Metaplanet said it plans to raise up to 21 billion yen ($137 million) to repay debt and extend its bitcoin buying program.
Deal structure
The Tokyo-based bitcoin treasury company will raise the funds through a third-party allotment of new shares and stock acquisition rights to select investors.
Metaplanet will issue 24.53 million new common shares at 499 yen per share, about 5% above the prior close.
That pricing implies roughly 12.24 billion yen in upfront proceeds.
Warrants and potential proceeds
Each new share comes with 0.65 stock acquisition rights, equating to 15.94 million potential shares and 65% warrant coverage.
The warrants have a fixed exercise price of 547 yen and a one-year exercise period.
If fully exercised, the warrants could generate up to 8.9 billion yen in additional proceeds.
Debt repayment and bitcoin holdings
Metaplanet said 5.2 billion yen of the upfront capital is allocated to partial repayment of existing debt.
The company has about $280 million of debt outstanding, according to its dashboard.
The remaining proceeds are expected to support further bitcoin accumulation and general corporate purposes.
Metaplanet currently holds 35,102 BTC, and its bitcoin treasury ranks as the fourth largest among publicly traded companies.
