Metaplanet Raises Up to $137 Million to Buy Bitcoin and Pay Off Debt

Tokyo-listed Bitcoin-focused company Metaplanet has approved a capital raise of up to $137 million, combining new common shares and stock acquisition rights to expand its Bitcoin holdings and reduce debt. In a recent filing, the company outlined plans to issue 24.5 million common shares at 499 Japanese yen per share, raising about 12.24 billion yen ($78 million) upfront. Metaplanet also approved the issuance of 159,440 stock acquisition rights, representing up to 15.9 million additional shares, which could raise an additional $56 million if exercised.

The financing structure is designed to raise capital while managing dilution. According to Dylan LeClair, Metaplanet’s Bitcoin strategy director, this approach allows the company to sell shares at a premium to market prices while raising capital. The company noted that the use of fixed-strike warrants helps limit variable dilution for existing shareholders.

The funds raised will primarily be allocated to additional Bitcoin purchases, investment in Metaplanet’s Bitcoin income business, and a partial repayment of borrowings under an existing credit facility. The company said the debt repayment is intended to restore its borrowing capacity and preserve flexibility for future capital actions. Metaplanet reiterated its positioning as a "Bitcoin Treasury Company," citing Bitcoin's scarcity and portability as reasons for its long-term value.

Why Did This Happen?

Metaplanet is seeking to strengthen its capital base and support its strategic growth plans, particularly in the Bitcoin space. The company plans to issue 24,529,000 newly issued common shares at an issue price of JPY 499 ($3.35) per share, with the total issue amount expected to reach JPY 12.24 billion ($82 million) according to the filing. Additionally, the company will issue 159,440 stock acquisition rights, each representing the right to acquire 100 ordinary shares as part of the financing.

The exercise price for the rights has been set at JPY 547 ($3.70), calculated at 115% of the closing price on the trading day immediately preceding the resolution date. If fully exercised, the stock acquisition rights could result in the issuance of up to 15,944,000 additional shares.

How Did Markets React?

The announcement of the capital raise had an immediate impact on the company’s stock price. Metaplanet’s shares closed at 456 yen, down about 4%, despite the premium pricing of the new shares. This decline reflects short-term dilution concerns among investors.

The capital raise was approved by the company’s board of directors on Jan. 29, 2026, with the allotment and payment date scheduled for Feb. 13, 2026. The warrants will be exercisable from Feb. 16, 2026, through Feb. 15, 2027 as per the announcement.

What Are Analysts Watching Next?

Analysts are closely watching how the capital raise impacts Metaplanet’s Bitcoin holdings and overall debt position. The company currently holds 35,102 BTC, making it the fourth-largest corporate Bitcoin holder globally. Metaplanet also has a long-term objective to acquire up to 210,000 BTC by 2027, which is roughly 1% of Bitcoin’s total supply. The accumulation will occur in stages and will be managed through its subsidiary, Metaplanet Lightning Capital as reported.

The company has also emphasized the importance of maintaining a strong balance sheet in the face of Bitcoin’s price volatility. Despite booking a non-operating impairment loss of $680 million for fiscal 2025, Metaplanet remains confident in Bitcoin’s medium- to long-term prospects.

The capital raise follows a recent impairment on Bitcoin holdings, with the company reporting a 104.6 billion yen ($680 million) impairment due to last year’s market downturn. This impairment was recorded as a non-operating expense and does not affect cash flows or day-to-day operations according to financial reports.