Japan’s largest bitcoin treasury firm Metaplanet has raised $137 million through a share and warrant sale to fund further Bitcoin purchases, as it seeks to rebuild momentum after a sharp stock decline last year.
The company said it issued 24.5 million new shares and one-year warrants to overseas investors, adding that the structure was designed to spread dilution while increasing Bitcoin holdings per share.
“While this fundraising will result in dilution to the company's ordinary shares, allocating the proceeds primarily to Bitcoin acquisition is expected to increase BTC holdings per share,”
Metaplanet said in its filing.
Metaplanet has one year from February 16, 2026, to deploy the capital and currently holds about 35,102 BTC worth just under $3 billion, having also borrowed $100 million against its bitcoin in late 2025 to fund earlier purchases.
The raise comes after the firm’s shares slid from a peak of $15.35 in May 2025 to about $2.77 recently, though the stock is up around 7% so far this year despite broader market weakness.
Metaplanet is part of a growing wave of bitcoin treasury companies modelled on Strategy, which now holds close to $60 billion in BTC, but faces stiffer competition for investor capital.
“There’s been a proliferation of these, and it’s led to attention fragmentation and liquidity fragmentation,”
Said Ram Ahluwalia, chief executive of Lumida Wealth, adding that consolidation in the sector is likely over time.
At the time of reporting, Bitcoin price was $84,575.72.