Tokyo-listed Metaplanet is moving to deepen its bitcoin-focused strategy with a sizable equity financing that could raise as much as 21 billion yen, or roughly $137 million, according to comments from CEO Simon Gerovich on Thursday.
Metaplanet has closed its first institutional shares + warrants transaction to accelerate our Bitcoin strategy. Total proceeds of up to ¥21B, comprising ¥12.2B in shares issued at a 5% premium (¥499) and up to ¥8.8B from 1-year warrants issued at a 15% premium (¥547 exercise… pic.twitter.com/OprgedN4Fd
— Simon Gerovich (@gerovich) January 29, 2026
The company has already completed a 12.2 billion yen ($79.5 million) share issuance and is preparing for a potential additional raise through stock acquisition rights. Together, the financing is intended to support further bitcoin purchases and strengthen Metaplanet’s balance sheet as it expands its role as a corporate bitcoin holder.
The capital raise includes the issuance of 24.53 million shares priced at a 5% premium. It also features 25th Series warrants that, if fully exercised, could generate up to 8.8 billion yen ($57.3 million). These warrants carry a 15% premium and can be exercised between February 16, 2026, and February 15, 2027.
Metaplanet formally disclosed the transaction through a notice issued shortly before Gerovich’s public remarks. The board of directors approved the issuance on January 29, the company said.
Bitcoin at the center of capital allocation
According to the filing, the majority of the funds are earmarked for bitcoin acquisition. Metaplanet plans to allocate approximately 14 billion yen ($91.2 million) of the estimated net proceeds toward buying bitcoin between February 2026 and February 2027.
The company said expanding its bitcoin holdings is intended to reinforce its financial foundation, particularly in an environment marked by inflation and declining purchasing power of fiat currencies. Management has emphasized that bitcoin holdings per share remain a key performance metric as the firm balances growth with shareholder dilution.
Supporting operations and reducing debt
Beyond bitcoin purchases, Metaplanet outlined several additional uses for the capital. Around 1.56 billion yen ($10.1 million) will be directed toward its Bitcoin Income business, which generates revenue through BTC derivatives and options trading. The company expects this segment to produce 8.58 billion yen ($57.8 million) in revenue for fiscal year 2025.
Another 5.19 billion yen ($33.8 million) is set aside for partial repayment of borrowings under a $500 million credit facility. As of January 28, 2026, approximately $280 million of that facility had been drawn. The credit line has been used to support bitcoin purchases and expand income-generating activities during tighter market conditions, the company said.
Rapid growth amid volatility
Metaplanet shifted to a bitcoin treasury-focused business model in April 2024. By the end of 2025, the company reported holdings of 35,102 BTC, a nearly 19-fold increase from the 1,762 BTC it held at the start of that year.
That aggressive expansion has come with risks. For fiscal 2025, Metaplanet recorded a non-operating impairment loss of 104.6 billion yen ($680 million) tied to bitcoin price fluctuations. Even so, the firm raised its revenue forecast to 8.58 billion yen from an earlier estimate of 6.8 billion yen, citing stronger-than-expected performance from its bitcoin income operations.
Market reaction was mixed. Metaplanet shares in Tokyo fell 4% to 456 yen, while its U.S.-traded shares on the OTC Markets closed down 3% at $3.09.
