Metaplanet Doubles Down on Bitcoin Strategy with Major Capital Raise

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The Japanese investment firm Metaplanet has secured fresh capital to aggressively expand its Bitcoin holdings, signaling a continued commitment to its cryptocurrency-focused treasury strategy. While the move reinforces the company's transformation into a dedicated Bitcoin vehicle, the market's initial response has been muted, with investors weighing the potential for share dilution.

In a decisive step to fuel its Bitcoin acquisition plans, Metaplanet's board approved a capital increase of approximately 12.24 billion yen (equivalent to $127 million) in late January 2026. This will be achieved through the issuance of 24.53 million new shares, priced at 499 yen each, with placement targeted at institutional investors.

The primary use of the proceeds is unambiguous: a significant portion is earmarked for direct Bitcoin purchases. The company's schedule outlines acquisitions worth roughly 14 billion yen between February 2026 and February 2027. An additional 1.56 billion yen is allocated for yield-generating Bitcoin strategies. To strengthen its balance sheet, Metaplanet plans to use 5.19 billion yen to pay down existing credit lines.

This financing initiative follows a separate transaction involving shares and one-year warrants, which could potentially raise an extra $137 million.

Key Details of the Capital Increase:

• Total Amount: 12.24 billion yen ($127 million)
• New Shares Issued: 24.53 million
• Allotment Date: February 13, 2026
• Warrant Exercise Period: Begins February 16, 2026
• Bitcoin Allocation: 14 billion yen for direct purchases by February 2027
• Debt Reduction: 5.19 billion yen for credit line repayment

Revised Forecasts Amid Accounting Complexities

Concurrent with the capital raise announcement, Metaplanet updated its financial projections. The firm raised its revenue and operating profit forecasts for the fiscal year 2025. However, its balance sheet continues to reflect substantial non-cash impairment charges on its Bitcoin reserves, a direct result of mandatory mark-to-market accounting practices.

Looking ahead to 2026, the company anticipates revenue of around $103 million and an operating profit of $73 million, with Bitcoin-related activities expected to generate nearly all of this income. Despite these optimistic projections, the share price came under pressure following the news of the equity issuance, highlighting investor concerns over the dilution of their holdings.

Completion of a Corporate Transformation

Metaplanet's recent financial maneuvers cement its evolution from a diversified firm into a pure-play Bitcoin treasury. Its holdings have ballooned from 1,762 BTC at the end of 2024 to 35,102 BTC by the close of 2025. The latest capital injection sends a clear message from management: the strategic accumulation of Bitcoin remains the unequivocal top priority for 2026 and beyond.