Metaplanet CEO Simon Gerovich said Thursday that the company has completed a 12.2 billion yen ($79.5 million) share issuance and could raise up to a total of 21 billion yen (about $137 million), including one-year stock acquisition rights, as it moves to accelerate its bitcoin strategy.
The financing includes 24.53 million shares issued at a 5% premium, alongside 25th Series warrants that could generate up to an additional 8.8 billion yen ($57.3 million) if exercised. The warrants carry a 15% premium and are exercisable between Feb. 16, 2026, and Feb. 15, 2027.
Gerovich’s announcement followed about an hour after the company’s formal notice detailing the issuance of new shares and stock acquisition rights via a third-party allotment. The move was approved by the company’s board of directors on Jan. 29, Metaplanet said.
According to the notice, the primary use of the capital will be to purchase additional bitcoin. Approximately 14 billion yen ($91.2 million) of the estimated net proceeds are allocated for bitcoin acquisition between February 2026 and February 2027.
“In particular, the acquisition of additional bitcoin is expected to strengthen the company’s financial foundation and enhance its value preservation function under macroeconomic conditions characterized by fiat currency depreciation and inflationary pressures,” the company said in the notice.
Allocation of funds for operations and debt
Beyond bitcoin acquisition, the notice details that 1.556 billion yen ($10.1 million) will support Metaplanet’s Bitcoin Income business, which generates revenue through derivative and options transactions on BTC. For fiscal 2025, the company expects this segment to contribute 8.58 billion yen ($57.8 million) in revenue.
Another 5.186 billion yen ($33.8 million) is earmarked for partial repayment of borrowings drawn under a $500 million credit facility, of which approximately $280 million had been utilized as of Jan. 28, 2026. The facility has enabled the company to fund bitcoin purchases and expand the bitcoin income business under constrained market conditions, according to the notice.
Metaplanet stated the financing was necessary to continue building its bitcoin position in a capital-efficient manner while managing shareholder dilution. The company emphasized that entering 2026, it continues to regard the expansion of bitcoin holdings per share as a critical management metric and aims to maximize this figure.
The Tokyo-listed firm, which pivoted to a “bitcoin treasury” business model in April 2024, reported holdings of 35,102 BTC as of Dec. 31, 2025. This represents an approximate 19x increase from the 1,762 BTC it held at the beginning of that year.
The aggressive expansion came despite the company booking a non-operating impairment loss of 104.6 billion yen ($680 million) for fiscal 2025 due to bitcoin price volatility. Metaplanet expects revenue of 8.58 billion yen ($57.8 million) for the year, up from a prior projection of 6.8 billion yen ($44 million), citing stronger-than-expected results from its bitcoin income generation business.
Metaplanet’s Tokyo-listed stock fell 4% today to 456 yen, according to Google Finance data. The company’s U.S.-traded shares on OTC Markets closed down 3% on Wednesday at $3.09, The Block’s data dashboard shows.
© 2026 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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