Metaplanet Secures Up to $137 million in Overseas Funding to Boost Bitcoin Holdings and Reduce Debt
Tokyo‑listed Metaplanet, a corporate Bitcoin treasury, announced on Thursday that it has cleared an overseas capital‑raising programme that could bring in as much as $137 million. The financing mix of newly issued common shares and stock‑acquisition rights is aimed at expanding the firm’s Bitcoin position while strengthening its balance sheet.
Deal structure
- Common equity – The company will place 24.5 million new ordinary shares at a price of ¥499 each. The issuance is expected to net roughly ¥12.24 billion (about $78 million) in cash.
- Stock‑acquisition rights (SARs) – Metaplanet will also allocate 159,440 SARs that, if fully exercised, could convert into up to 15.9 million additional shares. At the stipulated exercise price, the SARs could generate a further $56 million.
- Placement – Both components will be sold privately to qualified investors outside Japan, subject to customary closing conditions. The SARs have a one‑year exercise window and are priced above the prevailing market level, allowing the company to capture a premium on its volatile shares.
Dylan LeClair, Metaplanet’s Bitcoin strategy director, explained that the structure is intended to raise capital while limiting dilution. By issuing shares at a premium to the market, the company can “capitalize upon the volatility of its common stock” and secure funds today without overly diluting existing shareholders.
Intended use of proceeds
Metaplanet detailed that the capital will be allocated to three primary purposes:
- Additional Bitcoin purchases – Further expanding its cryptocurrency treasury, which already contains 35,102 BTC (valued at >$3 billion) and places the firm among the world’s top corporate Bitcoin holders.
- Investment in its Bitcoin‑income business – Funding the development of services that generate revenue from Bitcoin holdings, such as lending, staking, or custodial solutions.
- Partial repayment of existing debt – Reducing exposure under a current credit facility to restore borrowing capacity and preserve flexibility for future financing activities.
The company reiterated its positioning as a “Bitcoin Treasury Company,” citing Bitcoin’s scarcity and portability as justification for treating the digital asset as a medium‑ to long‑term store of value.
Context and recent developments
Metaplanet’s latest raise follows a series of initiatives to diversify its funding sources beyond pure equity. In late December, the firm cleared the issuance of dividend‑paying preferred shares aimed at overseas institutional investors, expanding its toolkit with hybrid instruments. Earlier in the week, Metaplanet also lifted its 2026 revenue outlook despite posting a significant non‑cash Bitcoin impairment, signalling confidence in its longer‑term growth trajectory.
Analyst perspective
- Balance‑sheet impact – The infusion of up to $137 million should improve liquidity, lower leverage ratios, and provide a larger runway for Bitcoin accumulation. Debt repayment will likely raise the company’s borrowing capacity, which could be crucial if future market conditions require additional financing.
- Dilution considerations – While the premium pricing of the SARs mitigates immediate dilution, full exercise would increase the share count by roughly 15 %‑20 %. Existing shareholders may see a modest impact on earnings per share unless the additional Bitcoin assets generate proportionate returns.
- Market signal – The willingness of overseas investors to commit capital to a Bitcoin‑focused corporate treasury underscores sustained investor appetite for exposure to the cryptocurrency through listed vehicles, even amid price volatility.
Key takeaways
- Capital raise: Up to $137 million through a mix of 24.5 million common shares and SARs convertible into 15.9 million shares.
- Purpose: Expand Bitcoin holdings, fund Bitcoin‑income operations, and partially repay debt.
- Current position: Holds 35,102 BTC (> $3 billion), ranking fourth among corporate Bitcoin owners.
- Strategic shift: Continued diversification of funding sources, including preferred shares and hybrid instruments.
- Potential impact: Strengthened balance sheet and higher Bitcoin exposure, balanced against dilution risk and reliance on premium pricing.
Metaplanet’s move reflects a broader trend of crypto‑focused enterprises seeking to secure stable financing while deepening their exposure to Bitcoin. How the market values the newly issued shares and SARs will be a barometer for investor confidence in corporate Bitcoin treasuries moving forward.
Source: https://cointelegraph.com/news/metaplanet-137m-overseas-raise-bitcoin-debt?utm_source=rss_feed&utm_medium=feed&utm_campaign=rss_partner_inbound
