Metaplanet, a Tokyo-based company that has been transitioning to a Bitcoin treasury role, took steps this week to strengthen its financial position and increase its Bitcoin holdings.
The company approved a plan to raise up to approximately $137 million through the issuance of new shares and stock acquisition rights, with the intention of purchasing more Bitcoin, supporting its Bitcoin-related income activities, and reducing some of its debt.
Reports indicate that the fundraising will primarily involve selected overseas investors rather than a public offering of shares.
Metaplanet’s Financial Strategy
According to filings, Metaplanet intends to issue 24.53 million new common shares at a price of 499 yen each, which would generate around 12.24 billion yen immediately.
In addition, the company plans to offer stock acquisition rights that could potentially raise more funds if exercised, bringing the total potential fundraising amount to approximately 21 billion yen (around $137 million).
Reports mention that the offering price of the shares is slightly higher than recent trading levels, leading to a cautious response from investors.
In a filing on Thursday, Metaplanet announced the offering of 24.5 million common shares priced at 499 JPY each.
Expansion of Bitcoin Holdings
Metaplanet has been steadily accumulating BTC. As of late December 2025, the company held approximately 35,102 Bitcoin, as per public updates.
The new funds are aimed at facilitating continued Bitcoin purchases while also providing support for its Bitcoin income operations. These operations focus on generating fees or returns from Bitcoin-related activities rather than traditional business lines. Some of the funds will also be used to repay debts associated with its recent credit facility.
Current Bitcoin holdings of Metaplanet. Source: Bitcoin Treasuries
Market Response and Challenges
Following the announcement, stock traders drove Metaplanet’s share price lower, with a decline of several percent during the session due to concerns about dilution and the immediate impact of the share issuance.
The company has experienced significant fluctuations in the past, including a substantial non-cash impairment at the end of 2025 following a decline in Bitcoin prices. Although this accounting loss does not imply the sale of the coins, it did unsettle some investors and reduced reported equity by a significant amount.
Significance of the Development
Reports suggest that Metaplanet is striving to balance the growth of its Bitcoin reserves with measures to enhance its financial stability. This strategic move reflects the belief that increasing Bitcoin holdings and developing services around it can yield positive results, although it also exposes shareholders to fluctuations in the cryptocurrency markets.
For certain investors, supporting a specialized Bitcoin treasury is appealing, while others view it as risky, particularly when significant paper losses can impact financial statements even if the company retains the same amount of coins.
Featured image from Unsplash, chart from TradingView
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