Japan Firm Metaplanet Moves to Raise $137M for Bitcoin Accumulation

Japan’s Metaplanet approved a $137M overseas capital raise to buy Bitcoin, fund its Bitcoin business, and repay part of its debt.

Tokyo-listed Metaplanet has approved an overseas fundraising plan of up to $137 million.

The company aims to expand Bitcoin holdings and reduce existing debt. The decision reflects a continued focus on Bitcoin as a treasury asset and funding diversification.

Overseas capital raise structure

Metaplanet said it will issue 24.5 million common shares to overseas investors. The shares are priced at 499 Japanese yen each.

The offering is expected to raise about 12.24 billion yen, or $78 million.

The company also approved the issuance of 159,440 stock acquisition rights. These rights represent up to 15.9 million additional shares.

If fully exercised, they could raise around $56 million. The stock acquisition rights allow investors to buy shares later at a fixed price.

The exercise period runs for one year. Both instruments will be sold privately and remain subject to closing conditions.

Use of proceeds and Bitcoin strategy

Metaplanet said most proceeds will fund additional Bitcoin purchases. Some capital will support its Bitcoin income business. A portion will also be used for partial debt repayment.

The company stated that debt repayment will restore borrowing capacity. It will also provide flexibility for future financing actions.

The repayment relates to borrowings under an existing credit facility.

Metaplanet described itself as a Bitcoin Treasury Company in the filing. It cited Bitcoin scarcity and portability. The firm views Bitcoin as a medium- to long-term store of value.

Managing dilution and investor approach

Metaplanet Bitcoin strategy director Dylan LeClair commented on the structure on X.

“The financing structure enables Metaplanet to capitalize upon the volatility of its common stock,” he said. He added that it allows share sales at a premium while raising capital now.

The company said the structure balances capital needs and shareholder dilution. Warrants only convert if investors exercise them later. This approach spreads dilution risk over time.

Metaplanet remains among the largest corporate Bitcoin holders. Data from Bitcoin Treasuries shows it holds 35,102 BTC. The holdings are valued at more than $3 billion.

Related Reading:  Metaplanet Spends $451M on Bitcoin, Holdings Surpass 35,000 BTC

Broader fundraising efforts

The overseas raise follows recent funding changes by Metaplanet. The company has expanded beyond common equity. It now uses several capital instruments.

In December, Metaplanet approved dividend-paying preferred shares. These were aimed at overseas institutional investors. The move broadened its funding base.

The company also updated its revenue outlook earlier this week. It lifted its 2026 forecast despite a non-cash Bitcoin impairment. The update reaffirmed its Bitcoin-focused balance sheet strategy.

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