Metaplanet Expands Capital to Accelerate Bitcoin Expansion Despite Impairment

Key figures from the offering
- New shares: 24.53 million at 499 Yen per share
- Warrants: 159,440 units, with each warrant covering 100 shares; strike price 547 Yen
- Potential additional proceeds from warrants: 8.9 billion Yen
- Total potential capital raised: up to 21 billion Yen

How Metaplanet plans to use the proceeds
Company disclosures outline a clear split in the deployment of capital, with the emphasis on further Bitcoin purchases over the next 12 months.

• Bitcoin acquisitions: roughly 14 billion Yen budgeted for purchases between February 2026 and February 2027
• Bitcoin Income business: 1.56 billion Yen allocated to derivative and options strategies
• Debt repayment: 5.19 billion Yen directed at partial repayment of the credit facility

On the debt side, Metaplanet continues to rely on a large-credit facility. As of the end of January, the firm?s internal dashboard showed about 280 million USD drawn from a 500 million USD facility.

Upcoming annual results for 2025 due Monday
Metaplanet is scheduled to publish its 2025 annual report on Monday. In a January forecast, the company signaled what it described as a material balance-sheet loss, driven by a non-cash impairment on Bitcoin amounting to approximately 680 million USD.

At the same time, management lifted its operational outlook, citing stronger-than-expected progress in the company?s Bitcoin-earnings activities:
- 2025 revenue: 8.9 billion Yen
- 2025 operating income: 6.3 billion Yen

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

Bitcoin position: growth, yet under pressure
By the end of 2025, Metaplanet reported holding 35,102 Bitcoin, a substantial jump from 1,762 BTC at the close of 2024. This positions the company among the largest publicly traded Bitcoin holders, according to bitcointreasuries.net. The reported average cost basis for these holdings stands at roughly 107,000 USD per Bitcoin. Following the October 2025 peak, Bitcoin?s price eased, resulting in sizable unrealized losses on the company?s position.

Outlook for 2026 and the broader strategy
For 2026, Metaplanet projects:
- Revenue: 16 billion Yen
- Operating income: 11.4 billion Yen

Under the umbrella of the ?555 Million Plan,? the company aims to grow its Bitcoin balance to 100,000 BTC by the end of 2026 and to 210,000 BTC by 2027. Management emphasizes that the Bitcoin strategy remains unchanged despite recent volatility.

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