Tokyo-based bitcoin-treasury firm Metaplanet will raise up to ¥21 billion (~$137M) through a third-party allotment of 24.53M new shares at ¥499 plus 0.65 warrants per share (15.94M potential shares, strike ¥547, one-year). Approximately ¥5.2B of proceeds will repay debt (company has ~ $280M outstanding); the remainder will fund additional bitcoin purchases and general corporate purposes. Metaplanet holds 35,102 BTC (fourth-largest among public companies). The stock closed the day at ¥456, down ~4%, reflecting short-term dilution concerns despite the issuance price being ~5% above the prior close.

The company is issuing 24.53M shares plus warrants that could add ~15.94M shares, creating dilution; ¥5.2B of proceeds will repay debt and the rest will buy more bitcoin; Metaplanet holds 35,102 BTC and the stock closed down ~4% on the news—facts cited from the summary.