Metaplanet Inc., a Japan-listed company, has unveiled plans to raise $3.7 billion through perpetual preferred shares to dramatically expand its Bitcoin reserves. The initiative, led by CEO Simon Gerovich, aims to accumulate up to 210,000 BTC by 2027, positioning the firm among the largest corporate holders of cryptocurrency.
The capital raise commenced with an initial tranche generating $515 million on the first day – representing 10% of the total target – which Gerovich hailed as a "resounding vote of confidence." This successful start underscores robust institutional demand, with shares initially experiencing volatility before closing higher.
Metaplanet's strategy mirrors corporate Bitcoin adoption pioneers like MicroStrategy, reflecting a broader trend where businesses now drive 77% of Bitcoin purchase growth in 2025. The planned accumulation of approximately 1% of Bitcoin's total supply could create significant demand pressure, potentially stabilizing prices while reducing market liquidity. The company began its Bitcoin pivot in April 2024 and utilizes a shelf registration for flexible funding timed to market conditions.