Metaplanet’s Strategic Pivot: A Multi-Billion Yen Bet on Bitcoin

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Japanese investment firm Metaplanet has unveiled a significant capital raise, with the proceeds earmarked for a dual-purpose strategy: reducing corporate debt and aggressively expanding its Bitcoin treasury. This clear directive, blending equity dilution with a bold crypto-focused plan, has recently driven notable volatility in the company's share price. The market is now assessing the scale of this move and the management's specific roadmap.

The company announced an issuance of 24,529,000 new common shares at a price of 499 JPY per share. Notably, this offering price was set at a premium to the trading level seen prior to the announcement. As part of the financing package, Metaplanet is also placing its 25th series of Stock Acquisition Rights (Warrants), which could provide an additional capital influx if exercised in the future.

The transaction is scheduled for settlement on 13 February 2026. Following the news, Metaplanet's shares experienced pressure, closing at 456 JPY on the Tokyo exchange this Thursday, a decline of approximately 4%. This reaction reflects the market's balancing act between weighing the dilutive effect of new shares against the potential upside of the company's ambitious digital asset strategy.

Allocation of Proceeds: Debt Down, Bitcoin Up

The intended use of funds is precisely defined. A portion of the capital, roughly 5.2 billion JPY, is allocated for the repayment of existing liabilities, aiming to strengthen the firm's financial foundation.

The lion's share of the proceeds, however, is destined for cryptocurrency. Approximately 14 billion JPY is designated for the acquisition of additional Bitcoin, substantially growing the corporate treasury. A further 1.5 billion JPY is planned for yield-generating strategies, with options trading explicitly mentioned.

An Aggressive Digital Asset Roadmap

Metaplanet has established itself as a major corporate holder of digital assets, reporting holdings of around 35,102 BTC as of January. The management has set a concrete target: to amass 100,000 BTC by the end of 2026.

In line with this aggressive posture, the company has updated its financial outlook for 2026, forecasting increased revenue from its digital asset business. This optimistic projection comes despite the company reporting non-cash impairment losses on its holdings, a result of recent volatility in cryptocurrency markets.

All eyes will be on 13 February for the completion of this capital measure, which will mark the beginning of Metaplanet's planned deployment of funds into both debt reduction and its escalated Bitcoin accumulation campaign.