Metaplanet, a Tokyo-listed company that is transitioning into a Bitcoin treasury role, moved this week to strengthen its balance sheet and add more BTC to its coffers.
The company has finalized plans to raise up to approximately $137 million through a mix of new shares and warrants, with the goal of purchasing Bitcoin, supporting BTC-related profitable businesses, and shedding some debt.
According to reports, this funding will be conducted mainly through selected overseas investors rather than through public stock sales.
Metaplanet’s Capital Mix
According to the document, Metaplanet plans to issue 24.53 million shares of common stock at 499 yen per share and immediately raise about 12.24 billion yen.
The company will also grant stock acquisition rights that, if exercised, could raise more funds, bringing the total potential value to approximately 21 billion yen (approximately $137 million).
According to the report, the offering’s share price is slightly higher than recent trading levels, but investors still reacted nervously.
In a filing Thursday, Metaplanet announced it will offer 24.5 million common shares, each priced at 499 JPY.
Pressure to Buy More Bitcoin
Metaplanet has been accumulating BTC for some time. As of the end of December 2025, the company held approximately 35,102 Bitcoins, according to a public update.
The new funding is intended to provide breathing room for Bitcoin Income operations, which are businesses that seek to earn fees or revenue from BTC activities outside of hotels or other traditional business segments, while also allowing them to continue making purchases. Some of the cash will also be used to repay borrowings related to our recent credit facility.
Metaplanet's current Bitcoin holdings. Source: Bitcoin Treasuries
Market reaction and risks
Stock traders drove Metaplanet shares lower after the news, with the price falling several percent during the session on concerns about dilution and the short-term impact of the issuance.
The company has faced sharp fluctuations before. After Bitcoin fell, it booked a large non-cash impairment for late 2025, a hit that reduced its reported capital by a large amount and highlighted how tied the company is to the price of BTC. The accounting loss doesn’t mean the coins were sold off, but it did surprise some investors.
Why This Matters
According to the report, Metaplanet is trying to balance increasing its Bitcoin holdings with measures to make its financial position less vulnerable. While this move shows that holding more BTC and building services on top of it can pay off, the plan also exposes shareholders to more volatility in the cryptocurrency market.
For some investors, the opportunity to back concentrated Bitcoin treasuries is attractive. To others, the same bet seems risky. This is especially true when a company may see a large loss on its financial statements even if it holds the same coins.
Featured image from Unsplash, chart from TradingView
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