Metaplanet Shares Drop 4% After Announcing $137M Bitcoin Buy

Bitcoin traded near $87,920 as of writing, showing relative stability after recent volatility. Against that backdrop, corporate Bitcoin accumulation remains active, with Japan-based Metaplanet moving to secure fresh capital to expand its holdings while addressing balance sheet pressures.

Capital Raise Details Take Shape

Metaplanet announced plans to raise up to 21 billion yen, or about $137 million, through a third-party allotment involving newly issued common shares and stock acquisition rights. The Tokyo-based Bitcoin treasury company will issue 24.53 million new shares at 499 yen per share. That price reflects roughly a 5% premium to the prior close and generates about 12.24 billion yen in immediate proceeds.

The company structured the transaction as a private placement rather than a public offering. Under this approach, Metaplanet places securities directly with a select group of investors, a structure commonly used by Japanese firms seeking efficient access to overseas capital.

Warrants Add Upside and Dilution Risk

Each new share comes with 0.65 stock acquisition rights, resulting in 15.94 million potential additional shares. These warrants carry a fixed exercise price of 547 yen and remain exercisable for one year. If investors exercise all warrants, Metaplanet would raise up to 8.9 billion yen more, bringing total fundraising close to the targeted 21 billion yen.

Because the warrants use a fixed strike price, the structure limits variable dilution compared with floating-price instruments. Still, full exercise would increase the company’s outstanding share count, an issue already reflected in market trading.

Shares Slip on Dilution Concerns

Metaplanet shares closed at 456 yen, down about 4% on the day of the announcement. The decline followed concerns over short-term dilution, even though the share issuance priced above the previous close. 

Such reactions often appear when companies expand equity bases, especially when leverage already runs high.

Debt Reduction Forms a Key Use of Funds

Of the upfront capital raised, Metaplanet plans to allocate 5.2 billion yen toward partial repayment of existing debt. According to the company’s dashboard, Metaplanet currently carries about $280 million in outstanding debt. Reducing that burden could improve financial flexibility as the firm continues its Bitcoin-focused strategy.

The remaining funds will support further Bitcoin accumulation and general corporate purposes. The company did not provide a precise schedule for future Bitcoin purchases tied to the fundraising.

Bitcoin Holdings Rank Among the Largest

Metaplanet currently holds 35,102 BTC, making it the fourth-largest Bitcoin holder among publicly traded companies. This positioning places the firm alongside a small group of corporate treasuries that treat Bitcoin as a core balance sheet asset rather than a peripheral investment.

Earlier this week, the company disclosed a 104.6 billion yen impairment related to its Bitcoin holdings. The impairment reflected last year’s market downturn and appeared as a non-operating expense. Metaplanet stated that the charge did not affect cash flow or daily operations, though it highlighted the volatility inherent in the strategy.

Timing and Market Context

The allotment and payment date for both the share issuance and the stock acquisition rights is scheduled for February 13, 2026. Until then, investors will assess how the capital raise reshapes Metaplanet’s financial profile.

As Bitcoin trades below its recent highs, corporate buyers continue to signal long-term commitment. For Metaplanet, the latest move underscores a dual focus: strengthening the balance sheet while doubling down on Bitcoin accumulation. How markets respond over the coming weeks may shape the next phase of that strategy.