Metaplanet lines up $137M overseas raise for Bitcoin buys and debt paydown
Metaplanet approved a two-part overseas offering that could raise up to about $137 million. The company plans to sell new shares and warrants to fund additional Bitcoin purchases, invest in its Bitcoin income business, and repay part of an existing credit facility to restore borrowing capacity.
Bitcoin treasury firms have been testing how far the corporate playbook can stretch, and Metaplanet is leaning into a structure that mixes cash today with optional cash later.
In a January 29 filing, the Tokyo-listed company said it will issue 24,529,000 common shares at 499 yen per share, for gross proceeds of about 12.24 billion yen. The shares are being placed privately with overseas investors and are scheduled to settle on February 13, subject to routine closing conditions.
Alongside the equity raise, Metaplanet approved the issuance of 159,440 stock acquisition rights, which represent up to 15,944,000 additional shares. The warrants carry a fixed exercise price of 547 yen and can be exercised from February 16, 2026 through February 15, 2027. If fully exercised, they would add roughly 8.8 billion yen in proceeds on top of the initial share sale.
Metaplanet said the money will be allocated primarily to more Bitcoin purchases, investment in its Bitcoin income business, and partial repayment of borrowings under an existing credit facility. The company framed the paydown as a balance-sheet move that preserves flexibility for future capital actions by reopening room on the credit line.
Strategy director Dylan LeClair said the structure is meant to manage dilution while taking advantage of the stock volatility that often comes with a Bitcoin-heavy balance sheet.
Metaplanet continues to market itself as a Bitcoin treasury company, arguing that scarcity and portability make Bitcoin a long-term store of value. The company is currently the fourth-largest corporate holder, with 35,102 BTC valued at more than $3 billion, according to BitcoinTreasuries.net.
The filing also fits into a broader shift in how Metaplanet funds its strategy. The company has been expanding its toolkit beyond common equity, including preferred instruments aimed at overseas institutions, as it looks for ways to keep adding Bitcoin while smoothing out the capital cycle.
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