Metaplanet approves $137M overseas raise to buy Bitcoin and repay debt

Tokyo-listed Bitcoin-focused institution Metaplanet approved an overseas superior rise of up to $137 million, combining caller communal shares and banal acquisition rights arsenic it looks to grow its Bitcoin holdings and trim debt. 

In a Thursday filing, Metaplanet said it plans to contented 24.5 cardinal communal shares astatine 499 Japanese yen per share, raising astir 12.24 cardinal yen ($78 million) upfront. It besides approved the issuance of 159,440 banal acquisition rights, representing up to 15.9 cardinal further shares, which could rise a further $56 cardinal if exercised. 

The warrants springiness investors the enactment to bargain shares aboriginal astatine a fixed terms supra the existent marketplace level, and lone implicit the adjacent year. Both the shares and warrants volition beryllium sold privately to overseas investors, taxable to regular closing conditions, according to the filing. 

Metaplanet Bitcoin strategy manager Dylan LeClair said the operation was designed to rise superior portion managing dilution. “The financing operation enables Metaplanet to capitalize upon the volatility of its communal banal to merchantability shares astatine a premium to marketplace portion raising superior today,” LeClair wrote connected X. 

Amount of funds to beryllium raised. Source: Metaplanet

Use of proceeds and Bitcoin strategy

In the intent conception of the filing, Metaplanet said proceeds from the offering are allocated chiefly to further Bitcoin purchases, concern successful its Bitcoin income business, and a partial repayment of borrowings nether an existing recognition facility. 

The institution said the indebtedness repayment is intended to reconstruct its borrowing capableness and sphere flexibility for aboriginal superior actions. 

Metaplanet besides reiterated its positioning arsenic a “Bitcoin Treasury Company,” citing Bitcoin (BTC) scarcity and portability arsenic reasons to clasp it arsenic a medium- to semipermanent store of value. 

The institution remains the fourth-largest firm Bitcoin holder globally. According to Bitcoin Treasuries, Metaplanet holds 35,102 BTC, worthy implicit $3 billion. 

Metaplanet's Bitcoin holdings data. Source: Bitcoin Treasuries 

Related: Metaplanet has cardinal vantage implicit US-based Bitcoin treasuries: Analyst

Metaplanet broadens fundraising reach

The latest superior rise builds connected Metaplanet's caller efforts to diversify its backing sources beyond communal equity, combining shares, warrants and preferred instruments to pat overseas investors. 

On Dec. 22, the institution cleared the issuance of dividend-paying preferred shares for overseas institutions, expanding its capital-raising toolkit. The determination marked a displacement toward utilizing aggregate superior instruments alongside its Bitcoin-focused equilibrium expanse strategy. 

The caller filing besides follows a abstracted disclosure connected Monday, successful which the institution lifted its 2026 gross outlook contempt booking a ample non-cash Bitcoin impairment. 

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