Metaplanet Lines Up $137M Overseas Raise to Buy More Bitcoin and Rework Its Balance Sheet
Metaplanet has approved an overseas fundraising plan of up to $137 million as the Tokyo-listed firm accelerates its Bitcoin accumulation strategy while trimming debt.
In a regulatory filing released Thursday, the Bitcoin-focused company said it will issue up to 24.5 million new common shares priced at 499 yen each, generating approximately 12.24 billion yen ($78 million) in initial proceeds. Alongside the equity sale, Metaplanet also authorized 159,440 stock acquisition rights that could convert into as many as 15.9 million additional shares, potentially raising a further $56 million if fully exercised.
The warrants allow investors to purchase shares at a predetermined price above the current market level within a one-year window, offering upside participation while limiting immediate dilution. Both the common shares and the warrants will be placed privately with overseas investors, subject to standard closing conditions.
According to the company, funds raised will be directed primarily toward expanding its Bitcoin holdings, supporting its Bitcoin income business, and partially repaying outstanding borrowings under an existing credit facility. Management said reducing debt is intended to restore borrowing capacity and maintain flexibility for future capital decisions.
Metaplanet reiterated its positioning as a “Bitcoin Treasury Company,” emphasizing Bitcoin’s scarcity and portability as key reasons for holding it as a medium- to long-term store of value. The company is currently the world’s fourth-largest corporate holder of Bitcoin, with 35,102 BTC valued at more than $3 billion, based on data from Bitcoin Treasuries.
The latest financing follows a broader shift toward diversified funding channels. In December, Metaplanet approved the issuance of dividend-paying preferred shares aimed at overseas institutional investors, adding another tool alongside common equity and warrants.
The capital raise also comes shortly after the company raised its 2026 revenue outlook, despite reporting a sizable non-cash impairment tied to its Bitcoin holdings, underscoring its continued commitment to a balance-sheet strategy centered on Bitcoin.