Metaplanet Inc. approved a $127 million capital raise to accelerate its Bitcoin-buying strategy, but investors balked at the dilution, sending the stock down about 3.5% on the day.
Summary
- Metaplanet will issue 24.53 million new shares at ¥499 each through a third-party allotment, raising roughly ¥12.24 billion ($127 million).
- Most of the funds will go toward buying Bitcoin over the next two years.
- Cantor Fitzgerald placed the offering with offshore institutional investors including Anson Opportunities Master Fund, Alyeska Master Fund, and Brookdale Global Opportunity Fund.
The Japan-based firm will issue 24.53 million new shares at ¥499 each through a third-party allotment, raising roughly ¥12.24 billion ($127 million), with additional warrants that could significantly increase total proceeds if exercised.
Most of the funds will go toward buying Bitcoin over the next two years, reinforcing Metaplanet’s self-styled role as a “Bitcoin treasury company” modeled after Strategy Inc.’s playbook, even as shareholders weigh near-term dilution against long-term crypto exposure.
Where the money goes
Metaplanet plans to deploy about ¥14 billion ($115 million) toward Bitcoin purchases between February 2026 and February 2027, while ¥1.56 billion will fund Bitcoin-related income strategies, including derivatives and options. Another ¥5.19 billion is earmarked for repaying existing credit facilities to preserve future borrowing capacity.
The aggressive allocation underscores Metaplanet’s transformation into what it calls a “Bitcoin treasury company” following its April 2024 pivot under its “21 Million Plan” and “555 Million Plan.”
The firm said its Bitcoin holdings surged from 1,762 BTC at the end of 2024 to 35,102 BTC at the end of 2025, delivering a reported 568% BTC yield for the year.
Who bought in
Cantor Fitzgerald placed the offering with offshore institutional investors including Anson Opportunities Master Fund, Alyeska Master Fund, and Brookdale Global Opportunity Fund. The investors took no strategic stakes and have no long-term holding commitments, though Metaplanet granted a 30-day lock-up on additional share issuance and participation rights in similar financings over the next 12 months.
The structure mirrors Strategy Inc.’s playbook of issuing equity to accumulate Bitcoin, with warrants designed to stagger potential dilution. If shares trade above the ¥547 exercise price, Metaplanet raises more capital at higher valuations; if not, dilution is capped at the base offering. Still, shares are trading below both their one- and six-month averages, meaning new investors entered at a discount.
Price action
Despite the pullback, the stock remains up more than 80% from its November lows. Traders are watching resistance near the $3.80–$4.00 range, while a break below $2.80 could undermine the bullish setup and pressure shares toward the mid-$2 range.
Source: https://crypto.news/metaplanet-raises-127m-bitcoin-shares-dilution-fears/
