Metaplanet, the Tokyo-listed company specializing in bitcoin treasury operations, has announced an ambitious plan to raise up to 21 billion yen (approximately $137 million) through a new share and warrant issuance. This strategic financing move is designed to bolster its bitcoin accumulation strategy while simultaneously reducing its existing debt burden.

The company will execute this capital raise via a third-party allotment of new common shares and stock acquisition rights. This means the issuance will be placed directly with a select group of investors, rather than being offered to the general public. Under the terms of this plan, Metaplanet intends to issue 24.53 million new common shares, each priced at 499 yen. This price represents a premium of roughly 5% above the prior closing price of its shares. This initial issuance is projected to generate approximately 12.24 billion yen in upfront proceeds for the company.

Despite the premium pricing of the new shares, Metaplanet's shares closed at 456 yen, reflecting a decline of about 4%. This dip indicates near-term concerns among investors regarding potential dilution of their holdings as a result of the new issuance.

In addition to the new shares, each newly issued share will be accompanied by 0.65 stock acquisition rights, which equates to 15.94 million potential additional shares. This structure represents a 65% warrant coverage. These warrants are fixed-strike instruments, meaning they carry a predetermined exercise price of 547 yen, and they can be exercised over a one-year period. If all warrants are fully exercised, they are expected to generate an additional 8.9 billion yen in proceeds. Dylan LeClair, Metaplanet’s Head of Bitcoin Strategy, highlighted the significance of the fixed-strike nature, stating, “The 65% warrant coverage exercisable at ¥547 for one year is a fixed strike. The financing structure enables Metaplanet to capitalize on common stock volatility to sell shares at a premium to market while raising capital today.” This fixed-strike mechanism is crucial as it helps limit variable dilution for existing shareholders.

Metaplanet has outlined a clear allocation strategy for the newly raised capital. Approximately 5.2 billion yen of the upfront funds will be dedicated to partially repaying existing debt. The company's current financial dashboard indicates an outstanding debt of approximately $280 million. The remaining capital will primarily be channeled towards further bitcoin purchases, alongside general corporate purposes and the expansion of its bitcoin income-generation business, which includes various options strategies and lending activities. Specifically, about 14 billion yen ($91.2 million) has been earmarked for direct bitcoin accumulation, with an additional 1.5 billion yen ($9.8 million) allocated to enhance its income-generating initiatives.

The company's board formally approved this financing plan during a meeting held on Thursday. The allotment and payment date for the new shares is set for February 13, 2026, with the warrants becoming exercisable from February 16, 2026, through February 15, 2027.

Metaplanet currently holds a substantial 35,102 bitcoin, positioning it as the fourth-largest bitcoin holder among publicly traded companies. The firm has openly modeled its strategic approach on successful U.S.-based companies, notably Strategy (formerly MicroStrategy), which maintains its status as the largest corporate holder with over 700,000 BTC. This capital raise is a crucial step following Metaplanet’s recently announced long-term objective: to acquire an impressive 210,000 BTC, which represents roughly 1% of bitcoin’s total supply, by 2027. This significant accumulation is planned to occur in stages and will be managed through its dedicated subsidiary, Metaplanet Lightning Capital.

Despite a recent pullback in the price of bitcoin, with BTC trading near $87,800 at the time of publication, Metaplanet has expressed unwavering confidence in the asset’s medium- to long-term outlook. The company anticipates that this financing will have a minimal impact on its 2026 financial results and has committed to disclosing any material changes should they arise.