Metaplanet Raises $137M to Buy More Bitcoin and Cut Debt

Metaplanet Inc. announced on January 29, 2026, that it has approved a capital raise of approximately $137 million (21 billion yen) to further expand its Bitcoin holdings while reducing outstanding debt.

The Tokyo-listed company (3350.T) will fund the move through a third-party allotment of new shares and the issuance of stock acquisition rights.

Under the plan, Metaplanet will issue 24.53 million new common shares at 499 yen per share, alongside a series of warrants that could generate additional capital if exercised. Around 12.24 billion yen (roughly $80 million) will be raised immediately from the share sale, with the remaining amount dependent on warrant execution.

Bitcoin Accumulation Remains the Core Objective

The majority of the funds are earmarked for continued Bitcoin (BTC) accumulation, reinforcing Metaplanet’s transformation into a full-scale Bitcoin treasury company. A portion of the proceeds will also be used to repay part of the firm’s approximately $280 million in outstanding debt, improving balance sheet flexibility as it scales its BTC exposure.

The allotment and payment date for both the new shares and stock acquisition rights is scheduled for February 13, 2026, making this a near-term capital event rather than a long-dated funding plan.

A MicroStrategy-Style Treasury Model in Japan

Metaplanet has increasingly positioned itself as Japan’s closest parallel to MicroStrategy, pivoting away from its legacy hotel and technology operations toward a Bitcoin-centric strategy. As of late January 2026, the company holds 35,102 BTC, valued at roughly $3.1 billion at current market prices.

Beyond simple accumulation, Metaplanet operates a Bitcoin Income Generation business that deploys derivative-based strategies to generate recurring revenue. The company forecasts this segment will deliver approximately 15.6 billion yen ($101.3 million) in revenue during the 2026 fiscal year, adding an income layer to its treasury approach.

Ambitious Long-Term Targets

Looking further ahead, Metaplanet has outlined an aggressive objective: reaching 210,000 BTC in treasury holdings by the end of 2027. If achieved, this would represent close to 1% of Bitcoin’s total supply, placing the firm among the largest corporate holders globally.

This strategy reflects a long-duration bet on Bitcoin as a reserve asset, rather than a short-term trading position, even as market volatility continues to affect reported earnings.

Market Reaction and Financial Context

Despite the expansion plans, Metaplanet shares fell 4.0% to 456 yen following the announcement. The decline likely reflects dilution concerns and broader market conditions, compounded by a previously disclosed 104.6 billion yen ($680 million) non-cash impairment charge on its Bitcoin holdings from the prior quarter.

The company’s current market capitalization stands at approximately 520.9 billion yen, highlighting how closely its equity valuation is now tied to Bitcoin price dynamics and treasury execution.

For investors, the latest capital raise underscores Metaplanet’s commitment to scaling its Bitcoin strategy, even at the cost of near-term volatility, while positioning itself as a long-term institutional proxy for BTC exposure in the Japanese market.

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