Metaplanet Amends Capital Raise Details Ahead of Earnings

The Japanese Bitcoin investment firm Metaplanet has issued a revision to documents for its recent capital increase. This administrative update was filed on February 9, just days before the company is scheduled to release its full-year 2025 financial results on February 16.

This move follows Metaplanet's late-January announcement of an equity raise aiming to secure approximately $137 million. The newly submitted documents provide further clarification on the terms of this offering.

Key Terms of the Capital Raise:
* Issuance of 24.53 million new shares at 499 yen each
* Placement date set for February 13, 2026
* 159,440 subscription rights, with each right applicable to 100 shares
* Potential total capital increase of up to 8.8 billion yen if all rights are exercised

According to the filing, the company intends to allocate roughly 14 billion yen toward purchasing Bitcoin between February 2026 and February 2027. An additional 1.56 billion yen is earmarked for its Bitcoin income business, which focuses on generating returns through derivatives and options trading.

Furthermore, Metaplanet plans to use 5.19 billion yen to partially repay its credit facility. By the end of January, the company had already drawn down about $280 million of its available $500 million line of credit.

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

A Rapidly Expanding Bitcoin Treasury

Metaplanet currently holds 35,102 Bitcoin, solidifying its position as Asia's largest publicly listed crypto investor and the fourth-largest corporate holder globally. This marks a dramatic increase from its holdings of 1,762 BTC at the close of 2024.

The company's ambitious "555 Million Plan" outlines a strategy to accumulate a total of 100,000 Bitcoin by the end of 2026, with a further goal of reaching 210,000 Bitcoin by the conclusion of 2027.

Impairment Charges Impact Financials

For the 2025 fiscal year, Metaplanet recorded an impairment charge of approximately 104.6 billion yen on its Bitcoin holdings. Company management has emphasized that this is a non-cash accounting entry, with no effect on operational liquidity or core business activities.

Looking ahead to 2026, the firm forecasts revenues of 16 billion yen and an operating profit of 11.4 billion yen. The majority of this income is expected to be derived from its Bitcoin-based treasury and income strategies.

Market Anticipates Annual Report

All eyes are now on the comprehensive annual report for 2025, due for publication on February 16. Investors are keenly awaiting details on the valuation of the firm's substantial Bitcoin reserves and the performance of its treasury management approach. Metaplanet's share price continues to demonstrate a close correlation with Bitcoin's market movements—a defining characteristic for companies employing a crypto-centric treasury model.