Metaplanet — the "MicroStrategy of Japan" — has raised $255 million from institutional investors to buy more Bitcoin. Total potential funding is $531 million if warrants are exercised. Sold shares at a 2% premium to market price. Warrants at 10% premium. The Moving Strike Warrants are only exercisable if stock trades above 1.01x market NAV, protecting shareholders from dilution. The target is 210,000 BTC by 2027 — 1% of Bitcoin's total supply. Current holdings are approximately 35,000 BTC. Most of the capital will go to buy more Bitcoin. This shows the MicroStrategy playbook going global. The same raise-and-buy model with institutional backing. Stock is up 8,800% in the last two years. 216,000 plus shareholders. Metaplanet just raised half a billion to buy Bitcoin. The MicroStrategy playbook has gone global — and institutional investors are funding it.