USDMetaplanet Approves ¥21 Billion Capital Raise to Expand Bitcoin Treasury, Shares Fall 4%
Board Backs Equity and Warrant Issuance to Fund Bitcoin Purchases and Debt Reduction
TL;DR
- Japanese firm Metaplanet approved a large capital raise focused on Bitcoin accumulation and balance sheet management
- The financing combines new share issuance and stock acquisition rights aimed at overseas investors
- The announcement triggered a same-day decline in Metaplanet’s Tokyo-listed shares
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Metaplanet said its board approved a capital-raising plan on Jan. 29, 2026, authorizing up to ¥21.0 billion, or about $137 million, to support additional Bitcoin purchases, partial debt repayment, and general corporate purposes. The Tokyo-listed firm said the financing will be executed through a third-party allotment of newly issued common shares and stock acquisition rights, rather than a public offering, targeting select institutional and overseas investors as it continues to reposition itself as a Bitcoin-focused treasury company.
The company disclosed plans to issue approximately 24.53 million new common shares at a price of ¥499 per share, generating around ¥12.24 billion in initial proceeds. The pricing represents a premium to the prior trading close, according to the company’s filing. Payment and allotment for the shares are scheduled for Feb. 13, 2026, based on the same disclosure.
Alongside the equity issuance, Metaplanet approved the issuance of about 15.94 million stock acquisition rights, equivalent to roughly 0.65 rights per share. The warrants carry a fixed exercise price of ¥547 and can be exercised during a one-year window running from Feb. 16, 2026, through Feb. 15, 2027. Full exercise of the rights would raise an additional ¥8.9 billion, the company said.
Metaplanet stated that roughly ¥14 billion of the total funds are earmarked for additional Bitcoin purchases, while about ¥5.2 billion will be used to repay part of its outstanding debt. Another ¥1.5 billion is allocated to Bitcoin-related income-generation activities and general corporate needs, according to company explanations accompanying the announcement.
At the time of the announcement, Metaplanet reported holdings of approximately 35,102 BTC, placing it among the largest publicly listed corporate Bitcoin holders globally. The company has described its strategy as building a Bitcoin treasury rather than holding digital assets as a peripheral investment, positioning its balance sheet as a direct proxy to crypto price movements tracked by various crypto price index benchmarks and the broader coin market cap.
The firm also disclosed that it carried roughly $280 million in outstanding debt prior to the transaction and had previously recorded a non-cash Bitcoin impairment of ¥104.6 billion. Management noted that the impairment did not affect cash flow or daily operations, according to regulatory filings cited in local media reports.
Market reaction was immediate following the disclosure. Metaplanet shares closed down about 4% on the day of the announcement, ending the session at around ¥456, as investors weighed potential dilution from the new shares and warrants despite the premium pricing. Trading activity in the stock coincided with broader volatility across digital assets, with crypto price fluctuations remaining sensitive to shifts in global risk appetite and movements in the aggregate coin market cap.
Dylan LeClair, head of Bitcoin strategy at Metaplanet, described the structure of the financing in public comments, saying, “The financing structure enables Metaplanet to capitalize on common stock volatility to sell shares at a premium to market while raising capital today… The 65% warrant coverage exercisable at ¥547 for one year is a fixed strike.”
This article has been refined and enhanced by ChatGPT.
