Metaplanet Seeks Major Funding to Expand Bitcoin Holdings

The Japanese investment firm Metaplanet is doubling down on its Bitcoin-centric growth strategy, initiating two significant moves. The company has substantially upgraded its financial forecasts and is preparing a large capital raise, with the primary goal of acquiring more of the cryptocurrency.

A key focus for investors in the coming days will be the execution of this financing round and assessing the potential short-term impact of share dilution on the stock price.

Driving the updated outlook is what Metaplanet terms "Bitcoin Income Generation." In late January, the firm revised its projections upward, citing better-than-expected performance from its active derivatives strategy. This approach involves selling options contracts against its Bitcoin reserves to generate yield.

However, this strategy exists alongside the volatility inherent in digital assets. The company has acknowledged a non-cash impairment loss stemming from the period-end valuation of its Bitcoin holdings, a standard accounting occurrence for such fluctuating assets.

Updated Financial Targets:
* Fiscal Year 2025 (ending December 2025): Revenue forecast raised to 8.9 billion JPY (from 6.8 billion JPY), with operating profit projected at 6.3 billion JPY.
* Fiscal Year 2026: The company sets ambitious goals, targeting 16 billion JPY in revenue and 11.4 billion JPY in operating profit.

Should investors sell immediately? Or is it worth buying Metaplanet?

A 21 Billion Yen Capital Injection for Bitcoin and Debt

Shortly after updating its forecasts, Metaplanet's board approved a major financing initiative. The plan is to raise approximately 21 billion JPY (about 137 million USD) through the issuance of over 24 million new common shares and its 25th series of share purchase warrants.

The intended use of proceeds is explicit: around 14 billion JPY is earmarked for additional Bitcoin purchases, while the remainder is allocated for debt repayment. The settlement and payment date for this capital raise is set for February 13.

Trading activity provides context for this move. Recent sessions have seen the stock fluctuate between 360 and 400 JPY as the market weighs the opposing forces of potential dilution from new shares against the prospect of a significantly expanded asset base.

Building a Asian Bitcoin Powerhouse

Metaplanet has rapidly grown its cryptocurrency treasury, holding 35,102 BTC as of December 31, 2025. This positions it as a major corporate holder in Asia, following a strategy inspired by U.S. firms like MicroStrategy that focuses on increasing the "BTC per share" metric via capital markets.

The fresh capital is expected to fund the purchase of an additional roughly 1,500 to 1,600 Bitcoin at prevailing market prices. Consequently, all eyes are on the February 13 settlement date. The completion of this financing is the crucial next step, unlocking immediate capital for asset acquisition and liability management. Until then, the share price is likely to remain sensitive to both spot Bitcoin price movements and the technical pressure from the increased share supply.