Metaplanet approves $137M overseas raise to buy Bitcoin and repay debt

Tokyo-listed Bitcoin-focused company Metaplanet approved an overseas capital raise of up to $137 million, combining new common shares and stock acquisition rights as it looks to expand its Bitcoin holdings and reduce debt. 

In a Thursday filing, Metaplanet said it plans to issue 24.5 million common shares at 499 Japanese yen per share, raising about 12.24 billion yen ($78 million) upfront. It also approved the issuance of 159,440 stock acquisition rights, representing up to 15.9 million additional shares, which could raise a further $56 million if exercised. 

The warrants give investors the option to buy shares later at a fixed price above the current market level, and only over the next year. Both the shares and warrants will be sold privately to overseas investors, subject to routine closing conditions, according to the filing. 

Metaplanet Bitcoin strategy director Dylan LeClair said the structure was designed to raise capital while managing dilution. “The financing structure enables Metaplanet to capitalize upon the volatility of its common stock to sell shares at a premium to market while raising capital today,” LeClair wrote on X. 

Use of proceeds and Bitcoin strategy

In the purpose section of the filing, Metaplanet said proceeds from the offering are allocated primarily to additional Bitcoin purchases, investment in its Bitcoin income business, and a partial repayment of borrowings under an existing credit facility. 

The company said the debt repayment is intended to restore its borrowing capacity and preserve flexibility for future capital actions. 

Metaplanet also reiterated its positioning as a “Bitcoin Treasury Company,” citing Bitcoin (BTC) scarcity and portability as reasons to hold it as a medium- to long-term store of value. 

The company remains the fourth-largest corporate Bitcoin holder globally. According to Bitcoin Treasuries, Metaplanet holds 35,102 BTC, worth over $3 billion. 

Related: Metaplanet has key advantage over US-based Bitcoin treasuries: Analyst

Metaplanet broadens fundraising reach

The latest capital raise builds on Metaplanet’s recent efforts to diversify its funding sources beyond common equity, combining shares, warrants and preferred instruments to tap overseas investors. 

On Dec. 22, the company cleared the issuance of dividend-paying preferred shares for overseas institutions, expanding its capital-raising toolkit. The move marked a shift toward using multiple capital instruments alongside its Bitcoin-focused balance sheet strategy. 

The new filing also follows a separate disclosure on Monday, in which the company lifted its 2026 revenue outlook despite booking a large non-cash Bitcoin impairment.