Metaplanet Stock Rises 5% as Company Raises $255M for Bitcoin Buy

TLDR

• Metaplanet raised 40.8 billion yen (~$255 million) from global institutional investors via a share placement priced at a 2% premium to market.
• Warrants with a 10% premium strike could add another 44.5 billion yen, bringing total potential funding to ~$531 million.
• The company introduced a new mNAV-linked warrant structure designed to ensure new share issuance only happens when it grows bitcoin holdings per share.
• Older warrants covering up to 210 million shares have been suspended to limit dilution.
• Metaplanet targets 100,000 BTC by end of 2026 and 210,000 BTC by end of 2027, currently holding 35,102 BTC.

Metaplanet (3350) raised approximately $255 million from global institutional investors through a new share placement as it pushes to grow its bitcoin treasury.

Metaplanet Inc., 3350.T

The Tokyo-listed firm priced the new shares at a 2% premium to the market price. The deal was paired with fixed-strike warrants carrying a 10% premium, which could bring in an additional 44.5 billion yen if exercised.

All in, the total potential fundraise sits at around $531 million, according to CEO Simon Gerovich.

The company currently holds 35,102 BTC, valued at roughly $2.6 billion at current prices. That makes it the fourth-largest corporate bitcoin treasury in the world, behind Strategy and MARA Holdings, which together hold 792,553 Bitcoin.

Metaplanet’s stock closed 5% higher on Monday, the same day bitcoin climbed back above $73,000.

New Warrant Structure Tied to Net Asset Value

Alongside the fundraise, Metaplanet introduced a new series of moving strike warrants featuring what it calls an mNAV clause — a first for stock acquisition rights of this type.

Under the structure, warrants can only be exercised when the company’s stock trades at or above 1.01 times its modified net asset value. That metric compares Metaplanet’s market cap to the value of its bitcoin holdings.

The company says this ensures any new share issuance will increase bitcoin holdings per share, rather than dilute existing holders.

To support the new structure, Metaplanet suspended exercise rights on previously issued warrants covering up to 210 million shares. The move is designed to limit dilution and keep the focus on bitcoin accumulation.

210,000 BTC Target Drives Expansion Plans

The funds raised will go primarily toward expanding Metaplanet’s bitcoin reserves.

The firm has set a target of holding 100,000 BTC by end of 2026, with a longer-term goal of 210,000 BTC by end of 2027.

To support that plan, Metaplanet also intends to establish a US subsidiary called Metaplanet Asset Management. The unit would focus on venture investments and digital asset financial services tied to bitcoin capital markets.

Meanwhile, Strategy — the largest corporate bitcoin holder — is expected to announce a new bitcoin purchase, following hints from Executive Chairman Michael Saylor and last week’s preferred share sale.

Metaplanet currently holds 35,102 BTC at a value of approximately $2.6 billion.

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