Metaplanet Seeks Major Funding to Expand Bitcoin Holdings

Metaplanet JP3481200008

The Tokyo-listed company Metaplanet, which has adopted a strategy of holding Bitcoin as a primary treasury asset, is initiating a significant capital raise. The firm aims to secure up to 21 billion Japanese Yen (approximately $137 million USD) through the issuance of new equity and warrants. Proceeds are earmarked for additional Bitcoin acquisitions and debt reduction.

To achieve its funding goal, Metaplanet has arranged a private placement targeting specific institutional investors. The core component involves issuing roughly 24.53 million new common shares at a price of 499 Yen per share. This initial share sale is expected to generate proceeds of about 12.24 billion Yen, with settlement scheduled for February 13, 2026.

Complementing the share issuance, the company will also issue warrants. These instruments grant holders the right to purchase an additional 15.94 million shares at an exercise price of 547 Yen each. The warrants have a one-year term. Should they be fully exercised, Metaplanet would receive a further 8.9 billion Yen.

Key Transaction Details:

• Total Potential Proceeds: Up to 21 billion JPY (~$137 million USD)
• New Share Issuance: 24.53 million shares priced at 499 JPY
• Warrant Details: Rights to 15.94 million shares at 547 JPY
• Settlement Date: February 13, 2026

Allocation of New Capital and Concurrent Financing

The company has outlined a clear plan for the use of funds. Between February 2026 and February 2027, approximately 14 billion Yen is allocated for purchasing Bitcoin. Another portion will support the development of its "Bitcoin Income Business." Furthermore, around 5.2 billion Yen is designated for repaying existing loans.

In a parallel move to accelerate its Bitcoin strategy ahead of the capital raise, Metaplanet has already tapped into a Bitcoin-collateralized credit facility. The company secured a loan of $75 million specifically to fast-track Bitcoin purchases.

Strategic Context and Market Considerations

Metaplanet formally began positioning itself as a Bitcoin treasury company in April 2024, and the current financial measures are a direct continuation of that corporate shift. In late January, the board approved a dividend for its Class B preferred shares and issued a revised forecast. This update points to an improved expected operating result, though this is counterbalanced by a significant impairment charge against the value of its existing Bitcoin holdings.

The announcement of the equity raise has prompted some investor concern regarding potential near-term share dilution. The long-term impact of the company's aggressive Bitcoin accumulation strategy on its valuation is widely seen as intrinsically linked to the future price performance of Bitcoin itself.