Metaplanet Approves $137M Overseas Raise to Buy Bitcoin and Repay Debt

Tokyo-listed Bitcoin-focused company Metaplanet has approved a $137 million overseas capital raise to expand its Bitcoin holdings and reduce debt. The capital will be raised through the issuance of new common shares and stock acquisition rights. The company remains one of the largest corporate Bitcoin holders globally.

The financing structure includes the issuance of 24.5 million common shares at 499 Japanese yen per share, expected to raise about $78 million immediately. It also involves the issuance of 159,440 stock acquisition rights, which could raise an additional $56 million if exercised. These rights allow investors to buy shares later at a fixed price above the current market level.

Both the shares and the warrants are being sold privately to overseas investors. The offering is subject to routine closing conditions. Dylan LeClair, Metaplanet’s Bitcoin strategy director, said the structure allows the company to leverage stock volatility to raise capital while minimizing dilution.

Why Did Metaplanet Raise Funds?

The proceeds from the offering are primarily allocated to additional Bitcoin purchases, investment in the company’s Bitcoin income business, and partial repayment of existing borrowings. The company aims to restore its borrowing capacity and preserve flexibility for future capital actions.

The repayment of debt is a significant move as it reflects Metaplanet’s broader strategy to manage its balance sheet while maintaining a strong Bitcoin position. The company reiterated its belief in Bitcoin as a medium- to long-term store of value.

How Does This Affect the Broader Market?

Metaplanet’s decision to raise capital in a volatile market highlights the challenges faced by Bitcoin treasury companies. The company reported a large non-cash impairment loss from Bitcoin write-downs in 2025, contributing to a deep annual loss.

Despite the losses, the company raised its 2026 revenue and operating income forecasts. It expects nearly all of its 2026 revenue to come from its Bitcoin Income Generation business. This shift underscores the growing importance of Bitcoin as a revenue driver for the company.

The move aligns with a broader trend of public companies expanding their Bitcoin holdings. Japan, in particular, has seen increased corporate interest in Bitcoin as a treasury asset. Metaplanet’s strategy reflects its confidence in Bitcoin’s future performance, even against the backdrop of recent volatility.

What Are Analysts Watching Next?

Analysts are closely monitoring how Metaplanet will manage its Bitcoin purchases and debt repayment over the next year. The company plans to buy Bitcoin in stages and manage its holdings through its subsidiary, Metaplanet Lightning Capital.

Investors will also be watching for updates on Metaplanet’s financial disclosures, especially as it relates to Bitcoin valuation and impairment. The company has stated that the impact on its 2026 financial results should be small, but it will provide updates if necessary.

The capital raise also reflects Metaplanet’s broader efforts to diversify its fundraising sources. The company has been expanding its capital-raising toolkit by introducing dividend-paying preferred shares for overseas investors. This diversification is expected to support its long-term capital needs and reduce dependency on a single funding source.

As global investors increasingly turn to alternative assets, Metaplanet’s move signals a strategic shift in corporate capital management. The company’s ability to execute its Bitcoin treasury strategy will depend on both market conditions and its financial discipline in managing debt and capital allocation.