Metaplanet $5.4B Equity Raise

Circle's $1.1B IPO Success | $11B BTC Treasury Company Risks

AuthorAuthor

Marco Manoppo & Karon Pangestu
June 06, 2025

📢 Sponsor | đź’ˇ Telegram | đź“° Past Editions

Good Morning.

At this point, I’m no longer surprised that two old men, with no guardrails and having only been surrounded by a yes man their whole lives, having a social media meltdown in public, is impacting the price of magic internet money. Yachtzee!

In Today's Email:

  • What Matters: Metaplanet $5.4B Raise 💰️ 

  • Founders Highlight: Paul of Plasma 👨 

  • Deal Flow: Circle’s $1.1B IPO đź‘€ 

You read and share. We listen and improve. Send us feedback at [email protected].

Narratives: Buy the dip! (NFA)

For daily market updates and airdrop alphas, check out our telegram!

TOGETHER WITH

Launch Your Brand with Pro-Grade Video, Without Breaking the Bank

We just launched something new in Launchy - a full-service video production agency designed specifically for your brand growth!

We specialize in:

  • 🚀 Brand launch videos that highlight your products.

  • 📱 Vertical & horizontal videos optimized for YouTube Shorts, TikTok, IG Reels, and more.

  • 🎙️ Complete podcast production (video + audio), plus expert content repurposing.

  • ✂️ Premium video editing for events and in-person moments.

We've already worked with over 20 clients and offer something rare in this space: pricing that's friendlier than any comparable offer you'll find.

If you have an upcoming video need or just want to learn more, we’d love to talk.

WHAT MATTERS

Metaplanet $5.4B Equity Raise to Buy BTC

State of play: Metaplanet, the Japanese investment firm, has announced the launch of a $5.4B equity raise to fund the acquisition of more BTC.

  • The firm hopes to join the Bitcoin 1% club by targeting 210,000 BTC ownership by the end of 2027.

  • “Funds will be raised through the issuance of 555 million shares (92.4% of total shares outstanding) in moving strike warrants.”

  • Metaplanet currently holds 8,888 BTC (~$920M), making it the 7th by holdings globally in the corporate BTC accumulation race.

What’s next: Metaplanet will most likely retain its premium as it’s the first copy of MicroStrategy’s BTC wrapper strategy in APAC. It also helps that they’re based in Japan, where the rates are extremely low, pushing capital to be more risk-on.

For builders and investors: Read the case study piece below to understand who profits in this crypto-equity wrapper game so you’re not caught off guard.

BUILDER-INVESTOR HIGHLIGHT

Paul Faecks of Plasma

Intro: Paul Faecks is the Founder of Plasma, a stablecoin payments-focused Layer 1 blockchain, built on Bitcoin.

Previous background: Before Plasma, he was the CEO and Co-Founder of Alloy, a platform that allows institutional investors to interact with DeFi in a safe and compliant manner.

  • He also previously worked at Deribit as a researcher-writer for the Deribit Insights publication, and started his crypto journey as a crypto BD for Sync, a financial accounts app.

  • He graduated from the Technical University of Munich.

The big idea: Paul, through Plasma, aims to enhance stablecoin payments use cases, starting with USDT (Tether is one of their core investors).

Take a peek at our referral reward at the bottom of this issue. Share this newsletter and receive our list of 500 crypto VC individuals 👇

INSIGHTS

Galaxy on BTC Treasury Company Risks

State of play: Galaxy head of firmwide research Alex Thorn published a chart arguing that the concern around Bitcoin treasury companies’ debts is overblown.

  • There is ~24 months before we’re seeing the first significant debt ($925M in size) maturing in June 2027.

  • There is roughly $11.85B in debt that will mature between 2027 and 2030.

  • Arca fund has written that: “Equity and preferred holders have no rights unless a stock trades so far below NAV that an activist investor begins accumulating shares and tries to force a board takeover with the goal of selling the underlying asset (crypto) to buy back the shares.“

DEAL FLOWS

Circle Raises $1.1B in IPO

Deal flows soared significantly this week - we saw $1.1B in deals đź’Ľ 

The issuer of USDC stablecoin, Circle, went public and raised $1.1B in its IPO.

  • The stock opened at $69 on the NYSE after its IPO priced at $31.

  • Shares of Circle soared 168% post-listing and hit a high of $103.75.

  • Circle has now joined Coinbase and a few other companies as one of the few pure-play crypto public equities in the US.

Deal flows in the past week:

QUICK BITES

  • Tether expands footprint in Africa.

  • Uber evaluates stablecoins for payments.

  • Crypto market sees ~$1B in daily liquidations.

  • CME reaches a record high number of BTC traders.

  • James Wynn loses another $25M in partial liquidation.

  • Plume launches mainnet with $150M in RWA deployed.

  • Circle shares soar to almost 200% above the IPO price.

  • Ethereum Foundation reforms its treasury management.

  • CoinFlip Bitcoin ATM seeks buyer for a potential $1b sale.

  • Base expands global footprint with 7 new country leads hired.

  • Singapore declines WazirX restructuring plan after $230M exploit.

  • Yuga Labs proposes dismantling ApeCoin DAO, replacing it with ApeCo.

  • Metaplanet unveils $5.4B equity raise plan to accelerate BTC accumulation.

  • World Liberty sends cease-and-desist to firms building Trump-branded wallet.

  • JPMorgan plans to offer crypto ETF financing, letting clients use crypto as loan collateral.

NOTEWORTHY READS

  • Decentralised’s read on beyond stablecoins.

  • Nathan’s read on the hierarchy of value realization for stablecoins.

  • Michael Silberling’s read on metrics to be optimistic about in 2025.

If you enjoy reading this issue, please consider subscribing. It takes 1 minute of your time, but it would mean the world to us 🙇

Disclaimer: All the information presented in this publication and its affiliates is strictly for educational purposes only. It should not be construed or taken as financial, legal, investment, or any other form of advice.