Tokyo-listed Bitcoin custodian Metaplanet has finalized its latest funding round, bolstering its cash reserves to fuel further crypto acquisitions. While the stock remains under pressure, management stays committed to an aggressive Bitcoin strategy.
On February 13, 2026, the company announced the completion of the capital raise, which came via a third-party placement. Approximately 12.24 billion Yen was injected into the treasury, equivalent to about $127 million.
How the new funds will be used
Metaplanet has earmarked the proceeds for several Bitcoin-related activities:
- 14.0 billion Yen is designated for direct Bitcoin purchases between February 2026 and February 2027.
- 1.56 billion Yen will support the Bitcoin yield operation, including derivatives and options trading.
- 5.19 billion Yen will be used to partially repay the outstanding credit line.
The placement comprised 24.53 million new shares sold at 499 Yen per share. Cantor Fitzgerald coordinated the deal with institutional buyers, including Anson Opportunities Master Fund, Alyeska Master Fund, and Brookdale Global Opportunity Fund.
In addition, the company issued 159,440 subscription rights. The exercise price for these rights is 547 Yen, and if fully exercised they could raise another 8.8 billion Yen. The rights trade window runs from February 16, 2026, to February 15, 2027.
Stock performance remains weak
Metaplanet’s shares closed on February 13 at 325 Yen, down 3.56% for the session. From the January peak of 639 Yen, the stock has pulled back noticeably, mirroring the broader headwinds in crypto markets.
Should investors sell immediately? Or is it worth buying Metaplanet?
Currently, Metaplanet holds 35,102 Bitcoin, placing it fourth among publicly traded Bitcoin holders. Only Strategy Inc., MARA Holdings, and Twenty One Capital sit above it.
Leverage and impairment in focus
The company has drawn roughly $280 million from a $500 million credit facility. The ongoing partial repayment is intended to preserve room for future financings as the Bitcoin buying program continues.
The average cost basis for the Bitcoin holdings stands around $107,000 per coin. In the fourth quarter of 2025, purchases averaged $105,412 per unit. With Bitcoin trading at current prices, this leaves the firm exposed to material unrealized losses on its books.
At the end of January, Metaplanet reported a impairment charge of 104.6 billion Yen (about $680 million) on its Bitcoin holdings for fiscal 2025. The company described this as a cash-impairment accounting entry that does not affect its operating business.
Strategy reaffirmed and near-term milestones
CEO Simon Gerovich reiterated the plan in early February: Metaplanet aims to accumulate a total of 100,000 Bitcoin by the end of 2026, part of the so-called “555 Million Plan.” Management said that current market conditions would not alter this objective.
The company is set to publish its fiscal 2025 results on February 16, 2026.
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