Metaplanet is preparing to raise as much as 21 billion yen, or about $137 million, through a combination of new shares and stock warrants placed with selected investors.
The Tokyo-based firm will raise funds through a combination of new shares and stock warrants placed with selected investors.
The move is designed to support further bitcoin accumulation while easing pressure from a sizable debt load.
*Notice Regarding Issuance of New Shares and 25th Series Stock Acquisition Rights through Third-Party Allotment*
Funding structure
The fundraising will be carried out through a third-party allotment rather than a public offering.
Under the plan, Metaplanet will issue 24.53 million new common shares at 499 yen each.
This price represents a roughly 5% premium to the previous close, allowing the company to raise around 12.24 billion yen in upfront proceeds.
Despite the premium pricing, the announcement weighed on the stock.
Shares closed at 456 yen, down 4% on the day.
Each newly issued share comes with 0.65 stock acquisition rights.
These rights translate into 15.94 million potential additional shares, equivalent to 65% warrant coverage.
The warrants carry a fixed exercise price of 547 yen and can be exercised over a one-year period.
If all warrants are exercised, Metaplanet would raise up to a further 8.9 billion yen.
The company has emphasised that these are fixed strike warrants rather than moving strike instruments, a structure that limits variable dilution and offers clearer visibility on potential share issuance.
Debt repayment plan
A key element of the capital raise is balance-sheet repair.
Of the initial proceeds, 5.2 billion yen has been earmarked for partial repayment of existing debt.
According to the company’s dashboard, Metaplanet currently has around $280 million in outstanding debt.
Reducing leverage appears central to the financing plan. By allocating a portion of the new capital to debt repayment, Metaplanet is seeking to lower financing costs and improve flexibility as it continues to pursue its bitcoin strategy.
The remaining upfront funds, along with any proceeds generated from warrant exercises, are expected to be used for further bitcoin purchases and general corporate purposes.
This approach keeps the company’s focus firmly on expanding its crypto holdings while maintaining operational liquidity.
Bitcoin strategy
Metaplanet has built a reputation for aggressively accumulating bitcoin and now ranks among the largest corporate holders globally.
The company currently holds 35,102 BTC, making it the fourth-largest bitcoin holder among publicly traded firms.
This treasury strategy has become a defining feature of the business.
By using equity-linked financing rather than traditional debt issuance, Metaplanet is effectively aligning its capital structure with the volatility and long-term thesis behind bitcoin ownership.
The scale of the proposed raise underlines the company’s commitment to continuing this approach, even as markets remain sensitive to dilution and balance-sheet risk.
Market reaction
The immediate share price drop suggests investors are weighing the benefits of premium-priced funding against the impact of issuing tens of millions of new shares and potential additional dilution from warrants.
At the same time, the fixed strike structure and the use of proceeds for both debt reduction and bitcoin accumulation may appeal to longer-term investors who view the strategy as disciplined rather than speculative.
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