Tokyo-listed Metaplanet said on Tuesday that it would accumulate 10,000 bitcoin (BTC) by the end of 2025 and 21,000 bitcoin by the end of 2026 as part of a corporate treasury plan.

The strategy is designed to establish Metaplanet as one of the world’s largest corporate holders of bitcoin, the company said. It holds over $180 million worth of asset as of Wednesday, data shows.

The so-termed «21 Million Plan” — a likely nod to bitcoin’s total supply — involves issuing 21 million shares via moving strike warrants to raise approximately 116.65 billion yen (or nearly $740 million at current exchange rates), marking one of the largest equity capital raises for bitcoin in Asia.

This plan aims to protect shareholder value by setting the exercise price at 100% of the previous day’s closing price, avoiding the dilution often seen with traditional warrants.

Metaplanet targets an expected 35% BTC Yield each quarter. It achieved a 309.82% BTC Yield for Q4 2024 following a 41.7% BTC Yield in Q3 2024 — a move that proves its acquisition strategy was on the right path, per the release.

“BTC Yield is the foundation of our strategy and the ultimate measure of our success,” said Dylan LeClair, Director of Bitcoin Strategy at Metaplanet. “We don’t measure performance in fiat currencies like the yen or the dollar—our benchmark is Bitcoin itself.”

“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,” LeClair added.

Shares of Metaplanet closed 5% higher on Wednesday.