Key Notes
- Metaplanet has approved a third-party placement of 20.7 billion yen to fund Bitcoin purchases.
- The agreement prices the shares at a premium with fixed-rate exercise warrants.
- Around 14 billion yen will be directly spent on Bitcoin purchases in stages.
Metaplanet has approved new equity financing to raise up to 20.7 billion yen, or approximately $135 million to $137 million, to develop its Bitcoin.
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assets. The decision was finalized at a Jan. 29 board meeting. Notably, the Tokyo-listed company will issue new shares and share acquisition rights through a third-party allocation, with the majority of capital reserved for Bitcoin purchases in 2026.
The company said the funding was part of its ongoing Bitcoin treasury strategy. Management confirmed that Bitcoin accumulation remains a key priority, alongside the expansion of its Bitcoin revenue generation business.
*Notice regarding the issuance of new shares and rights to acquire shares of the 25th series through allocation to a third party* pic.twitter.com/upB0YnvaXT
– Metaplanet Inc. (@Metaplanet) January 29, 2026
Structure of the Offer
The offering includes 24.5 million new common shares priced at ¥499 per share. This represents a 5% premium to the previous close and will raise approximately 12.24 billion yen ($80 million) upfront. Each share will be issued with 0.65 share acquisition rights.
If fully exercised, the rights will be converted into approximately 15.9 million additional shares at a fixed price of ¥547 ($3.57) per share, approximately 15% above the previous closing price. The warrants are valid for one year and are not adjusted to the market price. A full exercise would raise an additional 8.8 billion yen ($57.5 million).
The payment and award date is February 13. The warrant exercise window runs from February 16 to February 15 of the following year. It is important to note that transfers of share acquisition rights will require approval of the board of directors.
In addition, the offer is mainly aimed at foreign investors. According to Dylan LeClair, Metaplanet’s director of Bitcoin strategy, the structure allows the company to raise capital at a premium while using stock price volatility to its advantage.
Note that the 65% warrant coverage exercisable at ¥547 for 1 year is fixed strike (and not the MS warrants).
Metaplanet’s financing structure allows Metaplanet to capitalize on the volatility of its common stock to sell shares at a premium to the market while raising capital today.
– Dylan LeClair (@DylanLeClair) January 29, 2026
Using Profits and Bitcoin Strategy
Metaplanet plans to allocate approximately 14 billion yen ($91 million) directly to Bitcoin purchases. An additional 1.5 billion yen ($9.7 million) will support its Bitcoin revenue-generating business, which uses options and derivatives. About 5.1 billion yen ($33.24 million) will be used to repay existing debt.
The company said it expects Bitcoin to strengthen in the medium to long term, especially against the Japanese yen. Bitcoin purchases will be made in stages rather than in a single purchase. The holdings will be managed through its subsidiary, Metaplanet Lightning Capital. Metaplanet said its goal is to become one of the world’s largest Bitcoin holders by August 2026.
Interestingly, the capital increase comes after Metaplanet reported a Bitcoin-related depreciation of 104.6 billion yen, or approximately $680 million, due to a market downturn. The loss was recorded as a non-operating expense and had no direct impact on cash flow or daily operations.
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A crypto journalist with over 5 years of industry experience, Parth has worked with leading media outlets in the crypto and finance world, gaining experience and expertise in the field after surviving both bear and bull markets over the years. Parth is also the author of 4 self-published books.
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