Metaplanet Inc. (OTC:MTPLF) has approved a $127 million capital raise through a third-party allotment by issuing new shares to buy more Bitcoin (CRYPTO: BTC), but the stock is down by 3.5%
The Capital Raise Structure
Metaplanet is issuing 24.53 million new common shares at ¥499 per share through a third-party allotment, raising approximately ¥12.24 billion ($127 million) with settlement scheduled for February 13.
The company also issued 159,440 warrants (called Stock Acquisition Rights in Japan) priced at ¥523 each with an exercise price of ¥547 per share.
If exercised, the warrants generate an additional ¥8.8 billion and add 15.94 million shares.
The total potential dilution: 3.54% from the base offering, with cumulative dilution reaching 23.99% when combined with prior financings executed in the last six months.
Where The Money Goes
¥14 billion ($115 million) goes to Bitcoin purchases between February 2026 and February 2027.
¥1.56 billion ($13 million) funds Bitcoin income business including derivatives margin and options strategies.
¥5.19 billion ($43 million) repays existing credit facility borrowings to preserve future funding capacity.
Metaplanet reported Bitcoin holdings grew from 1,762 BTC at end-2024 to 35,102 BTC at end-2025, achieving a 568% BTC yield for 2025.
The company calls itself a “Bitcoin treasury company” following its April 2024 pivot under the “21 Million Plan” and “555 Million Plan” strategies.
Who’s Buying
Cantor Fitzgerald placed the third-party allotment with offshore institutional investors including Anson Opportunities Master Fund, Alyeska Master Fund, Brookdale Global Opportunity Fund, and others.
The investors have no long-term holding agreements and bought for “pure investment” purposes, not strategic stakes.
Meanwhile, Metaplanet granted investors a 30-day lock-up preventing additional share issuance without investor consent, plus participation rights in any similar financing within 12 months.
Why The Dilution Matters
Metaplanet is following Strategy Inc.’s (NASDAQ:MSTR) playbook: raise capital through equity offerings to buy Bitcoin.
The share price is 3.11% below the 1-month average and 14.41% below the 6-month average—meaning investors bought at a discount to recent trading.
The warrant structure spreads potential dilution over time.
If the stock trades above ¥547, warrants get exercised and Metaplanet raises additional capital at higher prices. If not, dilution stops at the base offering.
The Technical Setup
MTPLF is down 3.5% today, after rallying 83% upside from November’s $2.18 low.
The stock sits between the 20-day EMA at $3.21 and 50-day EMA at $3.13, with the 100-day at $3.57 and 200-day at $3.86 overhead as resistance.
The SAR at $3.80 marks a critical level for bullish continuation.
Moreover, the rounding bottom pattern from November through December established support at $2.18.
Key levels: Breaking $3.80-$4.00 resistance targets $5.00-$5.50. Losing $2.80 triangle support invalidates the pattern and targets $2.50-$2.40.
Image: Shutterstock
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