On Wednesday, Tokyo-based Metaplanet revealed a bold strategy to become one of the world's largest corporate holders of Bitcoin, aiming to acquire 10,000 BTC by the end of 2025 and 21,000 BTC by 2026. The company, which already possesses over $180 million in assets, saw its shares close 5% higher following the announcement, CoinDesk reports.
Dubbed the "21 Million Plan," in reference to the maximum supply of Bitcoin, Metaplanet intends to issue 21 million shares through moving strike warrants. This is to fund approximately 116.65 billion yen (around $740 million) in one of Asia's most significant equity capital raises for Bitcoin investment. The plan is designed to safeguard shareholder value by setting the exercise price equal to 100% of the stock's previous day closing price, thus preventing the dilution commonly associated with traditional warrants.
Metaplanet's performance metrics focus on Bitcoin yield, with the company targeting a 35% BTC Yield each quarter. The firm reported a substantial 309.82% BTC Yield for the fourth quarter of 2024, after achieving a 41.7% BTC Yield in the third quarter of the same year. These figures underscore the effectiveness of Metaplanet's acquisition strategy.
Dylan LeClair, Director of Bitcoin Strategy at Metaplanet, emphasized the company's commitment to measuring success in Bitcoin rather than traditional fiat currencies. "BTC Yield is the foundation of our strategy and the ultimate measure of our success," he stated. LeClair further expressed the company's long-term vision, saying, "Our mission is to maximize bitcoin per share for our shareholders. Bitcoin is not just an asset; it’s the exit strategy. We’re here to accumulate and lead, not sell."
