The financing involves a third-party allotment of new shares alongside the company’s 25th Series Stock Acquisition Rights, a structure publicly traded firms lean on at times to raise capital while managing dilution.

The company’s CEO, Simon Gerovich, said on Thursday that the issuance targets up to ¥21 billion (about $137 million), with allotment and payment scheduled for Feb. 13. Proceeds are earmarked mainly for additional bitcoin purchases, with a smaller portion reserved for debt reduction.

Image source: Shared by Simon Gerovich on X.

Metaplanet formally pivoted to a bitcoin-first treasury strategy in April 2024, transforming itself from a conventional operating business into what some investors now call “Japan’s Strategy.” Since then, it has used equity raises, options strategies, and stock acquisition rights to steadily accumulate bitcoin, prioritizing long-term holdings over short-term price considerations.

As of late December 2025, the firm’s last bitcoin purchase, Metaplanet held 35,102 bitcoin with a total cost basis of about $3.77 billion, implying an average acquisition price near $107,600 per bitcoin. With bitcoin trading below that level in late January, the position reflects an unrealized loss of more than $695 million, a paper drawdown the company appears willing to tolerate in pursuit of scale.

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The latest raise signals continued conviction. At current prices, deploying the full amount could add roughly 1,500 to 1,600 bitcoin, potentially lowering the firm’s average cost basis and increasing bitcoin per share. Management has framed these moves as long-term balance sheet positioning rather than tactical trades.

Year to date, Metaplanet’s shares have posted a solid showing, up nearly 25% since the start of 2026, even as the stock has fallen 56% over the past six months. For investors, the strategy carries clear risks tied to bitcoin price swings and dilution, but it also reinforces Metaplanet’s identity as a high-conviction bitcoin treasury play heading into 2026.

• What did Metaplanet announce?
  The company completed a board-approved share and warrant issuance that could raise up to $137 million.
• How will the funds be used?
  Most of the capital is slated for additional bitcoin purchases, with some allocated to debt reduction.
• How much bitcoin does Metaplanet hold now?
  As of late December 2025, Metaplanet held 35,102 bitcoin.
• When is the issuance expected to settle?
  Allotment and payment are scheduled for Feb. 13, 2026.

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