Japanese investment firm Metaplanet has raised more than $517 million on the first day of its ambitious “555 Million Plan”.
With a sweeping Bitcoin focused capital raise, the company aims to acquire up to 210,000 BTC by 2027.
On Wednesday, the firm disclosed that it had issued 54 million new shares, following partial exercise of stock acquisition rights by EVO Fund.
The shares were priced at ¥1,388 (approximately $9.59), raising a total of ¥74.9 billion ($517.8 million).
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The issuance marks the first part of Metaplanet’s plan to issue up to 555 million shares and raise as much as $5.4 billion to fuel a massive Bitcoin acquisition strategy. If fully executed, the firm’s Bitcoin holdings would represent roughly 1% of the cryptocurrency’s total supply.
Metaplanet has committed up to $5 billion to its U.S. subsidiary, Metaplanet Treasury Corp., based in Florida. The American arm will oversee Bitcoin treasury operations and leverage access to deeper U.S. capital markets and institutional infrastructure.
The company reported that 96% of the funds raised in this initial round will be allocated toward Bitcoin purchases. The remaining 4% will be directed toward bond redemptions and yield generating investments.
After issuing the shares, Metaplanet’s total outstanding shares is now more than 654 million.
If the full 555 million share plan is carried out, Metaplanet could become one of the world’s largest corporate holders of Bitcoin.
