Main Points：
- Metaplanet targets 210,000 BTC by end-2027 under its “555 Million Plan,” issuing 555 million stock warrants to raise ¥767.4 billion.
- The company already holds 8,888 BTC—surpassing El Salvador’s official treasury—and plans to convert 96% of proceeds into more Bitcoin.
- Shares have surged 275% year-to-date on investor enthusiasm for its “Bitcoin-First” corporate strategy.
- Global peers such as MicroStrategy now hold 580,955 BTC, exemplifying the Digital Asset Treasury (DAT) movement.
- Japanese game developer Gumi recently added ¥1 billion (≈$6.58 million) of BTC to its balance sheet as part of broader Web3 expansion.
- While corporate adoption accelerates, risks loom: ETF flows show recent net outflows of $131.6 million amid macro concerns.
- Regulatory dynamics continue evolving, with the SEC delaying key ETF rulings into late 2025.
1. Unveiling the 555 Million Plan
On June 6, 2025, Tokyo-listed Metaplanet announced its “555 Million Plan,” a bold initiative to accumulate 210,000 BTC—equivalent to roughly 1% of Bitcoin’s total supply—by the end of 2027. The company intends to issue 555 million stock warrants, raising approximately ¥767.4 billion ($5.6 billion) in what represents the largest equity-based crypto fundraise in Asia’s history. Of the funds raised, 96% will be dedicated solely to purchasing additional Bitcoin, reinforcing Metaplanet’s “Bitcoin-First” treasury approach.
2. From the Bitcoin Standard to the 21 Million Plan
Metaplanet’s journey began in April 2024 when it became the first Japanese firm to adopt the “Bitcoin Standard,” committing its primary financial assets to BTC. In January 2025, CEO Simon Gerovich set an initial goal of 10,000 BTC by year-end, later formalized as the “21 Million Plan,” which successfully raised ¥93.3 billion and acquired 8,888 BTC by February—equivalent to about 89% of the original target. This early success propelled Metaplanet up corporate Bitcoin rankings, achieving the #1 spot among Asian companies and top-10 globally.
3. Scaling to Asia’s Largest Crypto Capital Raise
Building on that momentum, the “555 Million Plan” scales planned holdings from 21,000 BTC by end-2026 to 100,000 BTC, ultimately reaching 210,000 BTC by close of 2027. The company structured the warrants as Moving-Strike (MS) instruments, with exercise prices tied to market performance, thereby aligning investor incentives. To mitigate dilution, exercise of warrants will be capped at 10% of outstanding shares per month and exercisable only under management discretion, minimizing market impact.
4. Strategic Partnership with EVO FUND
Metaplanet has secured commitment from Cayman-registered EVO FUND, an established crypto-specialist investor, to subscribe for the full 555 million warrants. EVO FUND’s deep pockets and ongoing support in prior rounds underscore institutional confidence in Metaplanet’s vision. This partnership also provides welcomed stability in execution, ensuring that capital deployment into Bitcoin can proceed swiftly as market entry points arise.
5. Market Reaction and Stock Performance
Investors have rewarded Metaplanet’s long-term BTC strategy: its share price climbed over 275% year-to-date, reflecting both Bitcoin’s rally and the perceived corporate upside of scarce supply accumulation. Analysts note that while revenue streams (e.g., servicing, derivatives) remain nascent, the market is placing a premium on Metaplanet’s growing “on-balance-sheet” Bitcoin inventory—akin to an implicit ETF on corporate treasuries.
6. Corporate Crypto Treasuries: A Global Movement
Metaplanet is not alone. In the U.S., MicroStrategy leads the Digital Asset Treasury (DAT) revolution, holding 580,955 BTC as of June 4, 2025—notional backing of roughly $38.5 billion at current prices. These firms issue convertible debt, preferred shares, and equity to fund BTC purchases, seeking leveraged upside. Axios reports that DATs now extend beyond Bitcoin into assets such as Solana, demonstrating diversified treasury strategies. Yet, this approach amplifies volatility: a sudden drop in crypto valuations could force asset sales and strain balance sheets.
7. Gumi’s Entry into Bitcoin Treasury Management
On the domestic front, Tokyo-listed mobile game developer Gumi Inc. allocated ¥1 billion ($6.58 million) of capital to buy Bitcoin between February and May 2025, marking one of Japan’s first non-financial corporates to directly convert cash into BTC for Web3 initiatives. Gumi plans to stake a portion of its holdings via protocols such as Babylon, aiming to generate yield on its treasury. This signals a broader shift: Japanese corporates are cautiously testing Bitcoin’s dual role as inflation hedge and yield generator.
8. ETF Flows and the Regulatory Landscape
While corporate treasuries grow, investor flows into spot Bitcoin ETFs have shown mixed sentiment. AInvest reports net outflows of $131.6 million across major U.S. spot ETFs on June 7, 2025, as macroeconomic headwinds temporarily dampened enthusiasm. Regulatory clarity remains in flux: the SEC recently postponed decisions on key ETF redemptions until late 2025, underscoring ongoing scrutiny even after initial approvals.
9. Future Outlook: Metaplanet and Beyond
Metaplanet’s “555 Million Plan” crystallizes the vision of a corporate Bitcoin treasury as a strategic asset class. If successful, Metaplanet will own more BTC than most small nations, reshaping corporate finance norms in Japan and globally. However, risks abound—from regulatory shifts to price volatility and potential dilution concerns. For investors and blockchain practitioners seeking the next frontier, the progress of Metaplanet and its peers offers a live case study: can digital treasuries deliver on both corporate resilience and shareholder value, or will the inherent volatility prove too great?
Conclusion
Metaplanet’s landmark “555 Million Plan” epitomizes the maturation of corporate Bitcoin strategies, combining record capital raises with laser-focused treasury management. As digital asset treasuries proliferate—from MicroStrategy’s hundreds of thousands of BTC to Gumi’s pioneering Web3 allocations—the industry stands at a crossroads. Success could validate Bitcoin as a mainstream corporate reserve asset; failure may expose the perils of over-leveraged, volatility-driven models. For innovators and investors alike, Metaplanet’s journey over the next two years will be nothing short of a real-time experiment in blockchain’s integration into traditional finance.
