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Metaplanet’s Bitcoin holdings data. Source: Bitcoin Treasuries<\/p>\nTokyo-listed Bitcoin-focused company Metaplanet has approved an overseas capital raise of up to $137 million, combining new common shares and stock acquisition rights. This move is aimed at expanding its Bitcoin holdings and reducing 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.<\/p>\n
Additionally, the company 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.<\/p>\n
Amount of funds to be raised. Source: Metaplanet<\/p>\n
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.<\/p>\n
Metaplanet also reiterated its positioning as a \u201cBitcoin Treasury Company,\u201d 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.<\/p>\n
Metaplanet’s Bitcoin holdings data. Source: Bitcoin Treasuries<\/p>\n
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.<\/p>\n
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. Metaplanet’s Bitcoin strategy director Dylan LeClair said the structure was designed to raise capital while managing dilution. \u201cThe 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,\u201d LeClair wrote on X.<\/p>\n