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.