Metaplanet Seeks $137M via Third-Party Placement

Metaplanet has approved a new equity financing to raise up to ¥20.7 billion, or about $135-137 million, to expand its Bitcoin BTC $87 923 24h volatility: 2.5% Market cap: $1.76 T Vol. 24h: $45.99 B holdings. The decision was finalized at a board meeting on January 29. Notably, the Tokyo-listed firm will issue new shares and stock acquisition rights through a third-party allotment, with most of the capital reserved for Bitcoin purchases in 2026.

The company said the funding is part of its ongoing Bitcoin treasury strategy. Management confirmed that Bitcoin accumulation remains a core priority, alongside the expansion of its Bitcoin income generation business.

Structure of the Offering

The placement includes 24.5 million new common shares priced at ¥499 per share. This represents a 5% premium to the prior close and will raise roughly ¥12.24 billion ($80 million) upfront. Each share will be issued with 0.65 stock acquisition rights.

If fully exercised, the rights will convert into about 15.9 million additional shares at a fixed price of ¥547 ($3.57) per share, which is about 15% above the previous close. The warrants are valid for one year and are not market-price adjusted. Full exercise would raise an additional ¥8.8 billion ($57.5 million).

The payment and allotment date is Feb. 13. The exercise window for the warrants runs from February 16 through Feb. 15 of the following year. It is important to note that transfers of the stock acquisition rights will require board approval.

Moreover, the offering is mainly aimed at overseas investors. According to Metaplanet’s Director of Bitcoin Strategy, Dylan LeClair, the structure allows the firm to raise capital at a premium while using share price volatility to its advantage.

Use of Proceeds and Bitcoin Strategy

Metaplanet plans to allocate about ¥14 billion ($91 million) directly to Bitcoin purchases. Another ¥1.5 billion ($9.7 million) will support its Bitcoin income generation business, which uses options and derivatives. Roughly ¥5.1 billion ($33.24 million) will be used to repay existing debt.

The company said it expects Bitcoin to strengthen over the medium to long term, especially against the Japanese yen. Bitcoin purchases will be made in stages rather than in a single buy. Holdings will be managed through its subsidiary, Metaplanet Lightning Capital. Metaplanet has stated its goal is to become one of the world’s top corporate Bitcoin holders by August 2026.

Interestingly, the capital raise comes after Metaplanet reported a Bitcoin-related impairment of ¥104.6 billion, or about $680 million, due to a market downturn. The loss was recorded as a non-operating expense and had no direct impact on cash flow or day-to-day operations.

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