Metaplanet to Establish US Subsidiary, Seeks $250M to Boost Bitcoin Strategy

Metaplanet Inc. plans to establish a wholly owned subsidiary in Florida, aiming to raise $250 million to further fuel its Bitcoin treasury strategy.

The Tokyo-listed investment firm, which crossed the 5,000 BTC threshold last week, will operate its new entity as Metaplanet Treasury Corp. to expand its access to U.S. institutional investors and bolster 24-hour operations across time zones.

“The reason for choosing Florida is clear: the state is rapidly emerging as a global hub for Bitcoin innovation, corporate adoption, and financial liberalization,” a loosely translated tweet on Wednesday, from Metaplanet’s CEO, Simon Gerovich, reads.

“With planned capital of up to $250 million, this move will accelerate its Bitcoin treasury strategy and serve as a crucial step in expanding access to liquidity for institutional investors in one of the world’s leading capital markets,” he wrote.

Metaplanet believes the move would “strengthen” its “around-the-clock operational capabilities” and solidify its position in the U.S. market.

No records for the subsidiary have yet appeared in Florida’s state business registry. Gerovich did not immediately respond to Decrypt’s request for comment.

The move echoes Strategy founder Michael Saylor’s corporate Bitcoin adoption playbook, which Metaplanet has used for inspiration as it positions itself as “Asia’s answer” to the industry leader.

The creation of a U.S. subsidiary follows Metaplanet’s appointment of Eric Trump to its strategic advisory board. The company plans to expand its Bitcoin holdings by 470% within the year to a target of 10,000 BTC.

Accumulation strategy

The Japanese firm began its accumulation strategy in April last year with just 97.8 BTC, consistently growing its stash. This month alone, the company has acquired over 1,650 BTC valued at roughly $156 million.

That was funded by what Metaplanet described as “Asia’s largest-ever” capital raise of $745 million, structured around zero-discount moving strike warrants.

Similar to options in equity derivatives, strike warrants offer investors the right but not the obligation to purchase a company’s shares at a strike price that shifts over time.

Metaplanet tracks its Bitcoin accumulation efficiency using a metric called “BTC Yield,” which compares its Bitcoin holdings to its outstanding shares.

That measure hit 95.6% in the first quarter of this year, following a dramatic rise from 42% to 310% by the end of last year, indicating the company had been acquiring Bitcoin at a pace exceeding its share issuance.

Data from Bitcoin Treasuries shows Metaplanet now holds 5,000 BTC on its books, worth about $473 million, ranking 11th among entities holding Bitcoin.

Edited by Sebastian Sinclair