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Metaplanet, the Tokyo-listed company that has taken on the role of Bitcoin treasury, moved this week to strengthen its balance sheet and add more BTC to its vault.
The company approved a plan to boost as much as about $137 million through a combination of latest shares and stock acquisition rights to buy Bitcoin, support its BTC-linked income business and reduce some debt.
Fundraising will reportedly happen primarily from select foreign investors slightly than through a public share sale.
Metaplanet's capital mix
According to the documents, Metaplanet plans to issue 24.53 million recent common shares at 499 yen each, which might immediately generate sales of about 12.24 billion yen.
In addition, the corporate will grant stock acquisition rights that might raise extra money if exercised, bringing the overall potential proceeds to roughly 21 billion yen (roughly $137 million).
The share price for the offering is reportedly barely above recent trading levels, but investors were still nervous.
In a filing on Thursday, Metaplanet said it is going to offer 24.5 million common shares priced at JPY499 each.
A push to purchase more Bitcoin
Metaplanet has been accumulating BTC for a while. At the tip of December 2025, the corporate held roughly 35,102 Bitcoin, in accordance with public updates.
The recent funds are intended to permit the corporate to proceed buying while creating respiratory room for its Bitcoin income businesses – that are corporations that seek to generate fees or income from BTC activities, slightly than from hotels or other legacy businesses. Some of the cash will even be used to repay loans related to the recent credit facility.
Metaplanet's current Bitcoin holdings. Source: Bitcoin Treasuries
Market response and risks
Stock traders pushed Metaplanet shares lower following the news, with the value falling several percent in the course of the session on concerns about dilution and the short-term impact of the offering.
The company has faced sharp swings before: In late 2025, it recorded a big non-cash impairment charge following Bitcoin's crash, a success that reduced reported equity by a great amount and highlighted how tied the corporate is to BTC prices. This book loss doesn’t mean the coins have been sold, nevertheless it has spooked some investors.
Bitcoin is currently trading at $82,674. Chart: TradingView
Why this is significant
Metaplanet is reportedly attempting to balance the expansion of its Bitcoin supply with steps to make its funds less vulnerable. The move shows that the bet on holding more BTC and constructing related services pays off, however the plan also exposes shareholders to greater fluctuations in crypto markets.
For some investors, the prospect to support a focused Bitcoin treasury is attractive. For others, the identical bet seems dangerous, especially when large paper losses can show up in financial statements even when the corporate holds the identical coins.
Featured image from Unsplash, chart from TradingView
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