are allocated in two tranches: JPY 183,711 million for bitcoin purchases between September and October 2025, and JPY 20,412 million for the Bitcoin Income Generation Business—primarily options trading—through December 2025.
Nakamoto Holdings’ Strategic Investment
KindlyMD Chairman and CEO David Bailey commented: “Metaplanet has established itself as a leader in Japan’s bitcoin landscape through its commitment to advancing financial innovation and driving the global adoption of bitcoin.” The $30 million commitment represents Nakamoto Holdings’ debut investment in an Asian public bitcoin treasury firm and is part of KindlyMD’s broader effort to rapidly expand bitcoin net asset value via the offering. Funding is expected on September 16, with Metaplanet common stock issuance and delivery scheduled for September 17.
Metaplanet’s Bitcoin Holdings and Macro Context
As of September 1, 2025, Metaplanet held 20,000 bitcoin with an approximate market value of ¥322.0 billion. The company reported ¥1,904 million in sales revenue from its options activity in Q2 FY2025, targeting full-year operating profitability. Metaplanet reiterated that its May 2024 policy shift designating bitcoin as its primary reserve asset aims to hedge against yen depreciation, prolonged real negative interest rates, and Japan’s elevated public debt. The capital raise is intended to insulate its treasury from yen weakness and enhance corporate value over time.
Diversified Capital Instruments
On September 1, shareholders authorized two classes of perpetual preferred shares, pioneering what Metaplanet calls Japan’s bitcoin-backed fixed-income market. The company plans to optimize long-term bitcoin accumulation using a combination of common equity and preferred shares while maintaining a scalable capital structure. Post-offering, Metaplanet will continue executing its bitcoin purchase plan to strengthen its digital asset reserves.