Tokyo-listed Bitcoin treasury company Metaplanet plans to raise up to 21 billion yen ($137 million) through the issuance of new shares and stock options as it doubles down on its strategy of accumulating Bitcoin while reducing leverage.
The company announced that it will raise funds through a third-party allotment of new common stock and stock acquisition rights issued directly from specific investors, rather than through a public offering.
Under this plan, Metaplanet will issue 24.53 million new shares of common stock at 499 yen per share, approximately 5% higher than the previous closing price, and receive an advance payment of approximately 12.24 billion yen.
Despite its premium price, the company’s stock closed at 456 yen, down about 4%, reflecting short-term dilution concerns.
Each newly issued share carries 0.65 warrants, representing a potential additional 15.94 million shares or 65% of the warrants. The exercise price of stock acquisition rights is set at 547 yen, and they can be exercised for one year. If fully exercised, it would generate an additional 8.9 billion yen in revenue.
Importantly, stock acquisition rights are fixed shares rather than moving strike shares, limiting variable dilution of existing shareholders.
“The 65% warrant coverage, exercisable at 547 yen for one year, is a fixed strike,” said Dylan Leclair, head of Bitcoin strategy at Metaplanet. “This financing structure allows Metaplanet to take advantage of the volatility of common stock and sell stock at a premium price to the market while raising capital today.”
Metaplanet announced that 5.2 billion yen of the advance funds will be used to partially repay existing debt. Metaplanet currently has approximately $280 million in outstanding debt, according to the company’s dashboard.
Metaplanet plans to use the funds to purchase Bitcoin
The remaining funds will primarily support general corporate purposes and the expansion of Bitcoin income-generating businesses, including options strategies and lending, as well as supporting further Bitcoin purchases.
The company said approximately 14 billion yen ($91.2 million) was allocated specifically to Bitcoin accumulation, with a further 1.5 billion yen ($9.8 million) allocated to income-generating activities.
The board approved the financing at Thursday’s meeting, and the allocation and payment date was set for February 13, 2026. Stock acquisition rights will be exercisable from February 16, 2026 to February 15, 2027.
Metaplanet currently holds 35,102 Bitcoins, making it the fourth largest Bitcoin holder among publicly traded companies. The company models its strategy after US-based companies such as Strategy (formerly MicroStrategy), which remains the largest corporate holder with over 700,000 BTC.
This capital increase is in line with Metaplanet’s recently announced long-term goal of acquiring up to 210,000 BTC, or approximately 1% of the total Bitcoin supply, by 2027. The company said the accumulation will be done in stages and will be managed through its subsidiary Metaplanet Lightning Capital.
Despite Bitcoin’s recent pullback, with BTC trading near $87,800 at the time of publication, Metaplanet said it remains confident in the asset’s medium- to long-term prospects. The company added that it expects this financing to have a minimal impact on its 2026 financial results and will disclose material changes as appropriate.
