Metaplanet Raises $137M for Bitcoin Purchases Amid Stock Volatility

Metaplanet’s $137 million capital infusion was executed through the sale of 24,529,000 newly issued common shares via a third-party allotment to overseas investors, coupled with one-year warrants. The company explicitly structured this offering to “distribute dilution over time,” setting the warrant exercise prices above current trading levels. In its filing, Metaplanet argued that while the fundraising dilutes ordinary shares, allocating the proceeds “primarily to Bitcoin acquisition is expected to increase BTC holdings per share.” The firm has a clear mandate for the capital, with a one-year window beginning February 16, 2026, to deploy the funds into Bitcoin.

This is not Metaplanet’s first aggressive move to bolster its Bitcoin reserves. In November 2025, the firm borrowed $100 million against its existing Bitcoin holdings specifically to fund another purchase, demonstrating a leveraged, all-in strategy on the digital asset. The company’s current treasury stands at 35,102 BTC, valued at just under $3 billion, positioning it as a significant player following the playbook pioneered by firms like MicroStrategy, which holds nearly $60 billion in Bitcoin.

Metaplanet’s fundraising success contrasts sharply with its recent stock performance. Trading under the ticker MTPLF on the OTC Markets OTCQX, the share price experienced a dramatic decline throughout 2025, falling from a high of $15.35 in May to $2.50 by year’s end. However, the stock has shown tentative recovery in 2026, climbing 7% year-to-date to trade at $2.77 at the time of the announcement. This volatility reflects the broader pressures on both crypto and equity markets.

The announcement coincided with significant market stress. Bitcoin itself was trading at $83,541, having dropped over 6% in a single day to hit its lowest price since November. Traditional equities also faced headwinds, with the S&P 500 (SPX) down 0.53% and the Nasdaq (NDX) falling 1.27%. This environment, compounded by political gridlock in Washington D.C. threatening a government shutdown, highlights the macroeconomic uncertainty against which Metaplanet is making its substantial bet.

The strategic raise occurs as the very business model Metaplanet employs faces new challenges. The sector of digital asset treasuries experienced a massive surge in 2025 as numerous companies emulated the strategy. According to Ram Ahluwalia, CEO and co-founder of investment advisor Lumida Wealth, this explosion has created a fundamental market problem. “There’s been a proliferation of these, and it’s led to attention fragmentation and liquidity fragmentation,” Ahluwalia told Decrypt.

This fragmentation means investor capital and trading volume are spread thin across multiple similar firms, potentially dampening the share price performance of individual players like Metaplanet. Ahluwalia suggests this dynamic may lead to industry consolidation: “I think you’ll see some M&A in the category, but it’s still early, and we have to see who’s going to play that role.” For Metaplanet, its latest $137 million raise represents a vote of confidence in its specific strategy, even as it navigates a sector that is becoming increasingly competitive and diluted.