Metaplanet Inc., known as Japan’s MicroStrategy, has announced a $745 million (¥116 billion) fundraising initiative in what is being called “Asia’s largest-ever equity capital raise for Bitcoin.”

The Tokyo Stock Exchange-listed firm plans to issue 21 million shares of 0% discount moving strike warrants, a type of financial instrument where the price investors pay for shares is directly tied to the market price at the time of purchase.

Unlike discounted warrants, this structure avoids diluting existing shareholder value and ensures that new share issuance is aligned with fair market pricing.