Metaplanet, the Tokyo-listed bitcoin treasury firm, plans to lift as much as 21 billion yen ($137 million) by way of a brand new share and warrant issuance because it doubles down on its technique of accumulating bitcoin whereas decreasing leverage.
The corporate mentioned it would elevate the funds by way of a third-party allotment of latest widespread shares and inventory acquisition rights positioned instantly with choose traders, reasonably than by way of a public providing.
Beneath the plan, Metaplanet will subject 24.53 million new widespread shares priced at 499 yen per share — roughly 5% above the prior closing worth — producing roughly 12.24 billion yen in upfront proceeds.
The agency’s shares closed at 456 yen, down about 4%, reflecting near-term dilution issues regardless of the premium pricing.
Every newly issued share will likely be accompanied by 0.65 inventory acquisition rights, equal to fifteen.94 million potential extra shares and representing 65% warrant protection. The warrants carry a set train worth of 547 yen and may be exercised over a one-year interval. If totally exercised, they’d generate an extra 8.9 billion yen in proceeds.
Importantly, the warrants are fixed-strike devices reasonably than moving-strike warrants, limiting variable dilution for present shareholders.
“The 65% warrant protection exercisable at ¥547 for one yr is a set strike,” mentioned Dylan LeClair, head of bitcoin technique at Metaplanet. “The financing construction permits Metaplanet to capitalize on widespread inventory volatility to promote shares at a premium to market whereas elevating capital in the present day.”
Metaplanet mentioned 5.2 billion yen of the upfront capital will likely be used to partially repay present debt. In keeping with the corporate’s dashboard, Metaplanet at the moment carries roughly $280 million in excellent debt.
Metaplanet will use the cash to purchase bitcoin
The remaining funds will primarily help additional bitcoin purchases, alongside common company functions and the enlargement of its bitcoin income-generation enterprise, which incorporates choices methods and lending.
The agency mentioned about 14 billion yen ($91.2 million) has been earmarked particularly for bitcoin accumulation, with an extra 1.5 billion yen ($9.8 million) allotted to income-generating actions.
The board permitted the financing at a gathering Thursday, with the allotment and fee date set for Feb. 13, 2026. The warrants will likely be exercisable from Feb. 16, 2026, by way of Feb. 15, 2027.
Metaplanet at the moment holds 35,102 bitcoin, making it the fourth-largest bitcoin holder amongst publicly traded firms. The corporate has modeled its technique on U.S.-based corporations similar to Technique (previously MicroStrategy), which stays the biggest company holder with greater than 700,000 BTC.
The capital elevate follows Metaplanet’s just lately introduced long-term goal to accumulate as much as 210,000 BTC — roughly 1% of bitcoin’s whole provide — by 2027. The agency mentioned the buildup will happen in levels and be managed by way of its subsidiary, Metaplanet Lightning Capital.
Regardless of bitcoin’s latest pullback — with BTC buying and selling close to $87,800 on the time of publication — Metaplanet mentioned it stays assured within the asset’s medium- to long-term outlook. The corporate added that it expects the financing to have a minimal impression on its 2026 monetary outcomes and can disclose any materials adjustments if needed.