Metaplanet Seeks $137 Million to Double Down on Bitcoin Bet Amid Market Slump

Metaplanet JP3481200008

Tokyo-listed Metaplanet, frequently dubbed Asia's counterpart to MicroStrategy, is pushing forward with its contentious cryptocurrency strategy. The firm has announced plans to raise approximately 21 billion yen, equivalent to $137 million, through a new share and rights offering. The primary objective is to acquire more Bitcoin, even as the digital asset's price remains significantly below the company's average purchase price.

Key Financial Details:
* Total planned capital raise: ~$137 million
* Allocation for Bitcoin purchases through 2026: ~$91.2 million
* Funds allocated for debt repayment: ~$33.8 million
* Current Bitcoin holdings: 35,102 BTC (world's fourth-largest corporate treasury)
* Average purchase price per Bitcoin: ~$107,716
* Unrealized accounting loss on holdings: Approximately 39%

The capital injection is earmarked for two clear purposes. The lion's share, about $91.2 million, is designated for purchasing additional Bitcoin over the coming years. A further $33.8 million will be used to reduce existing corporate debt. CEO Simon Gerovich has publicly framed this move as a deliberate contrarian play, executed while the "Crypto Fear & Greed Index" reflects "Extreme Fear" among market participants.

This accumulation comes during a pronounced downturn. Bitcoin has retreated sharply from its October highs above $126,000, currently testing the $60,000 to $65,000 range. With Metaplanet's average cost basis sitting above $107,700 per coin, its entire treasury position is deeply underwater on paper.

Strategic Parallels and Mounting Pressure

The company's approach mirrors that of its American inspiration, MicroStrategy, which also reported substantial quarterly losses earlier in 2026 due to Bitcoin-related impairments. Both entities are making the same core wager: that the current market represents a long-term buying opportunity and a potential bottom.

However, the aggressive strategy is visibly straining the balance sheet. The 35,102 BTC held represents one of the largest institutional positions globally, but it currently carries an unrealized loss of about 39%. Metaplanet's share price has also faced considerable pressure year-to-date, posting double-digit declines and experiencing severe single-day sell-offs. The newly announced equity raise is likely to exert additional dilution pressure on existing shareholders.

The success of this high-stakes gamble hinges entirely on Bitcoin's future price trajectory. For Metaplanet to return its holdings to a profitable position, the cryptocurrency's value must climb decisively back above the $107,000 threshold. Continued volatility poses a persistent risk, threatening further balance sheet strain and testing the patience of the investment community.