Metaplanet to Raise Up to $137M for Bitcoin Buys

Tokyo-listed Metaplanet Inc., a firm increasingly focused on Bitcoin as a treasury asset, announced on Thursday plans to raise up to 137 million through a private placement of new shares and stock acquisition rights targeted at overseas investors. The capital raise aims to fund additional Bitcoin purchases, expand the company's Bitcoin-related income operations, and partially repay existing debt.

The offering includes the issuance of 24.5 million new common shares priced at 499 yen each, generating approximately 12.24 billion yen, or about 78 million, in immediate proceeds. Accompanying the shares are 159,440 stock acquisition rights, each allowing the purchase of up to 100 additional shares at a fixed exercise price of 547 yen over the next year. If fully exercised, these warrants could yield another 8.9 billion yen, or roughly 56 million, bringing the total potential fundraising to 21 billion yen.

Metaplanet structured the deal as a third-party allotment to specific foreign investors, avoiding a public share sale. The share price represents a slight premium over recent trading levels, but the announcement triggered a market reaction, with the stock closing at 456 yen, down 4...