Japan's Biggest Bitcoin Treasury Firm Just Raised $137 Million to Buy Even More BTC

In brief

• Metaplanet closed a $137 million raise via 24.5M shares and 1-year warrants for Bitcoin purchases.
• The firm’s stock dropped from a $15.35 peak in May 2025 to $2.77 recently, though it’s up so far in 2026.
• The proliferation of Bitcoin treasury firms has fragmented investor attention and liquidity, analysts say.

Japanese Bitcoin treasury firm Metaplanet just closed a $137 million sale of shares and one-year warrants to buy more BTC. The raise includes 24,529,000 newly issued common shares sold through a third-party allotment to overseas buyers, the company said in a company filing it shared Thursday on X. The company explained that it selected this structure for its raise to “distribute dilution over time,” setting warrant exercise prices above current trading levels. “While this fundraising will result in dilution to the company’s ordinary shares, allocating the proceeds primarily to Bitcoin acquisition is expected to increase BTC holdings per share,” Metaplanet said in its filing. The company will have one year, beginning February 16, 2026, to use the funds, the filing said. Metaplanet currently holds just shy of $3 billion worth of Bitcoin, with 35,102 BTC.

 But it hasn’t all been smooth sailing for the Japanese firm. In 2025, the company saw its share price peak at $15.35 in May and spent the remainder of the year sliding to $2.50. The stock, which trades under the MTPLF ticker on the OTC Markets OTCQX, has climbed 7% since the start of the year and was changing hands for $2.77 at the time of writing. In November 2025, Metaplanet borrowed $100 million against its Bitcoin holdings to fund another BTC buy.

At the time of writing, Bitcoin was changing hands for $83,541 after having dropped by more than 6% in the past day, according to price aggregator CoinGecko. Bitcoin hit its lowest price since November earlier Thursday. Equities have taken a hit too, with the S&P 500 losing 0.53% and the Nasdaq dropping 1.27% since the open on Thursday. Lawmakers in D.C. are still in gridlock as the U.S. government faces a partial shutdown if the Senate fails to advance a spending measure before Saturday. Digital asset treasuries like Metaplanet experienced a huge surge last year as many companies copied the playbook pioneered by Strategy, the first Bitcoin treasury company with just shy of $60 billion in current holdings. But the explosion of companies pursuing crypto treasuries has diluted investor attention, Ram Ahluwalia, CEO and co-founder of investment advisor Lumida Wealth, told Decrypt. “There’s been a proliferation of these, and it’s led to attention fragmentation and liquidity fragmentation,” he said. “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.”