This is one article in a collection of 52 articles published on the basics of Bitcoin. If you are unfamiliar with bitcoin, some of the early articles in the series will be beneficial for this portion of the series discussing bitcoin treasury companies. Please contact us, if you have any questions or comments.
One of the tricks to understanding bitcoin treasury companies is seeing the world from their perspective. The leaders of these companies see the world through the lens of bitcoin. While these companies fall short of operating on a bitcoin standard, the underlying monetary unit of account bitcoin treasury companies care about is bitcoin. The game these companies are playing is finding the cheapest capital in the market denominated in fiat, leveraging that capital through various structures with the least amount of risk, and buying as much bitcoin as possible.
For example, Metaplanet recently announced its goal to raise 5.4 billion dollars in the hopes to have 210,000 bitcoin by 2027. As of the time of this publication, Metaplanet owns 8,888 bitcoin but for purposes of making the math easy let’s just round up to 10,000 bitcoin. Metaplanet is attempting to acquire an additional 200,000 bitcoin by raising 5.4 billion dollars through stock issuance. Purchasing the bitcoin with just the 5.4 billion in cash would require the price of bitcoin to fall to $27,000 per bitcoin. That is not Metaplanet’s plan. Instead, Metaplanet is planning to raise more capital through stock issuance which will allow Metaplanet to use finance tools to acquire more bitcoin.
Admittedly, government filings are some of the most boring things on the earth to read, but when they talk about bitcoin sometimes they provide interesting insights. When discussing Metaplanet’s strategy to acquire more bitcoin the filing states:
The global economy is entering a structural transition, shifting from a traditional capital-and-labor-based supply structure to a new digital economy supported by information technology. The postwar monetary system is also at a major turning point, driven by factors such as rising geopolitical risk, trade policy revisions, and concerns over cumulative debt burdens. In this environment, funds are flowing out of traditionally safe assets such as long-term government bonds, and gold has reached record highs against major currencies.
Against this backdrop, Bitcoin – a scarce asset that is easy to store and transfer and does not require trusted intermediaries – is rapidly gaining strategic value.Against this backdrop, Bitcoin – a scarce asset that is easy to store and transfer and does not require trusted intermediaries – is rapidly gaining strategic value.
In this context, the Company is convinced that Bitcoin will play a central role in the restructured financial system and began its new chapter as a Bitcoin treasury company in April 2024. Its strategy is clear: to “prudently and swiftly accumulate as much Bitcoin as possible on behalf of shareholders,” which it positions as the most rational approach to increasing corporate value over the medium to long term.
Under this strategy, the Company issued stock acquisition rights on February 17, 2025, under its “21 Million Plan.” All rights were quickly exercised, demonstrating strong market liquidity and widespread support for the Company’s vision. As detailed in the May 20, 2025 disclosure, “Notice Regarding Full Exercise of the 13th to 17th Series of Stock Acquisition Rights (with Adjustable Strike Prices and Suspension Clauses) Issued Under the 21 Million Plan,” the Company was able to significantly increase its Bitcoin holdings through this success and believes that its “Bitcoin First” and “Bitcoin Only” strategic direction has been validated by the market.
Building on that momentum, the Company launched a new “555 Million Plan” on June 6, 2025. This plan significantly revises upward the Bitcoin accumulation targets set out in the “21 Million Plan” and aims to accelerate Bitcoin purchases through additional financing. Specifically, whereas the “21 Million Plan” led to the issuance of 210 million shares, the “555 Million Plan” aims to issue 555 million shares. In line with this, the initial goal of holding 21,000 BTC by the end of 2026 has been revised upward to a new target of 100,000 BTC.
Furthermore, according to the Company, it now aims to hold over 210,000 BTC by the end of 2027, thereby joining the so-called “1% Club,” which refers to entities that hold 1% of Bitcoin’s total capped supply of 21 million. Initially, the Company aimed to hold 0.1% of Bitcoin’s supply by 2026, but following the results of the “21 Million Plan,” it is now targeting even more ambitious goals under the “555 Million Plan.” Through this effort, the Company intends to solidify its position as a leading Bitcoin-focused company in Asia.
Naturally, Bitcoin is subject to significant price volatility, and the risk of price declines must be noted. If the price falls below expectations, the value of the Company’s holdings may decline, resulting in unrealized losses.
However, the Company maintains a long-term view of Bitcoin’s future value and has stated that it will not sell its holdings regardless of the current price. It anticipates that the price will eventually exceed current levels.
The majority of funds raised through this offering are expected to be used strategically for Bitcoin purchases. As disclosed in its April 8, 2024 “Notice Regarding the Purchase of Bitcoin,” the Company has already committed to making Bitcoin the core of its financial strategy. This intent was further clarified in the May 13, 2024 release “Strategic Shift in Financial Management and Bitcoin Utilization” and the December 18, 2024 notice “Commencement of Bitcoin Treasury Operations.” The Company has emphasized its strategic financial approach of “Bitcoin First” and “Bitcoin Only,” utilizing debt and recurring equity issuance, minimizing its yen holdings, and focusing on a Bitcoin-based treasury and business model.
As a Bitcoin Treasury Company, the Company is committed to leading Japan’s Bitcoin strategy, and will continue to raise yen to convert into BTC, preserving asset value and steadily increasing its BTC position.
In this context, swiftly increasing Bitcoin holdings is not only central to the Company’s business model—it is the business itself. Thus, financing to achieve that objective is deemed highly necessary.
Metaplanet and other companies who are shoving all their chips into the pot see the global markets undergoing a major shift. In this new world, those who control the bitcoin will control the capital markets.
