Metaplanet set to raise up to 21 billion yen ($137 million) to fuel its aggressive Bitcoin buying spree and paying off debt.
The Tokyo-based company will generate the funds through the sale of new shares and share warrants to a select group of investors.
Metaplanet will issue 24.53 million new common shares at a price of 499 yen per share, approximately 5% higher than the previous closing price, raising approximately 12.24 billion yen in initial proceeds.
The company’s shares closed at 456 yen, down 4% on the day, reflecting near-term dilution concerns despite premium pricing.
The capital raise is structured as a third-party allocation, meaning the securities are placed directly with specific investors rather than being sold to the general public on the open market.
Each new share is accompanied by 0.65 share acquisition rights, i.e. 15.94 million potential shares and 65% warrant coverage. The warrants have a fixed exercise price of 547 yen and an exercise period of one year. If fully exercised, they would generate up to ¥8.9 billion in additional revenue. These are warrants with a fixed strike, non-moving strike type, limiting variable dilution.
Of the initial capital, 5.2 billion yen is allocated to partially repay existing debt.
Metaplanet has about $280 million in outstanding debt, according to its dashboard. The remaining proceeds are expected to support further bitcoin accumulation and general corporate goals.
The company currently holds 35,102 BTC, the fourth largest publicly traded company.
