Tokyo-listed, Bitcoin-focused company Metaplanet has approved an overseas capital raise of up to $137 million through a combination of new common shares and stock acquisition rights, aiming to grow its Bitcoin holdings and reduce debt.
In a Thursday filing, the company said it plans to issue 24.5 million common shares at 499 yen per share, raising roughly 12.24 billion yen ($78 million) upfront. It also approved the issuance of 159,440 stock acquisition rights, representing up to 15.9 million additional shares, which could generate around $56 million if exercised.
The warrants allow investors to purchase shares later at a fixed price above the current market level, but only over the next year. Both the shares and warrants will be sold privately to overseas investors, subject to standard closing conditions.
Metaplanet’s Bitcoin strategy director, Dylan LeClair, said the financing structure was designed to raise capital while managing dilution. “The structure enables Metaplanet to capitalize on the volatility of its common stock, selling shares at a premium to market while raising capital today,” he wrote on X.
Use of proceeds and Bitcoin strategy
Metaplanet said in its filing that proceeds from the offering will be used primarily for additional Bitcoin purchases, investment in its Bitcoin income business, and partial repayment of borrowings under an existing credit facility.
The company noted that the debt repayment is intended to restore borrowing capacity and maintain flexibility for future capital initiatives.
Metaplanet reaffirmed its identity as a “Bitcoin Treasury Company,” citing Bitcoin’s scarcity and portability as reasons for holding it as a medium- to long-term store of value.
The company remains the fourth-largest corporate Bitcoin holder globally, with 35,102 BTC valued at over $3 billion, according to Bitcoin Treasuries.
Metaplanet broadens fundraising reach
The latest capital raise builds on Metaplanet’s ongoing efforts to diversify its funding sources beyond common equity, combining shares, warrants, and preferred instruments to attract overseas investors.
On December 22, the company received approval to issue dividend-paying preferred shares for international institutions, expanding its capital-raising toolkit. The move reflects a strategic shift toward using multiple financing instruments alongside its Bitcoin-focused balance sheet strategy.
The new filing comes shortly after a separate disclosure on Monday, in which Metaplanet raised its 2026 revenue outlook despite recording a significant non-cash Bitcoin impairment.
