Metaplanet Inc., the Tokyo-listed company that has pivoted to a Bitcoin-first treasury strategy, announced plans to raise up to ¥21 billion (around US$137 million) through the issuance of new shares and warrants as it accelerates its accumulation of Bitcoin and reduces leverage, according to sources.
Under the funding plan approved by its board, Metaplanet will issue 24.53 million new common shares priced at ¥499 each, roughly 5 % above the previous close, generating about ¥12.24 billion in upfront proceeds. Each new share will be accompanied by 0.65 stock acquisition rights (warrants) exercisable over one year at a fixed price of ¥547, representing a potential additional ¥8.9 billion if fully exercised.
Of the immediate capital raised, roughly ¥5.2 billion will go toward partial repayment of existing debt, supporting balance-sheet flexibility as the company scales its operations. Metaplanet currently carries about US$280 million in outstanding debt, according to its own dashboard.
The remainder of the funds will be allocated primarily to additional Bitcoin purchases, reinforcing the firm’s aggressive treasury build-out strategy, alongside general corporate purposes and expanding its Bitcoin-focused income generation activities, which include options strategies and lending. About ¥14 billion (roughly US$91 million) is earmarked for Bitcoin accumulation specifically, with roughly ¥1.5 billion (US$9.8 million) set aside for income-generating initiatives.
Metaplanet currently holds 35,102 BTC, making it one of the largest Bitcoin holders among publicly traded companies globally. The capital raise follows the company’s long-term objective to accumulate up to 210,000 BTC, roughly 1 % of Bitcoin’s total supply, by 2027, a plan the firm says will be executed in stages through its subsidiary, Metaplanet Lightning Capital.
Despite the substantial dilution risk inherent in new share issuances, executives have defended the financing structure, including fixed-strike warrants, as a way to leverage current equity market conditions to raise capital at favourable terms while preserving long-term shareholder value.
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