Metaplanet, the Tokyo-listed bitcoin treasury company, plans to raise up to 21 billion yen ($137 million) through a new share and warrant issuance as it doubles down on its strategy of accumulating bitcoin while reducing leverage.
The company said it will raise the funds via a third-party allotment of new common shares and stock acquisition rights placed directly with select investors, rather than through a public offering.
Under the plan, Metaplanet will issue 24.53 million new common shares priced at 499 yen per share — roughly 5% above the prior closing price — generating approximately 12.24 billion yen in upfront proceeds.
The firm’s shares closed at 456 yen, down about 4%, reflecting near-term dilution concerns despite the premium pricing.
Each newly issued share will be accompanied by 0.65 stock acquisition rights, equivalent to 15.94 million potential additional shares and representing 65% warrant coverage. The warrants carry a fixed exercise price of 547 yen and can be exercised over a one-year period. If fully exercised, they would generate an additional 8.9 billion yen in proceeds.
Importantly, the warrants are fixed-strike instruments rather than moving-strike warrants, limiting variable dilution for existing shareholders.
“The 65% warrant coverage exercisable at ¥547 for one year is a fixed strike,” said Dylan LeClair, head of bitcoin strategy at Metaplanet. “The financing structure enables Metaplanet to capitalize on common stock volatility to sell shares at a premium to market while raising capital today.”
Metaplanet said 5.2 billion yen of the upfront capital will be used to partially repay existing debt. According to the company’s dashboard, Metaplanet currently carries approximately $280 million in outstanding debt.
Metaplanet will use the money to buy bitcoin
The remaining funds will primarily support further bitcoin purchases, alongside general corporate purposes and the expansion of its bitcoin income-generation business, which includes options strategies and lending.
The firm said about 14 billion yen ($91.2 million) has been earmarked specifically for bitcoin accumulation, with an additional 1.5 billion yen ($9.8 million) allocated to income-generating activities.
The board approved the financing at a meeting Thursday, with the allotment and payment date set for Feb. 13, 2026. The warrants will be exercisable from Feb. 16, 2026, through Feb. 15, 2027.
Metaplanet currently holds 35,102 bitcoin, making it the fourth-largest bitcoin holder among publicly traded companies. The company has modeled its strategy on U.S.-based firms such as Strategy (formerly MicroStrategy), which remains the largest corporate holder with more than 700,000 BTC.
The capital raise follows Metaplanet’s recently announced long-term objective to acquire up to 210,000 BTC — roughly 1% of bitcoin’s total supply — by 2027. The firm said the accumulation will occur in stages and 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 outlook. The company added that it expects the financing to have a minimal impact on its 2026 financial results and will disclose any material changes if necessary.
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