Metaplanet, the Tokyo-listed firm that has been shifting into a Bitcoin treasury role, moved this week to shore up its balance sheet and add more BTC to its vault.
Reports say the fundraising will be done mainly with select overseas investors rather than a public share sale.
Metaplanet’s Capital MixAccording to filings, Metaplanet plans to issue 24.53 million new common shares at 499 yen apiece, which would bring in roughly 12.24 billion yen immediately.
In addition, the company will grant stock acquisition rights that could raise more money if exercised, taking the total potential haul to about 21 billion yen (roughly $137 million).
Metaplanet has been piling up BTC for a while. As of late December 2025, the company held about 35,102 Bitcoin, based on public updates.
The company has faced sharp swings before: it booked a large non-cash impairment late in 2025 after Bitcoin’s fall, a hit that trimmed reported equity by a big sum and highlighted how tied the firm is to BTC prices. That accounting loss does not mean the coins were sold, but it did spook some investors.
Reports say Metaplanet is trying to balance growth of its Bitcoin stash with steps to make its finances less fragile. The move shows a bet that holding more BTC and building services around it can pay off, but the plan also exposes shareholders to more swings in crypto markets.
For some investors, the chance to back a focused Bitcoin treasury is attractive. For others, the same bet looks risky, especially when big paper losses can show up on financial statements even while the firm holds the same coins.
Featured image from Unsplash, chart from TradingView
