Metaplanet Secures Up to $137M from Overseas Investors to Buy Bitcoin and Shrink Debt

Metaplanet’s board has authorized a cross-border capital raise that layers an immediate share sale with detachable rights that can convert into further equity, targeting both balance-sheet strength and an expanded Bitcoin position. The initial tranche sells 24.5 million common shares at ¥499 apiece, generating roughly ¥12.24 billion (about $78 million) today, while the attached stock acquisition rights could, if exercised within the prescribed timeframe, unlock proceeds of about $56 million. Management frames the package as a way to capture current investor demand from international buyers while managing the timing and extent of dilution through option-like instruments. A stated priority for the funds is incremental Bitcoin accumulation, alongside investment in revenue-generating Bitcoin operations and partial repayment of existing borrowings to restore borrowing headroom. That mix signals a dual strategy: grow the company’s crypto treasury and reduce leverage to preserve optionality for future financing. Metaplanet continues to sit among the world’s largest corporate Bitcoin holders, with its disclosed stash exceeding thirty-five thousand BTC—an asset base worth multiple billions that underpins the firm’s positioning. The move follows recent steps to diversify capital sources, including the prior clearance to issue dividend-bearing preferred instruments aimed at institutions outside Japan. Executing the deal privately with overseas investors narrows the investor pool but can accelerate funding and simplify regulatory compliance relative to a domestic public sale. The short exercise window on the rights pressures investors to decide quickly, which could compress future dilution if many rights go unexercised, but it also concentrates execution risk in the near term. For market watchers, the raise is a reiteration of Metaplanet’s model: use capital markets actively to top up its Bitcoin holdings while balancing leverage. If fully realized, the transaction would further align the company’s funding profile with its asset-focused strategy, though it relies on continued investor appetite for equity tied to Bitcoin exposure. The deal’s success will affect the firm’s flexibility: stronger liquidity and lower borrowings improve strategic maneuverability, while an unfavorable subscription outcome could leave the company with less optionality. Overall, the financing is a tactical play to convert investor interest into deployable capital for a mix of asset accumulation and financial repair, keeping Metaplanet on an aggressive path in the corporate Bitcoin niche.