The Tokyo-listed company Metaplanet, known for its substantial Bitcoin treasury strategy, has announced a significant capital raise. The firm plans to issue up to 21 billion yen (approximately $137 million) in new equity and warrants to select international investors through a direct placement.
Strategic Allocation of Proceeds
Management has outlined a clear plan for the incoming capital. The primary objectives are to strengthen the company’s Bitcoin position and improve its balance sheet.
- Bitcoin Acquisition: The largest portion, 14 billion yen ($91.2 million), is earmarked for purchasing additional Bitcoin.
- Debt Reduction: A sum of 5.2 billion yen will be allocated to pay down existing liabilities.
- Treasury Operations: The remaining 1.5 billion yen ($9.8 million) is designated for options strategies and lending activities related to its digital asset portfolio.
The company’s board approved the transaction on January 29, 2026, with settlement and payment scheduled for February 13, 2026.
Terms of the Equity Offering
On January 29, the firm disclosed the specific details of its fundraising effort. It involves the issuance of 24.53 million new common shares at a price of 499 yen per share. This placement price represents a premium of roughly 5% over the previous closing price and is expected to generate direct proceeds of about 12.24 billion yen.
In addition, the offering includes 15.94 million warrants. Each new share comes with 0.65 subscription rights. These warrants have a fixed strike price of 547 yen and a one-year term commencing February 16, 2026. If fully exercised, they would contribute an additional 8.9 billion yen, bringing the potential total raised to the full 21 billion yen target. The decision to use warrants with a fixed strike price, as opposed to variable pricing, is intended to provide existing shareholders with protection against excessive dilution.
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Market Context and Corporate Strategy
Following the announcement, Metaplanet’s shares closed at 456 yen on the Tokyo exchange on January 29, marking a decline of approximately 4%. The market reaction reflected some investor concern over potential equity dilution, despite the premium pricing of the new shares.
Metaplanet currently ranks as the world’s fourth-largest publicly traded corporate holder of Bitcoin, with a treasury of 35,102 BTC. The company openly models its strategy on that of U.S. firm Strategy (formerly MicroStrategy), which holds the largest corporate position exceeding 700,000 BTC.
In a recent disclosure, Metaplanet reported a non-cash impairment charge of 104.6 billion yen ($680 million) on its Bitcoin assets due to market volatility in 2025. The company emphasized that this accounting loss does not impact its operational capabilities or cash flow. Concurrently, it raised its revenue forecast for 2025 to 8.9 billion yen ($57.8 million).
The firm’s long-term ambition is substantial: it aims to accumulate up to 210,000 BTC by 2027, which would equate to roughly 1% of the total Bitcoin supply. These acquisitions are planned to be executed gradually through its subsidiary, Metaplanet Lightning Capital.
Investors will gain further insight into the progress of this aggressive Bitcoin accumulation strategy when the company releases its next quarterly results on February 10, 2026.
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