Japanese Bitcoin treasury firm Metaplanet Inc. has approved a capital raise of approximately $137 million through a third-party allotment of newly issued shares and stock acquisition rights, according to a company filing.
The Tokyo Stock Exchange-listed firm said its board resolved to issue ordinary shares alongside its 25th Series Stock Acquisition Rights as part of a broader fundraising initiative. The move is intended to strengthen Metaplanet’s capital base and support its strategic growth plans.
New Shares and Stock Acquisition Rights Issuance
Under the fundraising plan Metaplanet said it will issue 24,529,000 newly issued common shares at an issue price of JPY 499 ($3.35) per share. The total issue amount for the share placement is expected to reach JPY 12.24 billion ( $82 million).
The company will also issue 159,440 stock acquisition rights each representing the right to acquire 100 ordinary shares. The exercise price for the rights has been set at JPY 547 ($3.70) calculated at 115% of the closing price on the trading day immediately preceding the resolution date.
The allotment and payment date for both the share issuance and the stock acquisition rights is scheduled for Feb. 13, 2026.
Earlier this week, Metaplanet reported a 104.6 billion yen ($680 million) impairment on its Bitcoin holdings, reflecting the impact of last year’s market downturn on the value of its digital asset portfolio. The company said the impairment was recorded as a non-operating expense and does not affect cash flows or day-to-day operations.
Fundraising Size and Potential Dilution
Metaplanet said the amount of funds to be raised through the stock acquisition rights totals approximately JPY 8.80 billion ($59 million), bringing the combined fundraising to around JPY 21 billion ($137 million).
If fully exercised the stock acquisition rights could result in the issuance of up to 15,944,000 additional shares, increasing the company’s outstanding share count and potentially diluting existing shareholders. The company notes that the total funds raised may decrease if the rights are not exercised within the period or are cancelled.
Overseas Third-Party Allotment Structure
The fundraising will be conducted through a third-party allotment, described as an overseas offering. Metaplanet said the securities will be allocated to scheduled allottees as set out in supporting documentation.
The purchase agreement governing the issuance includes conditions requiring the company to remain in compliance with its representations, warranties and contractual obligations.
Broader Market Context
Third-party allotments are commonly used by Japanese listed firms seeking to raise capital efficiently, particularly when targeting overseas investors. Metaplanet’s fundraising comes as companies across the region explore new financing options amid evolving market conditions.
The company did not disclose further details on the intended use of proceeds beyond supporting its corporate strategy.
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